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Rules of procedure

[G4-34] The main form of exercising supervision over the Company’s activity by the Supervisory Board are Supervisory Board meetings. The Supervisory Board performs its duties as a collective body. Supervisory Board meetings are convened by the Supervisory Board Chairperson or Deputy Chairperson.

Supervisory Board meetings are convened by the Supervisory Board Chairperson or Deputy Chairperson:

  • in accordance with the arrangements made by the Supervisory Board;
  • upon its own initiative;
  • on the written motion of each Supervisory Board member;
  • on the written motion of the Management Board.

Supervisory Board meetings are held in the Company’s seat. In justified cases, a meeting may be held in a different location.

To convene a Supervisory Board meeting, it is required to invite in writing all Supervisory Board members at least 7 days before the date of the meeting. For important reasons, the Chairperson of the Supervisory Board may shorten this period to 2 days, specifying the manner of delivering the invitations. Notifications of the Supervisory Board meeting are sent by fax or electronic mail. In the notification the Chairperson specifies the date, venue and a detailed draft agenda of the meeting. The Supervisory Board holds meetings as needed but no less frequently than once every 2 months. Meetings may also be held without being formally convened provided that all the Supervisory Board members are present and none of them objects to the meeting being held or the agenda. The proposed agenda may be amended if all Supervisory Board members are in attendance at the meeting and nobody objects to such amendment. A matter not included in the agenda should included in the agenda of the next meeting.

Supervisory Board members are obligated to participate in Supervisory Board’s meetings. Supervisory Board members should specify the reasons for their absence in writing. Justification of the absence requires adoption of a resolution by the Supervisory Board. Supervisory Board meetings may be attended by the Company’s Management Board members provided that the Supervisory Board does not object to that. Participation of Management Board members in the Supervisory Board’s meetings is compulsory if they have been invited by the Supervisory Board Chairperson. Meetings can be also attended by other persons, if they have been invited as specified above.

The Supervisory Board may ask opinions of legal advisors providing regular legal assistance to the Company and, in justified cases, appoint and invite to its meetings, appropriate experts in order to obtain their opinions and make the right decision. In the aforementioned cases the Supervisory Board adopts a resolution on commissioning a selected expert (audit, consulting or law firm), obligating the Company’s Management Board to enter into a pertinent agreement.

Supervisory Board meetings are presided over by the Chairperson of the Supervisory Board or, in his/her absence, by the Deputy Chairperson. For important reasons, with the consent of a majority of Supervisory Board members present at the meeting, the person presiding over the meeting is obligated to put to a vote a motion to discontinue the meeting and set a date for resuming it. The Supervisory Board makes decisions in the form of resolutions. Resolutions are adopted mainly at meetings. The Supervisory Board adopts resolutions if at least one half of its members are present and if all members have been duly invited, as specified in the Supervisory Board Bylaws. Subject to unconditionally binding provisions of law, including Commercial Company Code, and provisions of the Company’s Articles of Association, the Supervisory Board adopts resolutions with an absolute majority of votes at the meeting, where absolute majority is understood as more votes cast „in favor” than the votes „against” and abstentions. No resolution may be adopted on matters not included in the agenda unless all Supervisory Board members are present and nobody files an objection. This does not apply to justificiation of the absence of a Supervisory Board member at the meeting. Resolutions are adopted by open ballot. Secret ballot is ordered:

  • on the motion of even one Supervisory Board member;
  • on personnel matters.

The Supervisory Board, in accordance with the Company’s Articles of Association, may adopt resolutions following the written procedure or via remote means of direct communication. Adoption of a resolution following this procedure requires prior notification of all Supervisory Board members of the wording of the draft resolution. Adoption of resolutions following this procedure does not apply to election of the Supervisory Board Chairperson and Supervisory Board Secretary, appointment or suspension of a Management Board member and dismissal of these persons, as well as other matters whose resolution requires secret ballot. Voting on a resolution adopted in the above procedure, the Supervisory Board members specifies how they voted, i.e. “for”, “against” or “abstained”. Resolutions, specifying that they were adopted following the written procedure or via remote means of direct communication, are signed by the Supervisory Board Chairperson. Resolutions adopted pursuant to this procedure are presented at the next Supervisory Board meeting together with the outcome of the vote.

Supervisory Board members are permitted to participate in the meeting and vote on resolutions adopted at the meeting using means of direct remote communication, i.e. tele- or video-conferences, provided that in the venue specified in the meeting notice at least half of the Supervisory Board members are present and there is a technical possibility of ensuring a secure connection.

Supervisory Board members participate in the meetings and exercise their rights and discharge their duties in person and are obligated to discharge their duties with due diligence. They are also obligated to keep secret the information associated with the Company’s activities, which they have obtained in connection with discharging their mandate or otherwise. The Supervisory Board performs its activities as a collective body.

The Supervisory Board may, for important reasons, delegate individual members to perform specific oversight functions independently for a specified time. The Supervisory Board may delegate its members for a period no longer than three months, to perform temporarily the duties of Management Board members who were dismissed, who have resigned or who cannot discharge their duties for other reasons. The aforementioned delegation requires the consent of the Supervisory Board member to be delegated.

A detailed description of the Supervisory Board’s activities in the past financial year is presented in the Supervisory Board Activity Report submitted annually to the Shareholder Meeting and then published on the website.

The Supervisory Board may appoint from among its members standing or ad hoc task forces and committees to perform specific activities. Permanent committees of the Supervisory Board are as follows:

  • TAURON Polska Energia S.A. Supervisory Board Audit Committee (Audit Committee);
  • TAURON Polska Energia S.A. Supervisory Board Nomination and Compensation Committee (Nomination and Compensation Committee);
  • TAURON Polska Energia S.A. Supervisory Board Strategy Committee (Strategy Committee).

 

The composition, tasks and operating rules of the aforementioned committees are defined in the committee bylaws adopted by the Supervisory Board.

A detailed description of the operation of the Supervisory Board is presented in the Commercial Company Code, Company’s Articles of Association, available at the websiteand in the Bylaws of the Supervisory Board of TAURON Polska Energia S.A. with its registered office in Katowice.

 

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Appointing or dismissing Supervisory Board members

The Supervisory Board consists of five to nine persons appointed for a joint term of office of 3 years, except for the first term of office, which lasted 1 year. In accordance with the Company’s Articles of Association, Supervisory Board members are appointed and dismissed by the Shareholder Meeting, with the State Treasury holding the right to appoint and dismiss 5 Supervisory Board members.

Remarks regarding appointment of Supervisory Board members:

  1. in the period during which the State Treasury, including State Treasury subsidiaries within the meaning of § 10 Sec. 5 of the Articles of Association, holds the Company’s shares carrying voting rights of at least 25% of the total number of votes in the Company, the State Treasury is entitled to appoint and dismiss Supervisory Board members of a number equal to half of the maximum number of Supervisory Board members defined in the Articles of Association (in the event this number is fractional, it is rounded down to an integral number, e.g. 4.5 is rounded off to 4) plus 1, with the reservation that the State Treasury:
    • is obligated to vote at the Shareholder Meeting on determining the number of Supervisory Board members corresponding to the maximum number of Supervisory Board members specified in the Articles of Association if such a motion is submitted to the Management Board by a shareholder or shareholders holding a number of shares authorizing them to exercise at least 5% of the total number of votes in the Company,
    • is excluded from the voting right at the Shareholder Meeting on appointment and dismissal of the remaining Supervisory Board members, including independent Supervisory Board members; this however does not apply to a case when the Supervisory Board cannot act as its composition is smaller than required by the Articles of Association, and the shareholders present at the Shareholder Meeting other than the State Treasury do not supplement the composition of the Supervisory Board in accordance with the division of places in the Supervisory Board, as described in this chapter;
  2. in the period during which the State Treasury, including subsidiaries of the State Treasury within the meaning of § 10 Sec. 5 of the Articles of Association, holds the Company’s shares carrying voting rights of at least 25% of the total number of votes in the Company, the State Treasury, represented by the minister responsible for State Treasury matters, is entitled to appoint and dismiss one Supervisory Board member;
  3. the appointment and dismissal of Supervisory Board members by the State Treasury in accordance with the procedure set forth in Section 1 or 2 above is made by way of a declaration submitted to the Company.

At least two members of the Supervisory Board should meet the independence criteria (independent Supervisory Board members). The phrase “independent supervisory board member” means an independent Supervisory Board member within the meaning of the Commission Recommendation of 15 February 2005 on the role of non-executive or supervisory directors of listed companies and on the committees of the (supervisory) board (2005/162/EC), in consideration of Best Practices of Warsaw Stock Exchange Listed Companies.

Independent Supervisory Board members submit to the Company, before their appointment to the Supervisory Board, a written representation on satisfying the prerequisites for independence. In the event of a situation resulting in failure to satisfy of the prerequisites for independence, the Supervisory Board member is obligated to immediately notify the Company thereof. The Company informs shareholders about the current number of independent Supervisory Board members.

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Supervisory Board’s powers

The Supervisory Board exercises permanent supervision over the Company’s activity operations in all areas of its operations.

According to the Company’s Articles of Association, the Supervisory Board’s duties and powers include in particular the matters specified in the following table.

Supervisory Board’s powers

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Matters requiring a Supervisory Board resolution

as at 31 December 2016 and as at the date of this report

1. reviewing the Management Board report on the Company’s activities and financial statements for the previous financial year in terms of their compliance with the accounting records, documents and facts. This pertains also to the Group’s consolidated financial statements if such statements are prepared;
2. evaluating Management Board’s motions on the distribution of profit or coverage of losses;
3. submitting written reports on the results of the activities referred to in items 1 and 2 to the Shareholder Meeting;
4. preparing, once a year, and presenting to the Shareholder Meeting:

a) assessment of the Company’s standing, including assessment of the internal control, risk management and compliance systems and internal audit function, comprising all material controls, including especially those pertaining to financial reporting and operating activities,
b) the Supervisory Board’s activity report comprising at least information on:

– the composition of the Supervisory Board and its Committees,
– satisfaction of the independence criteria by Supervisory Board members,
– number of meetings of the Supervisory Board and its Committees,
– self-assessment of the work of the Supervisory Board,

c) assessment of the fulfillment of the reporting duties by the Company regarding application of corporate governance rules, laid down in the Stock Exchange Rules and regulations pertaining to current and periodic information transmitted by issuers of securities,

d) assessment of rationality of the Company’s sponsoring, charitable and other similar activity, or information about absence of such policy;

5. preparing, along with a report on the results of assessment of the Company’s annual financial statements, the Supervisory Board’s opinion on economic viability of the Company’s capital exposure to other commercial companies, made in the given financial year;
6. issuing opinions on the Group’s Corporate Strategy;
7. issuing opinions on the rules of conduct of sponsoring activity;
8. issuing opinions on the annual plan of sponsoring activity and annual report on its implementation.

Decision-making powers

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Matters requiring a Supervisory Board resolution

as at 31 December 2016 and as at the date of this report

1. selecting the auditor to audit the Company’s financial statements and the Group’s consolidated financial statements;
2. defining the scope and deadlines for the Management Board to submit annual material and financial plans of the Company and the Group;
3. accepting a consolidated version of the Company’s Articles of Association prepared by the Company’s Management Board;
4. approving the Management Board bylaws;
5. approving the organizational bylaws of the Company’s enterprise;
6. purchasing real property, perpetual usufruct or share in real property or in perpetual usufruct, the value o which exceeds the PLN equivalent of EUR 5,000 thousand, except for real property, perpetual usufruct or share in real property or in perpetual usufruct purchased from the Group Companies;
7. purchasing non-current assets, except for real property, perpetual usufruct or share in real property or in perpetual usufruct, bonds issued by the Group Companies and other non-current assets purchased from the Group Companies withy the value exceeding the PLN equivalent of EUR 5,000 thousand;
8. disposing of non-current assets, including real property, perpetual usufruct or share in real property or in perpetual usufruct with the value exceeding the PLN equivalent of EUR 5,000 thousand, except for real property, perpetual usufruct or share in real property or in perpetual usufruct and other non-current assets which, as a result of disposal, will be sold or encumbered in favor of Group Companies;
9. incurring contingent liabilities by the Company, including granting financial guarantees and sureties the value of which exceeds the PLN equivalent of EUR 5,000 thousand;
10. issuing promissory notes the value of which exceeds the PLN equivalent of EUR 5,000 thousand;
11. advance payment against expected dividend;
12. subscribing for or acquiring shares in companies other than Group Companies, with a value exceeding the PLN equivalent of EUR 5,000 thousand, except where such subscription of shares in such companies is effected in exchange for the Company’s receivables as part of composition or bankruptcy proceedings;
 13. disposing of shares the value of which exceeds the PLN equivalent of EUR 5,000 thousand, specifying the terms and conditions and procedure for such disposal, except for:

  • disposing of shares traded on a regulated market,
  • disposing of shares in cases of exposures where the Company’s stake does not exceed 10% of the respective companies’ share capital,
  • disposing of shares to Group Companies;
 14. concluding a material agreement with a shareholder holding at least 5% of the total number of votes in the Company or related party, however the above obligation does not apply to typical transactions concluded on an arm’s length basis as part of the Company’s operating activities with entities from the TAURON Group;
15. granting consent for establishing the Company’s branches abroad;
16. defining the method of exercising the voting rights at the Shareholder Meetings of companies in which the Company holds at least 50% of all shares, in the following matters:

  • selling or leasing the company’s enterprise or an organized part thereof or establishing a limited right in rem thereon if their value is in excess of the PLN equivalent of EUR 5,000 thousand,
  • dissolving or liquidating the company.

Supervisory Board’s powers regarding the Management Board

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Matters requiring a Supervisory Board resolution

as at 31 December 2016 and as at the date of this report

1. appointing and dismissing Management Board members;
2. setting the rules and amounts of compensation for Management Board members, subject to § 43 Section 1 Item 1 of the Company’s Articles of Association;
3. suspending Management Board Members in their duties for important reasons;
4. delegating members of the Supervisory Board to perform temporarily the duties of Management Board members who are at the time unable to perform their duties and setting their remuneration, provided that the total remuneration received by the delegated person for his or her performance of the function of a Supervisory Board member and his or her temporary performance of the duties of a Management Board member does not exceed the salary set in respect of the Management Board member being filled in for by the delegated member of the Supervisory Board;
5. conducting a qualification procedure for the position of Management Board member;
6. conducting a contest to select a person with whom the agreement to perform management tasks in the Company will be concluded and concluding an agreement to perform management tasks in the Company;
7. authorizing Management Board members to assume positions in corporate bodies of other companies.

Other powers of the Company’s Supervisory Board

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Matters requiring a Supervisory Board resolution

as at 31 December 2016 and as at the date of this report

1. preparing reports from supervision over execution of investments by the Management Board, including purchase of non-current assets, in particular issuing opinions on the correctness and efficiency of expenditure of the related funds;
2. adopting bylaws defining in detail the operation of the Supervisory Board.
Personnel composition:

The current 5th term of office of the Supervisory Board started on 29 May 2017, i.e. on the date of holding the Company’s Ordinary Shareholder Meeting approving the financial statements for the 2016 financial year. In accordance with the Company’s Articles of Association, this is a joint term of office lasting 3 years.

Composition of the Supervisory Board as at the date of this report

Beata Chłodzińska

Graduated from the Faculty of Law and Administration at the University of Warsaw. She is a qualified legal counsel.

In 2001-2016, she worked in the Ministry of State Treasury, where she provided legal services, most recently as the Deputy Director in the Legal and Trial Department. Currently she coordinates the work of the Legal Counsel Team in the Ministry of Energy’s Legal Department.

She gained experience associated with supervising the activity of companies with State Treasury participation sitting, among others, in the supervisory boards of the following companies: Polska Agencja Prasowa S.A. with its registered office in Warsaw, Centrum Techniki Okrętowej S.A. with its registered office in Gdańsk, Chemia Polska sp. z o.o. with its registered office in Warsaw, Międzynarodowa Korporacja Gwarancyjna sp. z o.o. with its registered office in Warsaw.

She has been a member of the TAURON Polska Energia S.A. Supervisory Board since 12 August 2015. In the Supervisory Board of the 5th term of office she discharges the function of Supervisory Board Chairperson and Chairperson of the Supervisory Board Nomination and Compensation Committee and is a member of the Supervisory Board Audit Committee and of the Supervisory Board Strategy Committee.

Teresa Famulska

Graduated from the University of Economics in Katowice, holds the title of a professor of economic sciences awarded by the President of Poland on the rquest of the Council of the Finance and Insurance Faculty of the University of Economics in Katowice.

She has been associated with the University of Economics in Katowice since 1981. She is currently the Manager of the Public Finance Faculty at the position of professor ordinarius. In 1998-2013 she worked for the High School of Banking and Finance, recently as the dean, at the position of professor ordinarius.

Author of approx. 150 Polish and foreign publications in the area of finance, mainly public finance (including taxes and tax systems) and corporate finance. In addition to academic work she regularly cooperates with business practitioners, participating among others in several tens of scientific and research projects. She conducts numerous lectures and training courses for financial and managerial staff in corporations and employees of tax authorities, as part of post-graduate studies and in cooperation with, among others, the Polish Economic Society and Accountants Association in Poland. Since 2007, she has been working for the National Examination Commission for Tax Advise, acting as the Chairperson since 2010. Since 2007, she has the been a member of the Finance Science Committee of the Polish Academy of Sciences, where in 2011-2015 she was a memer of the Committee’s Presidium. In addition, she is a member of the Management Board of the Polish Finance and Banking Association, International Fiscal Association, Center for Information and Research Organization in Public Finances and Tax Law of Central and Eastern European Countries, and Polish Economic Society.

She has been granted the following awards and distinctions: Silver Cross of Merit, Silver Cross for Long-Term Service, National Education Commission Medal, awards of the Minister of National Education and Rector of the University of Economics in Katowice.

She has been a member of the TAURON Polska Energia S.A. Supervisory Board since 29 May 2017. In the Supervisory Board of the 5th term of office she discharges the function of Supervisory Board Deputy Chairperson and Chairperson of the Supervisory Board Audit Committee.

Jacek Szyke

Graduated from economics at the Łódź University and the Electricity Faculty of the Poznań University of Technology, where he obtained the title of doctor of technical sciences.

He has many years of professional experience in the commercial power sector, where he has gone through all levels of professional career, starting from an intern, through foreman, Manager of the Security and Automation Department (Kalisz and Łódź Power Supply Company), Maintenance Engineer on Duty (Elektrociepłownia Łódź), to the position of Chief Engineer (Łódź and Płock Power Supply Company) and Director General ( Płock Power Supply Company and Siekierki CHP Plant). He also worked as a Contract Manager in Libya. Owner and President of the consulting firm JES ENERGY.

Has been awarded the following state distinctions: Golden Cross of Merit, Knight’s Cross. Sector awards: awards for contribution to the following sectors: Energy, Construction, Communication, Fire Protection, Culture and Heating.

Author of over 100 articles, publications and books, including: Memories of traditions and customs in the power sector, About the power sector, with sentiment, History of the Polish power sector, Golden Book of the Power Sector, TAURON Group – monograph.

He has been a member of the TAURON Polska Energia S.A. Supervisory Board since 14 September 2010. In the Supervisory Board of the 5th term of office he discharges the function of Supervisory Board Secretary, Chairperson of the Supervisory Board Strategy Committee and Supervisory Board Audit Committee member.

Radosław Domagalski-Łabędzki

Graduated from the Łódź University (MA in law). Completed Executive MBA studies at the Rutgers University in New Jersey. Scholarship holder of the Universities in Münster and Mannheim, Germany.

Manager with extensive practical experience in managing complex international business projects. Prepared and effectively implemented the development strategy in Asia for one of the biggest Polish groups.

In 2006-2013 was the president of the management board of Magellan Trading Shanghai Co. Ltd in China. Before that he worked as a lawyer in GSP Group Sp. z o.o. in Łódź, and in American Enterprise Institute in Washington – one of the biggest American think tanks.

From December 2015 to October 2016 he was Undersecretary of State in the Ministry of Development, responsible among others for promotion of Polish economy, member of the Polish Financial Supervision Authority.

From October 2016 President of the Management Board of KGHM Polska Miedź S.A.

Co-founder of the Polish-Chinese Chamber of Commerce in Shanghai. Author of numerous business publications.

He has been a member of the TAURON Polska Energia S.A. Supervisory Board since 29 May 2017. In the Supervisory Board of the 5th term of office he is a member of the Supervisory Board Audit Committee.

Barbara Katarzyna Łasak-Jarszak

Graduated from the Faculty of Law and Administration at the University of Warsaw.

From January 1997 to February 2017 she worked for the Legal Department at the Ministry of State Treasury. From April 2004 1998 to February 2017 she managed an organizational unit in the Legal Department responsible for the legal service for the ministry. From 1 March 2017 she has been employed on the position of Manager at the State Property and Finance Division in the State Treasury Department of the Prime Minister’s Office, where she is responsible, among others, for issues associated with the new state property management rules.

In 1999-2001 she was a member of the Disciplinary Commission of the Ministry of State Treasury. In 1999-2005 she was the deputy public finance discipline officer by the Minister of State Treasury.

She has many years of experience in working for supervisory bodies of companies with participation of the State Treasury, including: ZPP Lenora sp. z o.o., Koneckie Zakłady Odlewnicze S.A., Uzdrowisko Busko-Zdrój S.A., ŚWWG Polmos S.A., Stocznia Gdynia S.A., Archimedes S.A., PSO Maskpol S.A., ZG Dom Słowa Polskiego S.A. in liquidation, Fundusz Rozwoju Spółek S.A., Zakłady Mięsne Nisko S.A.

He has been a member of the TAURON Polska Energia S.A. Supervisory Board since 29 May 2017. In the Supervisory Board of the 5th term of office he is a member of the Supervisory Board Nomination and Compensation Committee.

Paweł Pampuszko

Graduated from Faculty of Law and Administration at the Silesian University in Katowice, attorney entered in the list of attorneys kept by the Bar Association in Katowice.

During the many years of his professional work he has gathered extensive experience in negotiating contracts in major industrial and economic projects, and in preparation and delivery of major litigation, where it was necessary to understand non-legal specialist issues and closely cooperate with specialists from other areas. He also took an active part in identification and elimination of irregularities in the activities of the corporate bodies of capital companies.

He has gained professional experience associated with the legal service of business entities working, in 2005-2009, for example for the Biura Prawne Babula i Wspólnicy sp.k. law firm, Kancelaria Adwokatów i Radców Prawnych Ślązak, Zapiór & Partnerzy, SILEGE S.C. and Woszym Technologies sp.j. firms. In 2009-2011 he run his own law firm. From 2011 he has been a founding partner in the Kuś-Zielińska, Pampuszko i Wspólnicy – Adwokaci i Radcy Prawni sp.j. law firm.

He sat on the supervisory bodies in non-governmental organizations and capital companies, including CHK S.A. and the Medicina Pro Humana Foundation.

He is the author of publications on medical law.

He has been a member of the TAURON Polska Energia S.A. Supervisory Board since 29 May 2017. In the Supervisory Board of the 5th term of office he is a member of the Supervisory Board Strategy Committee.

Jan Płudowski

Graduated from the Electrical Faculty of the Silesian University of Technology in Gliwice. He also completed post-graduate studies at the Electrical Faculty of the Gdańsk University of Technology, K. Adamiecki Academy of Economics in Katowice in corporate finance management and at the Management and Service Economics Faculty of the University of Szczecin, majoring in marketing and management in corporations.

Professionally associated with the power sector; has gained professional experience occupying positions on all levels of professional career. Among others, he worked on the positions of Chief Region Power Engineer (PKP Śląska Dyrekcja Okręgowa Kolei Państwowych in Katowice), Director of the Railway Power Supply Unit Katowice and Manager of the Power Management Division (PKP Dyrekcja Energetyki Kolejowej in Warsaw), Director of the Cash Flow Department (“PKP Energetyka” sp. z o.o. in Warsaw). Currently he occupies the position of Project Coordinating Director in “PKP Energetyka” S.A. in Warsaw.

In 2007-2008, he served as Supervisory Board member of Spółka Energetyczna Jastrzębie S.A.

He has been a member of the TAURON Polska Energia S.A. Supervisory Board since 30 December 2016. In the Supervisory Board of the 5th term of office he is a member of the Supervisory Board Audit Committee and Supervisory Board Strategy Committee.

Agnieszka Woźniak

She graduated from the Faculty of Law and Administration at the UMCS University in Lublin. She is a lawyer by education.

In 2001-2015 she worked in the Ministry of Economy, where she has gone through all levels of professional career, from justice’s clerk, through specialist, chief specialist, division manager, deputy director and director. From 2005 she has been an appointed clerk. She has been associated with the Ministry of Energy from the moment of its establishment, i.e. November 2015, where she currently occupies the position of Minister’s Office Director.

She has many years of experience in staff management. She has been dealing with issues associated with inspections, organizational matters of the authority, public procurement, and HR issues. She has also discharged the position of Director General’s Proxy for Integrated Management System.

She has experience in supervising the activities of companies with State Treasury participation. From January 2009 to June 2014 she was a Supervisory Board member in Węglokoks S.A. in Katowice.

She has been a member of the TAURON Polska Energia S.A. Supervisory Board since 16 December 2016. In the Supervisory Board of the 5th term of office he is a member of the Supervisory Board Nomination and Compensation Committee and Supervisory Board Strategy Committee.

 

A description of the experience and competences of the Supervisory Board members is published at the website www.tauron.pl.

Changes in the composition of the Supervisory Board in 2016

As at 1 January 2016, the members of the Supervisory Board were as follows: Beata Chłodzińska (Supervisory Board Chairperson), Anna Mańk (Supervisory Board Deputy Chairperson), Jacek Szyke (Supervisory Board Secretary), Anna Biesialska (Supervisory Board Member), Michał Czarnik (Supervisory Board Member), Maciej Koński (Supervisory Board Member), Leszek Koziorowski (Supervisory Board Member), Wojciech Myślecki (Supervisory Board Member) and Renata Wiernik-Gizicka (Supervisory Board Member).

On 6 June 2016 the Company received resignations from the TAURON Polska Energia S.A. Supervisory Board from the following persons:

  • Maciej Koński;
  • Renata Wiernik-Gizicka.

They stated in their notices that they resigned due to personal reasons.

On 8 June 2016, the Company’s Ordinary Shareholder Meeting, acting pursuant to Articles of Association § 22 Section 1 of the Company’s Articles of Association, adopted resolutions to appoint the following new members to the TAURON Polska Energia S.A. Supervisory Board of the 4th joint term of office:

  • Jacek Rawecki;
  • Stefan Świątkowski.

On 14 November 2016 the Company received a resignation from the Supervisory Board from Wojciech Myślecki (without specifying the causes of his resignation).

On 16 December 2016 the Minister of Energy, acting pursuant to § 23 Section 1 Item 3 of the Company’s Articles of Association, appointed Agnieszka Woźniak to the Supervisory Board.

On 30 December 2016 the Minister of Energy, acting pursuant to § 23 Section 1 Item 3 of the Company’s Articles of Association:

– dismissed from the Supervisory Board:

  • Michał Czarnik,
  • Anna Biesialska;

– and appointed the following members to the Supervisory Board:

  • Jan Płudowski,
  • Stanisław Bortkiewicz.

On 29 May 2017 the State Treasury, acting with the personal powers specified in §23 Section 1 Items 1 and 3 of the Company’s Articles of Association, appointed the following persons to the Supervisory Board of the 5th joint term of office: Beata Chłodzińska, Teresa Famulska, Barbara Katarzyna Łasak-Jarszak, Jan Płudowski and Agnieszka Woźniak.

The Ordinary Shareholder Meeting, held on 29 May 2017, appointed Radosław Domagalski-Łabędzki, Paweł Pampuszko and Jacek Szyke to the Supervisory Board of the 5th joint term of office.

As at the date of this report, there were no other changes in the composition of the TAURON Polska Energia S.A. Supervisory Board.

Committees

A detailed description of the activity of individual TAURON Polska Energia S.A. Supervisory Board Strategy Committees is presented in their Bylaws.

The Supervisory Board Committees are advisory and opinion-making bodies, acting as collective bodies, within the structure of the Supervisory Board, and discharge ancillary and advisory functions for the Supervisory Board.

The tasks of the Committees are executed through submission to the Supervisory Board of motions, recommendations, opinions and reports regarding their tasks, in the form of adopted resolutions. Supervisory Board Committees are independent of the Company’s Management Board. The Management Board may not give any binding instructions to the Committees as regards their duties.

The Supervisory Board Committees are composed of 3 to 5 (7 in the case of the Strategy Committee) members. The work of individual Committees is managed by their Chairperson.

Meetings are convened by the Chairperson of the Committee on his/her own initiative or on the motion of the Committee member or Supervisory Board Chairperson and are held as needed. In the case of the Audit Committee the meetings are held no less frequently than once per quarter. The Committee Chairperson may invite to the meetings Supervisory Board members who are not Committee members, Management Board members and employees of the Company, and other persons working or cooperating with the Company. The Committee Chairperson or person appointed by him/her submits findings, recommendations and reports to the Supervisory Board.

Committees adopt resolutions if at least one half of its members are present and if all of them have been duly invited to the meeting. Committee resolutions are adopted with an absolute majority of votes present at the meeting, where absolute majority is understood as more votes cast „in favor” than the votes „against” and abstentions. Supervisory Board Committees may adopt resolutions by following a written procedure or via remote means of direct communication.

Supervisory Board Committees members may take part in the Committee meetings and vote on the adopted resolutions via remote means of direct communication, i.e. teleconferences or videoconferences.

The Company’s Management Board is informed about the recommendations and assessments submitted to the Supervisory Board by the given Committee. Every year the Supervisory Board Committees publish, through the Company, information on their composition, number of meetings held and participation in the meetings during the year and the main actions taken. Additionally, the Audit Committee confirms its positive assessment of the independence of the financial audit process and presents a short description of the steps taken to formulate such a conclusion.

The Company’s Management Board ensures for individual Committees the possibility of using the services of external advisors to the extent required to discharge their duties.

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Audit Committee

As at the date of this report, the Audit Committee was comprised of

  1. Teresa Famulska – Chairperson of the Audit Committee;
  2. Beata Chłodzińska – Audit Committee Member;
  3. Radosław Domagalski-Łabędzki – Audit Committee Member;
  4. Jan Płudowski – Audit Committee Member;
  5. Jacek Szyke – Audit Committee Member.

 

Changes in the composition of the Audit Committee

As at 1 January 2016, the composition of the Audit Committee was as follows: Wojciech Myślecki (Chairperson), Beata Chłodzińska, Michał Czarnik and Jacek Szyke.

On 8 January 2016 the Supervisory Board appointed Anna Biesialska to the Audit Committee.

On 26 July 2016 Anna Biesialska submitted her resignation from the function of an Audit Committee member.

On 26 July 2016 the Supervisory Board appointed Jacek Rawecki to the Audit Committee.

On 14 November 2016 the Company received a resignation from TAURON Polska Energia S.A. Supervisory Board member Wojciech Myślecki. In this manner, his membership in the Audit Committee ended.

On 30 December 2016 the Minister of Energy, acting pursuant to § 23 Section 1 Item 3 of the Company’s Articles of Association, dismissed Michał Czarnik from the TAURON Polska Energia S.A. Supervisory Board. With this, his membership in the Audit Committee terminated.

On 30 January 2017 the Supervisory Board appointed Stanisław Bortkiewicz and Jan Płudowski to the Audit Committee.

On 20 June 2016, the Supervisory Board of the 5th joint term of office appointed the following persons to the Supervisory Board Audit Committee: Beata Chłodzińska, Radosław Domagalski-Łabędzki, Teresa Famulska, Jan Płudowski and Jacek Szyka.

 

Tasks and powers of the Audit Committee

The table below presents the tasks and duties of the Audit Committee as at the date of this report.

Powers of the Audit Committee

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Matters requiring an Audit Committee resolution

as at 31 December 2016 and as at the date of this report

1. monitoring the financial reporting process;
2. monitoring the accuracy of the financial information presented by the Company;
3. monitoring the effectiveness of the internal control, risk management and compliance systems and the internal audit function in the Company;
4. monitoring the performance of financial review activities;
5. monitoring whether the auditor and the entity authorized to audit financial statements are independent and objective, including if they provide services other than financial review;
6. recommending an entity approved to audit financial statements to the Supervisory Board to conduct financial review activities.

 

A detailed description of the Audit Committee’s activities in the past financial year is presented in the Supervisory Board Activity Report submitted annually to the Shareholder Meeting and published on the website.

Nomination and Compensation Committee

Composition of the Nomination and Compensation Committee as at the date of this report

  1. Beata Chłodzińska – Chairperson of the Nomination and Compensation Committee;
  2. Barbara Łasak-Jarszak – Member of the Nomination and Compensation Committee;
  3. Agnieszka Woźniak – Member of the Nomination and Compensation Committee.

 

Changes in the composition of the Nomination and Compensation Committee

As at 1 January 2016 the members of the Nomination and Compensation Committee we as follows: Leszek Koziorowski (Chairperson), Anna Biesialska, Beata Chłodzińska and Renata Wiernik-Gizicka.

On 6 June 2016 the Company received a resignation from Renata Wiernik-Gizicka from being a member of the TAURON Polska Energia S.A. Supervisory Board. Thereby her membership in the Nomination and Compensation Committee ended.

On 19 December 2016 the Supervisory Board appointed Agnieszka Woźniak to the Nomination and Compensation Committee.

On 30 December 2016 the Minister of Energy, acting pursuant to § 23 Section 1 Item 3 of the Company’s Articles of Association, dismissed Anna Biesialska from the TAURON Polska Energia S.A. Supervisory Board. With this, her membership in the Nomination and Compensation Committed terminated.

On 20 June 2016, the Supervisory Board of the 5th joint term of office appointed the following persons to the Nomination and Compensation Committee: Beata Chłodzińska, Barbara Łasak-Jarszak and Agnieszka Woźniak.

 

Tasks and powers of the Nomination and Compensation Committee

The table below presents the tasks and powers of the Nomination and Compensation Committee as at 31 December 2016 and as at the date of this report.

Powers of the Nomination and Compensation Committee

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Matters requiring a resolution of the Nomination and Compensation Committee

as at 31 December 2016 and as at the date of this report

1. recommending to the Supervisory Board the procedure for conducting qualification procedures for the positions of the Company’s Management Board members;
2. assessing the candidates for Management Board members and presenting resulting opinions to the Supervisory Board;
3. recommending to the Supervisory Board the form and content of agreements concluded with Management Board members;
4. recommending to the Supervisory Board a compensation and bonus system for Management Board members;
5. recommending to the Supervisory Board the necessity to suspend a Management Board member for important reasons;
6. recommending to the Supervisory Board the necessity to delegate a Supervisory Board member to temporarily perform the duties of Management Board members who cannot perform their activities, together with a compensation proposal.

A detailed description of the Nomination and Compensation Committee’s activities in the past financial year is presented in the Supervisory Board Activity Report submitted annually to the Shareholder Meeting and published on the website.

Strategy Committee

Composition of the Strategy Committee as at the date of this report

  1. Jacek Szyke – Strategy Committee Chairperson;
  2. Beata Chłodzińska – Strategy Committee Member;
  3. Paweł Pampuszko – Strategy Committee Member;
  4. Jan Płudowski – Strategy Committee Member;
  5. Agnieszka Woźniak – Strategy Committee Member.

 

Changes in the composition of the Strategy Committee

As at 1 January 2016, the members of the Strategy Committee included: Jacek Szyke (Chairperson), Beata Chłodzińska, Anna Mańk, Maciej Koński and Wojciech Myślecki.

On 6 June 2016 the Company received a resignation from Maciej Koński from being a member of the TAURON Polska Energia S.A. Supervisory Board. Thereby his membership in the Strategy Committee ended.

On 26 July 2016 the Supervisory Board appointed Stefan Świątkowski to the Strategy Committee.

On 14 November 2016 the Company received a resignation from TAURON Polska Energia S.A. Supervisory Board member Wojciech Myślecki. In this manner, his membership in the Strategy Committee ended.

On 15 March 2017 the Supervisory Board appointed Stanisław Bortkiewicz and Jan Płudowski to the Strategy Committee.

On 20 June 2016, the Supervisory Board of the 5th joint term of office appointed the following persons to the Strategy Committee: Beata Chłodzińska, Paweł Pampuszko, Jan Płudowski, Jacek Szyke and Agnieszka Woźniak.

Tasks and powers of the Strategy Committee

The table below presents the tasks and powers of the Strategy Committee as at 31 December 2016 and as at the date of this report.

Powers of the Strategy Committee

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Matters requiring a Strategy Committee resolution

as at 31 December 2016 and as at the date of this report

1. assessing the Company’s and Group’s Strategy and presenting the results of the assessment to the Supervisory Board;
2. recommending to the Supervisory Board the scope and deadlines for submission of long-term strategic plans by the Management Board;
3. assessing the impact of the planned and undertaken strategic investments on the Company’s assets;
4. monitoring implementation of strategic investment tasks;
5. assessing the actions pertaining to disposing of the Company’s assets;
6. issuing opinions on strategic documents submitted to the Supervisory Board by the Management Board.

A detailed description of the Strategy Committee’s activities in the past financial year is presented in the Supervisory Board Activity Report submitted annually to the Shareholder Meeting and published on the website.

White certificates white certificates "White" certificates "white" certificates Certificates confirming the saving of a specific quantum of energy as a result of completing investments to enhance energy efficiency.
Biomass biomass Denotes a biodegradable fraction of products, waste and residue from agricultural and forestry production and related branches of industry, including fishing and aquaculture, and biogas and a biodegradable fraction of industrial and communal waste.
Sub peak power generation units sub peak power generation units Power generation units used during a period when the power system has a higher demand for capacity. Power generation units in this class are used from 2000 to 4000 hours a year.
Peak power generation units peak power generation units Power generation units used only during a period when the power system has the highest demand for capacity. Power generation units in this class are used fewer than 2000 hours a year.
Blue certificates blue certificates "Blue" certificates "blue" certificates Certificates confirming the generation of energy from agricultural biomass.
CAPEX Capital expenditures.
Red certificates red certificates "Red" certificates "red" certificates Certificates confirming the generation of energy in highly-efficient coal co-generation.
Net debt net debt Liabilities for loans and borrowings less cash and cash equivalents.
Dividend dividend Portion of a company’s net earnings per share designated for payment to shareholders.
EBITDA Earnings Before Interest, Taxes, Depreciation and Amortization.
Electromobility electromobility Using electric vehicles, both individual vehicles such as an electric car, electric scooter, electric motorcycle and electric bicycle and public transport means: trams, trolleybuses and trains. The assumptions for the Electromobility Development Plan and the domestic framework for the policy of alternative fuel infrastructure development call for there being one million electric vehicles on Polish roads by 2025. TAURON is conducting research and analyses on developing, promoting and disseminating electromobility among Polish nationals, developing the electromobility industry in Poland and in particular collaborating in launching and implementing the findings of scientific and technical work in this area. Moreover, jointly with PGE, Energa and Enea, TAURON has submitted an application to the Office of Competition and Consumer Protection to receive a permit to establish a company called ElectroMobilityPoland to create grounds for developing electromobility.
EMAS EMAS Eco Management and Audit Scheme, an EU instrument to encourage all types of organizations to improve their environmental protection constantly. Functions on the basis of Regulation (EU) no. 1221/2009 of the European Parliament and of the Council of 25 November 2009 on the voluntary participation by organizations in a Community eco-management and audit scheme (EMAS). The EMAS requirements constitute guidelines for organizations to structure their environmental protection duties, optimize costs and effectively manage energy and resources. EMAS is also a system for reporting an organization’s environmental impact making it easier to conduct dialogue in this area with stakeholders. Registration in the EMAS system means that an organization has satisfied the most rigorous environmental requirements.
Prosumer energy prosumer energy Generation of electricity, chiefly for one’s own needs and on a small-scale in installations harnessing renewable energy sources. Households and businesses that do this are called prosumers, meaning that they simultaneously play the role of energy producer and consumer.
Energy from distributed sources energy from distributed sources energii ze źródeł rozproszonych energetyka rozproszona rozproszone wytwarzanie generacja rozproszona energetyki rozproszonej generacji rozproszonej distributed energy Generation of energy by small generation units or facilities connected directly to distribution grids or located in the user’s electrical energy grid that usually generate electricity from renewable energy sources or non-conventional sources, frequently in cogeneration with the generation of thermal energy (distributed cogeneration). The following parties, for instance, may be part of a distributed generation grid: prosumers, energy cooperatives and municipal power plants.
Purple certificates purple certificates "Purple" certificates "purple" certificates Certificates confirming the generation of energy from methane captured in mines.
grid parity Grid parity Signifies the equivalence of the production costs of renewable energy with the energy generated in conventional power plants.
TGE’s FCM Indices Towarowa Giełda Energii (TGE) is the power exchange running the following markets: electricity (Forward Commodity Market - FCM), Day-Ahead Market - DAM, Intraday Market - IDM) and gas (FCMg, DAMg) and the Property Right Market.
smart metering Smart metering Comprehensive and integrated information system encompassing electrical energy smart meters for users of energy, telecommunication infrastructure, central database and management system. Smart metering systems support two-way communication in real time between information systems and electronic electricity meters installed in customers’ locations. Moreover, they may automate the entire billing process for energy users - from obtaining metering data to processing and aggregating them to issuing invoices.
Stakeholder stakeholder stakeholders Natural or legal entity (individual, community, institution, organization, office etc.) which may affect the company or remain under the influence of its actions.
IoT Internet of Things – concept according to which clearly identified objects may directly or indirectly collect, process or exchange data via computer network.
Emergency Cold Reserve IRZ Mechanism introduced by the transmission system operator in 2016. It involves the TSO paying the owners of generation sources which are planned to be withdrawn for keeping them ready to run in response to the operator’s instruction during the anticipated periods of capacity shortage.
ISO 14001 PN-EN ISO 14001:2005 standard PN-EN 14001 standard One of the ISO standards used in managing environmental protection. This standard designated for all organizations regardless of their type and size defines the requirements whose satisfaction supports the achievement of environmental (for instance preventing the emission of pollutants) and economic objectives.
Covenant covenant Contractual clause, order or ban imposed on a borrower to minimize the risk of its invsolvency. Covenents most frequently constitute protection for sources of debt payment to creditors, e.g. by banning further borrowing or disposing of assets.
Aggregate aggregate Bulk organic or mineral material used mainly to produce construction mortar and concrete and build roads.
HV and MV Lines linii WN i SN sieci WN i SN HV - high voltage grid in which the voltage ranges from 110 kV. This grid is used to transmit electrical energy over large distances. MV - medium voltage grid, i.e. an electrical energy grid in which the electrical voltage ranges from 1 kV to 110 kV. Medium voltage is broadly used in electrical energy grids to transmit electrical energy over medium distances and switch energy. It is used as an intermediate voltage between high voltage and low voltage connected to end-users.
Customer loyalization customer loyalization Strategy to acquire and retain customers in this time of growing competition.
Micro-grid micro-grid Electrical energy micro-grid – set of generation equipment, electrical energy storage and receiver units connected in a joint network to ensure the reliable supply of electrical energy and minimize its cost.
Micro-cogeneration micro-cogeneration Technological process involving the cogeneration of thermal and electrical energy based on the utilization of small-scale equipment and medium capacities. Micro-cogeneration may be employed in all facilities in which there is a concurrent need for electrical and thermal energy. The greatest benefits from employing micro-generation are obtained in facilities in which the demand for these two types of energy does not oscillate much or is constant. That is why individual users, hospitals and educational centers, sports centers, hotels and public utilities are usually the most frequent users of cogeneration systems.
MSCI Emerging Markets Europe 10/40 Index Index comprising key companies listed on emerging markets in Europe.
MSCI Poland Index Index comprising more than 20 key companies listed on the Warsaw Stock Exchange.
Best Available Technology BAT The most efficient and sophisticated level of technology development and methods for conducting a given business. BAT are defined for various branches of industry. In the energy sector BAT forms the basis for determining borderline emission quantities, among others, to eliminate, or if that is not practicable, limit emissions and their overall environmental impact.
Sensitive user sensitive user According to the Act entitled Energy Law, a sensitive user is a person to whom a housing allowance has been awarded and who is a party to a comprehensive agreement or electricity sale agreement and who lives in the place where electrical energy is supplied.
Impairment losses impairment losses Losses because of the impairment of non-current assets taken in accordance with the regulations of international accounting IFRS (MSSF) standard.
Corporate Social Responsibility CSR Corporate Social Responsibility – business philosophy and management strategy calling for an organization to take responsibility for the impact exerted by its decisions and actions on society and the environment. Its foundations are rooted in ethical and transparent conduct, taking into consideration the expectations of stakeholders and cultivating good long-term relations with the overall environment. Corporate social responsibility is one of the key methods of achieving sustainable socio-economic development.
PV cells Photovoltaic cell (PV) – semi-conductor material in which the energy of solar radiation is converted into electrical energy.
omni-channel Omni-channel According to the omni-channel idea, the future of commerce is to conduct online sales while simultaneously encouraging customers to make traditional purchases. Online and offline sales during the digital revolution should fluidly penetrate one another.
Operating Capacity Reserve ORM Mechanism of providing operational reserves by the Centrally Discharged Units (JWCD), where they were able to deliver electricity to the system, but for market reasons were not used. It was implemented in Poland in 2014.
RES Renewable energy sources.
PM-RES Property rights to certificates of energy for electrical energy generated in RES.
Polygeneration polygeneration Parallel generation of energy and chemicals.
RESPECT Index Index consisting of companies listed on the Warsaw Stock Exchange to identify companies managed in a responsible and sustainable manner. It takes into account the quality of reporting, the level of investor relations, corporate governance and liquidity, among others, whereby it simultaneously constitutes a real point of reference to measure the attractiveness of companies as investments.
Balancing market balancing market The balancing market is what is referred to as a technical market. That means it is not a place to sell energy. Its purpose is the physical delivery of the energy purchase/sale agreements executed by participants and balancing the demand for electricity with its generation in real time in the national electrical energy system (KSE). The existence of the balancing market is indispensable for the energy market to function. Entities that buy energy have an obligation to participate in this market.
CATALYST Market Catalyst market Bond market. It is run on the transaction platforms of the Warsaw Stock Exchange and BondSpot.
SAIDI System average interruption duration index in the supply of electricity calculated in minutes per user. It is a reliability index whose value is the sum of the products of interruption duration in energy supply and the number of users affected by the consequences of such an interruption during a year divided by the total number of users connected to a grid.
SAIFI System average interruption frequency index of long interruptions in energy supply. It is a reliability index whose value is the number of users affected by the consequences of all such interruptions during a year divided by the total number of users.
Gangue gangue The rock that is extracted from a deposit of a given mineral that is considered to be unusable waste.
Smart City smart city Smart city is a project involving the implementation of specific solutions exerting a real impact on citizens. One example is supplying tools to urban residents to monitor energy consumption, among others. This is possible thanks to the special platform called eLicznik (eMeter). TAURON supplies smart meters, for instance, under the Smart City Wrocław project.
Smart Home smart home System to control a smart home. SMART HOME technologies control burglar alarms, temperature control and electricity supply systems. This is a real-time power consumption monitoring solution that TAURON offers via a platform to check readings from the smart power meter.
Smart grid smart grid Smart electrical energy grids to facilitate communication between participants on the energy market to supply energy services while cutting costs and enhancing efficiency and integrating distributed sources of energy, including renewable energy.
smart metering Smart metering Smart metering system – electronic system used to measure energy consumption obtaining more information than from a conventional meter, and to send and receive data through electronic communication.
small carbonate sorbent Small carbonate sorbent Fine carbonate sorbent (limestone powder) – is a product derived from the process of dehydrating and profound milling of limestone whose active ingredient is calcium carbonate, CaCO3. Fine carbonate sorbent is used in processes to desulfurize flue gas – to remove SOx.
Enterprise Risk Management System ERM Set of rules, standards and tools to accomplish the fundamental objective of risk management i.e. ensuring the security of the TAURON Group’s operations. This system is regulated by the document entitled Enterprise Risk Management System in the TAURON Group, defining the TAURON Group’s enterprise risk management framework and rules.
Tauronet tauronet TAURON Group’s corporate intranet portal, one of the most important tools of communicating with employees. One of the largest platforms of its type in Poland at the time of publishing this report.
CCS Carbon dioxide capture, transport and geological storage technology.
CCU Capture and use (management) of carbon dioxide, eg. in the the chemical industry.
Smart Technology smart technology Control system in a smart home, among others - it is responsible for the safety and living comfort of residents.
Towarowa Giełda Energii S.A. Polish Power Exchange TGE Towarowa Giełda Energii (TGE) (Polish Power Exchange) is the only licensed power exchange in Poland. Presently, TGE runs the following markets: Day-Ahead Market (DAM), Commodity Forward Market with physical delivery (CFM), Property Rights Market for RES and Cogeneration. TGE also keeps a register of the Certificates of Origin for electrical energy produced in RES and in highly efficient cogeneration sources and the CO2 Emission Allowance Market.
Energy Regulatory Office ERO Government authority regulating the Polish energy market (electricity and gas, among others).
Coal winnings coal winnings The rock material taken from the mine face. It includes the mineral and gangue.
WACC Financial ratio - weighted average cost of capital.
WIBOR Warsaw Inter Bank Offered Rate Warsaw Inter Bank Offered Rate - interest rate used on the Polish interbank market for interbank loans.
WIG Index comprising all the companies listed on the Main Market of the Warsaw Stock Exchange that fulfill the basic criteria for inclusion in its indices.
WIG20 Index comprising the 20 largest and most liquid companies listed on the Main Market of the Warsaw Stock Exchange.
WIG30 Index comprising the 30 largest and most liquid companies listed on the Main Market of the Warsaw Stock Exchange.
WIG-Energy Sectoral index comprising companies participating in the WIG index and simultaneously classified in the energy generation sector.
WIG-Poland National index comprising only the domestic companies listed on the Main Market of the Warsaw Stock Exchange that fulfill the basic criteria for inclusion in its indices.
Underground mining pit underground mining pit Space created as a result of mining works.
Highly-efficient cogeneration high-efficiency cogeneration Generating electrical or mechanical energy and usable thermal energy in cogeneration to save the original energy used in the cogeneration unit in an amount no lower than 10% compared to the generation of electrical energy and thermal energy in separate systems or in a cogeneration unit with an installed electricity capacity under 1 MW compared to the generation of electrical energy and thermal energy in separate systems.
Green certificates green certificates "Green" certificates "green" certificates Certificates of origin, i.e. a document that confirms the generation of electricity with renewable energy sources. The green certificate system has been in force in Poland since 1 October 2005 (and has changed in the new RES Act).
Yellow certificates yellow certificates "Yellow" certificates "yellow" certificates Certificate certifying the origin of energy. Operators of cogeneration units fired with gaseous fuels or with a total installed power source of less than 1 MW may be compensated with yellow certificates.
TPA Third Party Access - TPA is one of the most important principles (besides unbundling) on which the deregulated energy market is founded. TPA gives an energy user the right to buy it from any energy seller of its choosing.
EUA CO2 emission unit.
IFRS International Financial Reporting Standards – standards and their interpretations approved by the International Accounting Standards Board (IASB).
RFX Request for proposal.
Global Reporting Index GRI Independent international organization whose mission is to create a joint global framework for communicating responsibility and sustainable development. The GRI guidelines are an international reporting standard for organizations regardless of size, business sector and venue. Their application gives a guarantee of consistency in terminology and indicators.
International Integrated Reporting Council IIRC The International Integrated Reporting Council is an organization whose purpose is to create globally accepted integrated reporting guidelines based on combining financial, environmental, social and corporate governance reporting in a clear, succinct, coherent and comparable format. It consists of global leaders such as the International Federation of Accountants (IFAC), the International Accounting Standards Board, the United Nations Environmental Program (UNEP), the International Organization of Securities Commissions, the World Business Council for Sustainable Development and the Global Reporting Initiative (GRI).
integrated reporting non-financial reporting standard International integrated reporting standard encompassing financial and non-financial data devised by IIRC.

GRI indicators