§ Mr. Grylls
asked the Secretary of State for Industry (1) following the approval he gave on 6th October 1977 to the formation of the joint venture company Polsko Brytyjski Przedsiewziecie Zeglugowe Sp. Z.Oo Szczecin, what proportion of the company's equity will be held by British Shipbuilders;
(2) how many British directors and Polish directors there will be on the Polskso Brytyiskie Przedsiewziecie Zeglugowe Sp. Z.Oo Szczecin; and what will be their salaries.
§ Mr. Kaufman
The company is expected to be formally constituted immediately before the building contracts are finalised. The principal agreement signed by British Shipbuilders and Polska Zegluga Morska provides that:—
The directors' salaries have not been determined.
- (a) the share capital will be such amount as shall be agreed between the parties to be paid in equal shares by British Shipbuilders and PZM.
- (b) the joint venture shall be controlled by a board of directors consisting of a president and one further member nominated by British Shipbuilders and a managing director and one further member nominated by PZM.