WSE best practice
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As a public company, listed on the Warsaw Stock Exchange, we comply with the “Code of Best Practice for WSE Listed Companies”.
According to the “Code of Best Practice for WSE Listed Companies” we inform that on the basis of the Constitution of the Supervisory Board and Company’s Articles of Association, the Supervisory Board shall select the entity acting as the authorised auditor after taking into account the Audit Committee’s recommendations. Adopting resolution regarding selection of the authorised auditor to audit the financial statement of the Company requires approval of at least one-half of the independent members of the Supervisory Board.
KPMG Audyt Sp. z o.o., headquartered in Warsaw, Chlodna 51 Street, Poland has been appointed as a qualified auditor of unconsolidated PKN ORLEN financial statements and consolidated financial statements of PKN ORLEN Capital Group for years 2011 and 2012, in accordance with the decision of the Company's Supervisory Board as of 7 October 2010.
Click to read regulatory announcement regarding that issue.
In order to reduce the risks relating to the process of drawing up financial statements on a current basis, they are quarterly checked by an auditor, i.e. more often than required under the applicable law. The financial statements for the 1st quarter, the half-year and the 3rd quarter of the year are reviewed, whereas the annual financial statement is subject to audit.
Click to read independent auditor opinion and report on unconsolidated PKN ORLEN financial statement for 2010
Click to read independent auditor opinion and report on consolidated ORLEN Group financial statement for 2010
If any rule from the code of “Code of Best Practice for WSE Listed Companies” is breached by us, we publish a regulatory announcement regarding that issue. Moreover, in accordance with the Polish regulations on capital market and the Rules of the Warsaw Stock Exchange, every year we publish the report on PKN ORLEN compliance with corporate governance rules. This report is an appendix to the Management Board report on the operations of the Company for the certain financial year, i.e. it is a part of annual financial statement.
Annual reports regarding complying of corporate governance rules in PKN ORLEN
Code of Best Practice for WSE Listed Companies
More information regarding corporate governance on Warsaw Stock Exchange can be found at www.corp-gov.gpw.pl.
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