Wiesław Rozłucki named as a candidate as an independent member of the Supervisory Board at PKN ORLEN
PKN ORLEN informs that on 21.06.2006 it received from ING Nationale-Nederlanden Polska Otwarty Fundusz Emerytalny, a written intention to nominate Mr. Wiesław Rozłucki as a candidate as an independent member of the Supervisory Board at the Ordinary General Assembly of the Company scheduled for 27.06.2006.
As ING Nationalne-Nederlanden explains this intention: "Mr. Wiesław Rozłucki, the President of the Warsaw Stock Exchange for many years, is an undisputable authority on Polish capital markets. The Polish stock exchange is currently one of the region's biggest and a known player on the European market. To a large extent we owe those achievements to Mr. Wiesław Rozłucki. His professional experience, commitment to development of Polish capital markets, including active participation in the development and implementation of the Polish set of rules of corporate governance (Good Practices in Public Companies), and an ongoing improvement programme allow one to state that this candidate not only gives full guarantees of fulfilling the responsibilities of an independent member of the supervisory board, but also one that can bring great added value to PKN ORLEN S.A itself."
In addition, ING Nationale-Nederlanden proposes: "In line with the articles of association of PKN ORLEN S.A., the supervisory board may be composed of up to nine persons, including one representative of the Minister of the Treasury. (.) Currently the board is composed of six members, including three independent ones, while a representative of the Minister of the Treasury is missing. (.) Selection by WZA of additional two independent members would make the company fully comply with all rules of corporate governance adopted by Warsaw Stock Exchange, including rule number 20 - the most important one in our opinion - concerning the number of independent members. (.) We think that also in this respect PKN ORLEN S.A. should set the standards on the Polish capital market."
In the opinion of ING Nationale-Nederlanden: "It must be stressed that that PKN ORLEN S.A is already today an international and not exclusively Polish company. This is important insofar that the supervisory board faces greater challenges. Therefore, proper selection of the competencies of the board members, their professionalism and positive image on international scale are becoming ever more important. Guided by those reasons we are proposing a candidate who - in our opinion - fully meets the criteria required of professional candidates for independent members of supervisory boards."
