Poll

Corporate governance: principles and scope of application

6 General Shareholders’
Meetings
in 2013
6 Meetings
of Supervisory Board
in 2013
52 Meetings
of Management Board
in 2013
     

Draft corporate governance principles for institutions supervised by Polish Financial Supervision Authority

On 14 January 2014 Polish Financial Supervision Authority (PFSA) presented draft Corporate Governance Principles for Institutions Supervised by PFSA for the purpose of consultation. The draft presents a set of principles determining internal and external relations in institutions supervised by PFSA, including those with shareholders and clients, organization, internal supervision and key internal systems and functions, as well as statutory bodies and their cooperation. The principles should be adopted by relevant institutions by the end of 2014 at the latest.

Compliance with the principles will be verified on a regular basis under BION process and in the form of inspections.

The Bank intends to implement the principles as of their effective date. At present, relevant analyses are pending, including gap analysis.

Banking ethics code

On 11 June 2013, Bank Pocztowy S.A. adopted the Banking Ethics Code developed by the Polish Bank Association. The document, accepted by the General Meeting of Polish Bank Association on 18 April 2013, is a set of good practices regarding banking operations and determines standards of acting for banks themselves, their employees and banking agents.

According to the Code, banks, as public trust institutions, should comply with the law, recommendations of PFSA, resolutions of banking self-government, standards presented in the Code and good commercial practices. Banks, their employees and banking agents shall act in compliance with principles of professionalism, fairness, objectivity, due care and best knowledge. In the course of their operations banks should support socio-economic growth in Poland, improve the general wealth level through application of corporate social responsibility principles, introduce innovative solutions and promote social education. Social responsibility is the fundamental principle that should underlie relations of banks and their employees with their business environment. When implementing their business strategies, banks should consider not only economic conditions, but also rightful interests of their clients, employees, shareholders, business partners and local communities. The Banking Ethics Code includes standards presented in Good Practices for the Financial Market.

Good Practices of Companies Listed with WSE: information regarding Bank’s intent

Since no securities of Bank Pocztowy S.A. are traded on the regulated market (its bonds are listed with Catalyst, in an alternative trading system), it is not obliged to comply with Good Practices of Companies Listed with WSE.

In 2013 the Bank applied the principles set in this document in the scope applicable to non-public companies. When preparing for IPO, on 24 April 2012 the Management Board of the Bank decided to apply Good Practices of Companies Listed with WSE. In the relevant resolution, it declared the will to comply with the relevant principles and recommendations contained therein as of the date of the prospectus approval, except from Principle IV.10 and Recommendations I.5, I.9, I.11 and I.12. Ina justification to the resolution, the Management Board provided a detailed explanation why the above principles would not be followed in the Bank.

Annual Report 2013 - Bank Pocztowy