PKN ORLEN approved corporate governance principles set by Warsaw Stock Exchange

During its meeting on 21 January 2005, the Supervisory Board of PKN ORLEN accepted the Management Board’s statement on its approval of all the Warsaw Stock Exchange’s (WSE) principles on corporate governance. Following this decision, PKN ORLEN agrees to comply with all of these principles. These principles will be presented to Shareholders of PKN ORLEN at the next General Meeting.

Supervisory Board unanimously endorsed the decision of the Management Board to approve and implement all the corporate governance principles as recommended by the WSE. In addition to the general rules, the Board also approved principles of a good practice regarding general shareholders meetings, supervisory board and management board meetings as well as principles defining relationships with external persons and institutions.

Approval of the corporate governance principles, which are part of the “Best Practice 2005” programme already implemented by the WSE, not only regulates the relationships among all the entities engaged in PKN ORLEN, but also marks another step towards adjustment of corporate governance to the EU standards.

- In our business principles like transparency, fair and equal treatment of all shareholders, as well as ethics, are of key importance. That is why we want ORLEN to not only be a leader on the Warsaw Stock Exchange, but also provide a benchmark of transparency. That is what shareholders and investors expect of us – said Igor Chalupec, President and CEO of PKN ORLEN.

PKN ORLEN is also be determined to apply the corporate governance principles across the ORLEN Capital Group.