PKN ORLEN General Meeting
Today, the Annual General Meeting of PKN ORLEN has approved the Directors' Reports on the Company's and Group's operations in 2012, accepted the Management Board's recommendation concerning payment of dividend for the previous financial year, and appointed seven members to the Company's Supervisory Board.
The General Meeting has also approved the performance of duties by all members of the Company's Management and Supervisory Boards who were in office in 2012. Furthermore, the shareholders have approved the Directors' Reports on the Company's and Group's operations in 2012 and the financial statements for 2012. The General Meeting has approved the payment of dividend of PLN 1.5 per share, which will be the first such distribution made by the Company since 2008. The shareholders' decision is in line with the Management Board's recommendation, which was formulated to reflect the dividend policy announced in November last year.
”The recommended dividend amount offers a dividend yield of 3.8% on the average stock price in 2012. Our dividend policy assumes that dividend payments will grow steadily, to ultimately reach 5% of the Company's annual average market capitalisation,” said Jacek Krawiec, President of the PKN ORLEN Management Board.
The decision to pay dividend was made possible as the Company's financial position has stabilised, mainly as a result of various steps taken in recent years to optimise its working capital and reduce its debt. PKN ORLEN S.A. will allocate PLN 641.6m to the dividend payments, which represents 30.2% of the 2012 net profit of over PLN 2.1bn. The record date and dividend payment date have been set for July 26th and August 13th 2013, respectively.
As the previous term of the Supervisory Board had expired, the General Meeting appointed the following persons to serve on the seven-member Supervisory Board:
- Angelina Sarota – Chair
- Cezary Banasiński
- Grzegorz Borowiec
- Artur Gabor
- Michał Gołębiowski
- Cezary Możeński
- Leszek Jerzy Pawłowicz
According to representations made by the Supervisory Board members, three of them, Leszek Jerzy Pawłowicz, Cezary Banasiński, and Artur Gabor, meet the independence criteria. Six of the Supervisory Board members have been re-appointed. The member who has been appointed to the Supervisory Board for the first time is Cezary Możeński.
Cezary Możeński
Education
1994 Warsaw University of Technology, Faculty of Chemical and Process Engineering, doctoral degree in chemical engineering
1976–1981 Cracow University of Technology, Chemical Engineering,
Completed courses and postgraduate studies:
1998–2012 Courses and training in management and occupational safety for team leaders
2002 ISO 9001:2000 training course
2002 Completed the course and examination for candidates for supervisory board members of State Treasury companies
2003 Process management and effective staff management
2013 Harvard Business Pub.: The Strategic Leadership Academy
Professional experience:
1981–2000 Fertilizer Research Institute of Puławy, Head of Research Team
2000–2004 Zakłady Azotowe Puławy S.A., Chief Production and Development Officer, Chief Officer for Strategy, Investment and Development
2002–2004 Melamina III Sp. z o.o., President of the Management Board
2003–2005 Masz-ZAP Sp. z o.o., Chairman of the Supervisory Board
2005–2006 Brasco S.A., member of the Management Board
2004–2006 Kompania Spirytusowa Wratislawia Polmos Wrocław S.A., President of the Management Board
Since 2006 Artificial Fertiliser Research Institute of Puławy, General Director
Since 2008 Zakłady Azotowe Puławy S.A., Chairman of the Supervisory Board
