Montenegrin transmission system operator CGES established supervisory and management boards, transitioning to a two-tier governance model. Ivan Asanovic, who served as the executive director, is remaining at the company’s helm, but as general director and chairman of the management board.
Shareholders of government-controlled Crnogorski elektroprenosni sistem (CGES) held an extraordinary and their annual meetings to mark a new stage of the company’s development. The country’s transmission system operator, TSO, dissolved its board of directors as part of the switch to a two-tier governance model.
It means the executive and supervisory roles will be separate, the update reads. Members of the board of directors were elected to serve on the newly established supervisory board: Aleksandar Mijuskovic as chairman, Jelena Matejic, Maria Rosaria Guarniere, Nicoletta Buonomo, Slavoljub Todorovic, Vucko Fatic and Violeta Vuljaj.
The investment cycle is valued at over EUR 200 million
They appointed the Management Board of CGES: Ivan Asanovic, Branka Micovic, the current director of the ICT sector, and Dragan Perunovic, head of development and investments. Asanovic, who served as the executive director, is remaining at the company’s helm, but as general director and chairman of the management board.
Shareholders adopted the 2025 report and decided to distribute EUR 5.7 million of the company’s profit. It will be the eighth dividend payment since its establishment.
“The trust placed in me once again is both a great honour and a significant responsibility to continue advancing the company’s development and modernization. CGES is entering an investment cycle exceeding EUR 200 million, through which we will further enhance the transmission network, strengthen the security of the power system, and create the conditions for greater integration of renewable energy sources. Our objective is not only to respond to the challenges of the energy transition, but to be one of its key drivers in Montenegro and the wider region. I am confident that, through responsible governance and the collective commitment of all company structures, we will continue to deliver results that create value for our shareholders and contribute to the country’s development,” Mijuskovic stated.
Of note, the Government of Montenegro controls 55.4% of CGES. Serbian TSO Elektromreza Srbije (EMS) has a 15% share, while Terna, the Italian counterpart, owns 22.1%.
(balkangreenenergynews.com, June 11, 2026)
