PKN ORLEN’s Annual General Meeting

​The Annual General Meeting of PKN ORLEN granted discharge from liability to all members of the Company’s Management and Supervisory Boards for 2019. The shareholders also approved the amount of dividend proposed by the Management Board for the previous year, of PLN 1 per share. July 28th 2020 was set as the dividend payment date.

The Annual General Meeting granted discharge from liability to all members of the PKN ORLEN Management and Supervisory Boards in respect of their duties performed in 2019. At its meeting of May 21st 2020, the Supervisory Board of PKN ORLEN reappointed all Management Board members for a new three-year term. On April 22nd 2020, the Minister of State Assets, acting on behalf of the State Treasury, reappointed Daniel Obajtek to the Management Board of the Company. Mr Obajtek was subsequently reappointed President of the Management Board by the Company’s Supervisory Board. As of June 6th 2020, the Management Board of PKN ORLEN will continue to work without any changes to its composition as an eight-member body.

The shareholders also approved the Directors’ Report on the Company’s and the Group’s operations, and the separate and consolidated financial statements.

Regular dividend payments are prescribed in PKN ORLEN’s strategy and the Company remains committed to this policy. The Annual General Meeting approved the Management Board’s dividend proposal and resolved to pay a dividend of PLN 1 per share for 2019. Following the AGM’s approval, ORLEN shareholders will receive a total dividend payout of PLN 427m. In 2019, PKN ORLEN was on a sound financial footing. Its net debt fell by PLN (-)3.2bn year on year, to PLN 2.4bn at the end of 2019, and the financial leverage remained safe at 6.3%. However, the dividend level is also affected by external factors beyond the Company’s control, including the current and projected macroeconomic conditions. Considering the growth prospects for both domestic and global economy, on May 5th 2020 the Management Board revised its dividend proposal.

Also, the Annual General Meeting amended the Company’s Articles of Association to reflect changes in applicable laws and regulations and approved the newly restated Articles of Association.

For detailed information on resolutions passed by the General Meeting of PKN ORLEN, see the Investor Relations section at www.orlen.pl