Statement of the Chairman of the Supervisiory Board of PKN ORLEN SA.
For the last three months there has been a growing conflict between Ministry of the State Treasury and myself concerning the changes at the position of President of the Management Board of PKN ORLEN SA. In my opinion, during the extremely difficult business process of acquiring Mazeikiu Nafta refinery by PKN ORLEN SA, first of all the company needs the stability of management. Acquisition of Mazeikiu Nafta is the first such a transaction in the Polish economy, due to both, its scale and the geopolitical complexity of the process.
I highly value the performance of Mr President Igor Chalupec as well as the Management Board team under his governance. I am convinced, that this team is capable to close the transaction of acquiring of Mazeikiu Nafta in a way that will increase both the shareholders value as well as the energy security of Poland. So far, despite a number of difficulties, he fulfills his duties in a good manner. It has to be recalled, that the investment, which now enjoys support of the whole Poland, initially was hardly accepted and only due to the Management Board’s determination the process is now at such an advanced stage.
The reasons behind the dominant shareholder’s demands towards stepping down of the President of the Management Board of PKN ORLEN are not related to evaluation of Mr Igor Chalupec managerial performance, and in my opinion this should be the only criteria driving the decision of the Supervisory Board.
As an Independent Member of the Supervisory Board of PKN ORLEN, as well as its Chairman, I am bound by the rules of law and the corporate governance practices to serve to the company’s best interest. A member of the Supervisory Board is obliged to be loyal towards the company and can not act in way that responds to anyone’s influence, which is not to the company best interest in his opinion.
At present I remain the only member of the Supervisory Board who is against the dismissal of Mr President Igor Chalupec as well as changes in the Management Board of the company. I do not want to disturb the work of the Supervisory Board, but at the same time I have to express my strong objection towards the actions which are not to the benefit of the company.
In relation to the abovementioned, I file my resignation from the position of the Chairman of the Supervisory Board in order to allow my successor calling the next Supervisory Board meeting in accordance with the agreed timetable of the Supervisory Board meetings.
