The rules for corporate governance and the scope of use

PKO Bank Polski SA applies the rules for corporate governance introduced in the form of a document ‘Good Practices of Warsaw Stock Exchange Companies’ approved by the Supervisory Board of the Warsaw Stock Exchange SA on 4 July 2007 (the Resolution No.12/1170/2007) with subsequent amendments.

The above mentioned document on corporate governance rules is publicly available at the website: www.corp-gov.gpw.pl, which is the official site of Warsaw Stock Exchange SA in the topic of corporate governance of companies listed on Giełda Papierów Wartościowych w Warszawie SA.

In 2013, PKO Bank Polski SA took necessary actions with an aim to fully obey the rules included in the document ‘Good Practices of Warsaw Stock Exchange Companies’.

On 24 May 2013 the Management Board of PKO Bank Polski SA informed of its decision not to apply the rule included in Chapter IV.10 of the Code of Best Practice for WSE listed companies, in accordance with which the Bank should ensure to its shareholders the option of participating in the General Shareholders’ Meeting using means of electronic communication.

The decision not to abide by that rule in accordance with which the Bank should, i.e. ensure bilateral real time communication to its shareholders in order for them to communicate during the General Shareholders’ Meeting from a place other than the location of the Meeting was taken due to legal, organisational and technical risks which could threaten the proper conduct of the General Shareholders’ Meeting if such a communication option was given to all shareholders.

In the Bank’s opinion, the rules currently binding at the Bank ensure that all shareholders may effectively exercise all rights vested in them and secure the interests of all shareholders.
The Bank does not eliminate the possibility of using this rule in the future, based on market standards developed by public companies.