As a public company, listed on the Warsaw Stock Exchange, we comply with the “Best Practice for GPW Listed Companies 2016”, effective from 1 January 2016. PKN ORLEN applies all principles included in that document.
A statement on the Company's compliance with the corporate governments recommendations and principles contained in Best Practice for GPW Listed Companies 2016
COMPLIANCE WITH THE BEST PRACTICES RULES
If any rule from the “Code of Best Practice for WSE Listed Companies” is breached by us, we publish a regulatory announcement regarding that issue.
See: Regulatory announcement no 1 CG/2013
AUDIT OF THE FINANCIAL STATEMENTS BY AUTHORISED AUDITOR
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.
Deloitte Audyt spółka z ograniczoną odpowiedzialnością spółka komandytowa has been appointed as a qualified auditor of unconsolidated PKN ORLEN financial statements and consolidated financial statements of ORLEN Capital Group for years 2017 and 2018, in accordance with the decision of the Company's Supervisory Board as of 15 December 2016. On 20 December 2018, PKN ORLEN Supervisory Board has been appointed Deloitte Audyt spółka z ograniczoną odpowiedzialnością spółka komandytowa as a qualified auditor of unconsolidated PKN ORLEN financial statements and consolidated financial statements of ORLEN Capital Group for years 2019, 2020 and 2021.
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.
ANNUAL REPORTS REGARDING COMPLYING OF CORPORATE GOVERNANCE RULES
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.
At PKN ORLEN, matters related to diversity management are governed by the following documents applicable at the Company:
• PKN ORLEN Work Rules;
• Core Values and Standards of Conduct of PKN ORLEN;
• Collective Bargaining Agreement of PKN ORLEN;
• ORLEN Group’s Human Resources Management Policy;
• CSR Strategy for PKN ORLEN (where it pertains to development and diversity management);
• PKN ORLEN’s Disability Employment Policy;
• PKN ORLEN’s Policy for Supporting Employees in Difficult Personal Circumstances;
• Separate internal document governing the ‘Family-Friendly Employer’ programme.
Objectives of the diversity management include:
• equal treatment in employment and non-discrimination,
• respect for diversity,
• management of cultural differences,
• openness to recruitment of those socially excluded or marginalised in the labour market,
• supporting employee initiatives related to labour equality practices,
• remuneration and bonus policy,
• standards of employment and remuneration of seconded workers, i.e. expats and inpats,
• adapting the workplace to the needs of employees (e.g. people with disabilities, breastfeeding mothers),
• supporting employee groups in difficult circumstances,
• work-life balance programmes.
In addition, the diversity policy of PKN ORLEN is also implemented through:
• provision of training in diversity management,
• awareness raising campaign about disability in the workplace, including information and consultation meetings for employees of PKN ORLEN and other Group companies, and an expert consultation service,
• employee volunteering,
• considering diversity aspects in HR processes and tools (e.g. recruitment, training and development, remuneration) and in shaping the organisational culture,
• workshops for expats in cultural differences management,
• regularly surveying employees on job commitment and satisfaction,
• appointment of a team tasked with coordinating efforts to counteract workplace harassment and bullying (Anti-Harassment Committee appointed by the employer to consider grievances related to workplace harassment and bullying),
• appointment of the Ethics Officer for reporting breaches of the ‘Core Values and Standards of Conduct of PKN ORLEN’ (also regarding discrimination, harassment and bullying),
• appointment of the Human Capital Committee to give opinions, approve/submit for approval by the PKN ORLEN Management Board and monitor the observance of the ‘Core Values and Standards of Conduct of PKN ORLEN’, and in particular to examine material breaches, take corrective actions, issue guidelines and consider important ethics-related issues.
The Management Board and the Supervisory Board of PKN ORLEN include Members with educational background in law, economics and chemistry, and with diverse professional experience.
As at December 31st 2018, the Management Board consisted of one woman and six men, while the Supervisory Board consisted of five women and four men. The age structure of Management Board Members was as follows: 30–39 years: one person, 40–50 years: four persons, 60–70 years: two persons. The age structure of Supervisory Board Members was as follows: 30–39 years: three persons, 40–50: six persons.
More information regarding corporate governance on Warsaw Stock Exchange can be found at www.gpw.pl.