Corporate governance

STATEMENT OF APPLICATIONS OF CORPORATE GOVERNANCE STANDARDS

Effective from November 5, 2010, which is the date when the Company’s shares were admitted to trading on the regulated market, Giełda Papierów Wartościowych w Warszawie S.A. has applied corporate governance standards set out in the “Code of Best Practice for WSE Listed Companies” adopted by WSE Supervisory Board’s Resolution No. 17/1249/2010 of May 19, 2010.

The Exchange as a company listed on WSE fully complied in 2011 with all those rules.

On August 31, 2011 and October 19, 2011, WSE amended the Best Practice in response to emerging market trends resulting from a search for effective solutions to developments and events which reach beyond the provisions of generally applicable legislation. As of January 1, 2012, the “Code of Best Practice for WSE Listed Companies” is in force in the wording approved by WSE Supervisory Board’s Resolution No. 20/1287/2011 of October 19, 2011.

The full text of the code of the best practice is publicly available at www.corp-gov.gpw.pl, which is the official website of Giełda Papierów Wartos´ciowych w Warszawie S.A. dedicated to corporate governance issues for listed companies.

AUDITOR

(Information concerning clause II (1) (14) of the Code of Best Practice for WSE Listed Companies)

According to § 18.2(12) of the Exchange Articles of Association, the appointment of the auditor to perform an audit of the financial statements of the Company is a responsibility of the Supervisory Board of the Warsaw Stock Exchange. The Exchange Supervisory Board appoints the auditor on the basis of opinions and recommendations of the Audit Committee. According to the Appendix to the Rules of the Exchange Supervisory Board which sets out the competences of the Committees of the Exchange Supervisory Board, the Audit Committee among others gives opinions on proposals of companies to provide the services of an auditor and presents recommendations concerning appointment of the entity to provide the services of an auditor.

 

Additional information may be found in the part "Corporate governance report" of WSE Management Board’s report on activities of WSE Group in 2011.