EGM of PKN ORLEN voted for IFRS
At today's PKN ORLEN Extraordinary General Meeting, shareholders have voted for the publication of unconsolidated financial reports according to International Financial Reporting Standards (IFRS).
Following the decision of PKN ORLEN shareholders, from January 1st PKN ORLEN will prepare and publish all its financial reports in compliance with International Accounting Standards (IAS) and International Financial Reporting Standards.
Although Polish regulations do not require unconsolidated reports to be prepared according to IFRS, PKN ORLEN has decided to unify its reporting standards for better transparency and to avoid double accounting. Both IAS and IFRS standards will also apply to the ORLEN Group companies.
PKN ORLEN believes that new, unified reporting will allow financial markets to better benchmark it against European and world sector players.
Separately, changes to the composition of the Supervisory Board have been withdrawn from the Agenda and were not voted at EGM.
