PKN ORLEN high in the Corporate Governance rankings
PKN ORLEN has ranked among Poland’s leading companies for its compliance with corporate governance. In the rankings published by Polskie Forum Corporate Governance (www.pfcg.org.pl) PKN ORLEN received an A note rating, which proves the scope of quality changes introduced to the Company. In January 2005 PKN ORLEN adopted all corporate governance principles recommended by the Warsaw Stock Exchange. PKN ORLEN’s high ranking reflects the high assessment from analysts and investors of PKN ORLEN’s engagement in implementation of corporate governance principles.
The change in investor and client perceptions of PKN ORLEN is a result of our efforts to follow the corporate governance principles. The introduction of three independent members to the Supervisor Board, establishment of an Audit Committee and Corporate Governance Committee are just a few undertakings which have positively influenced the perceptions of PKN ORLEN.
In the WarsawScan 2005 survey, which assessed the quality of PKN ORLEN’s co-operation with its shareholders and analysts pointed at PKN ORLEN as a the best company in the IR field. Igor Chalupec, the President & CEO of PKN ORLEN, was ranked the second most highly valued President (after CEO of Agora) for strategy building, company development and excellent communication skills.
The aim of the 3rd publication of the corporate governance rankings is to provide investors with fundamental information on the quality of the corporate governance abidance within the 55 surveyed companies. The survey assessed the provisions regarding the practices of the Supervisory Board, General Meetings, audit and Company’s information policy. The experts also evaluated the way the corporate governance principles are put into effect across the companies. The overall progress of Polish companies appears positive with 15 companies improving from last year and only 7 deteriorating.
The fact that PKN ORLEN ranked within top 13 companies in respect of corporate governance proves the effectiveness of the work undertaken. In the analysts’ opinions, the companies which follow the principles can expect the better performance of their securities. In Poland the premium on a company that complies with the principles of corporate governance has reached 23%. Currently, PKN ORLEN does its best to even improve transparency and efficiency of its operations as well as to enhance positive perception of PKN ORLEN. The Company also puts an emphasis on earning the trust of shareholders, employees and clients.
