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Set of corporate governance principles

In 2016, TAURON was subject to the corporate governance principles described in the document Best Practices for WSE Listed Companies 2016. The Company’s Management Board adopted for compliance the recommendations and principles outlined in that document with a few exceptions. The Company provided the report concerning non-compliance with detailed principles via the Electronic Information Database (EBI).

The document entitled Best Practices for WSE-Listed Companies 2016 was adopted by the WSE Supervisory Board in resolution no. 27/1414/2015 of 13 October 2015 and these practices took effect on 1 January 2016.

The TAURON Management Board decided that the following recommendations and principles of Best Practices 2016 do not apply to the Company: I.Z.1.10, III.Z.6, IV.R.2.

Pursuant to § 29 sec. 3 of the Bylaws of the Warsaw Stock Exchange (Giełda Papierów Wartościowych w Warszawie S.A.), on 1 February 2016, the Company provided via the EBI system the report concerning non-compliance with detailed principles contained in the set Best Practices 2016. At the same time, it posted on its website the information on its compliance with the recommendations and principles included in the aforementioned set.

Moreover, the Company’s Management Board, while adopting the detailed principles of Best Practices 2016 designated as I.Z.1.3, I.Z.1.15, I.Z.1.16, II.Z.1, II.Z.6, II.Z.10.1, II.Z.10.2, II.Z.10.3, II.Z.10.4, V.Z.5, V.Z.6 and VI.Z.4., indicated the methods of ensuring compliance with them. Detailed description has been included in the Information on the status of the Company’s compliance with recommendations and principles included in the set Best Practices 2016, constituting an attachment to the aforementioned report on non-compliance with detailed principles from that set, posted on the Company’s website.

The text of Best Practices 2016 to which the Company is subject is published on the WSE’s website.

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Corporate governance principles which were not complied with

TAURON refrained from compliance with the following detailed principles:

  1. IV.Z.2. concerning ensuring the publicly available broadcast of the Shareholder Meeting in real time;
  2. VI.Z.1. concerning ensuring such structure of incentive plans so that, among other things, the remunerations of Company Management Board members and its key managers will depend on the Company’s actual long-term financial standing, long-term growth of value to the shareholders and stability of the enterprise’s operations;
  3. VI.Z.2. stating that the vesting period between granting options or other instruments linked to company’s shares under the incentive plan and the possibility of exercising them should be at least 2 years.

In 2016, the Company did not comply with the following detailed principles included in Best Practices 2016:

  1. IV.Z.2. concerning ensuring the publicly available broadcast of the Shareholder Meeting in real time, due to absence of applicable provisions of the Articles of Association to allow such broadcast. In order to allow the compliance with that principle, the Company’s Management Board put forward a motion to the Company’s Ordinary Shareholder Meeting to adopt a relevant amendment to the Articles of Association. However, the Company’s Ordinary Shareholder Meeting, which was held on 8 June 2016, did not adopt an amendment to the Articles of Association to that effect as proposed by the Company’s Management Board;
  2. VI.Z.1. concerning ensuring such structure of incentive plans so that, among other things, the remunerations of company management board members and its key managers will depend on the company’s actual long-term financial standing, long-term growth of value to the shareholders and stability of the enterprise’s operations. This principle was not implemented due to the fact that the system for paying remunerations and bonuses to Management Board members and key managers, which is in effect in TAURON, makes the amounts of remunerations dependent on the Company’s financial standing in the annual perspective in combination with achievement of strategic objectives;
  3. VI.Z.2. stating that in order to link the executive compensation of management board members and key managers with the company’s long-term business and financial objectives, the period between granting options or other instruments linked to company’s shares under the incentive plan and the possibility of exercising them should be at least 2 years. This principle was not complied with due to the fact that the system for paying remunerations and bonuses to Management Board members and key managers, which is in effect in TAURON, does not link the amounts of remunerations to instruments connected with the Company shares.

Due to the fact that the TAURON Group does not have in place a single document describing the diversity policy with regard to its governing bodies and key managers, mentioned in principle I.Z.1.15., the Company described the implementation of such policy in the aforementioned report on non-implementation of detailed principles contemplated in Best Practices 2016. The principles for diversity management were introduced through several internal regulations, including the TAURON Group’s Code of Business Ethics. The Company is planning to draft and comply with its diversity policy in the form of a single formal document.

When adopting Best Practices 2016 for compliance, the Company’s Management Board also stated that the following principles did not apply to the Company:

  1. I.Z.1.10. concerning posting financial forecasts on the company’s website – if the company made a decision to publish them – published in the period of at least five recent years, along with information on the progress of their implementation. This stems from the fact that the TAURON Group does not publish financial forecasts;
  2. III.Z.6. stating that if there is no organizationally separate internal audit function in the company, the audit committee (or the supervisory board – if it acts as an audit committee) shall perform annual assessments as to whether it is necessary to put in place such separate internal audit function. This principle does not apply to the Company because the Company’s organizational structure has a separate organizational unit dedicated to internal audit matters.
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Information on non-compliance with recommendations included in Best Practices 2016

In 2016, the only recommendation not complied with by the Company was recommendation IV.R.2. concerning providing the shareholders with a possibility of participating in the Shareholder Meeting via means of direct remote communication, due to the fact that the shareholders did not express their interest in such solution. Non-adoption by the Company Shareholder Meeting held on 16 May 2013 of a resolution to amend the Company’s Articles of Association to allow the shareholders to participate in the Shareholder Meeting via means of direct remote communication as well as non-adoption by the Company Shareholder Meeting held on 8 June 2016 of a resolution to amend the Company’s Articles of Association to enable the publicly available broadcast of the Shareholder Meeting in real time, are the manifestation of such policies.

Other recommendations included in Best Practices 2016 were followed by the Company.

Key internal control and risk management systems with respect to the process of drafting financial statements and consolidated financial statements

The internal control and risk management system with respect to the process of drafting financial statements and consolidated financial statements is implemented through:

  • oversight over compliance with uniform accounting principles by the TAURON Group companies during the process of drafting the reporting bundles for the Group’s consolidated financial statements;
  • procedures for authorizing and opining the Company’s financial statements and the TAURON Group’s consolidated financial statements;
  • IT systems and financial and accounting processes;
  • internal audit;
  • subjecting the Company’s financial statements and the TAURON Group’s consolidated financial statements to audits and reviews by an independent auditor;
  • the rule of changing an entity authorized to audit the Company’s and TAURON Group’s financial statements.

Oversight over compliance with uniform accounting principles by the TAURON Group companies during the process of drafting the reporting bundles for the Group’s consolidated financial statements.

To ensure uniform accounting principles based on IFRS  approved by the EU, the TAURON Polska Energia S.A. Group’s Accounting Policy was drafted and implemented (Accounting Policy). This document is updated along with changes to regulations. The principles contemplated in the Accounting Policy apply to TAURON’s standalone financial statements as well as the TAURON Group’s consolidated financial statements. The Group Companies are obligated to comply with the Accounting Policy while drafting the reporting packages constituting grounds for drafting the Group’s consolidated financial statements. The reporting bundles are verified by the Consolidation and Reporting Team in the parent entity as well as by an independent auditor during audit or review of the Group’s consolidated financial statements.

Procedures for authorizing and opining the Company’s financial statements and the TAURON Group’s consolidated financial statements

 

The Company implemented the procedures for authorizing the financial statements. Prior to publication, quarterly, semi-annual and annual financial statements of the Company and consolidated financial statements of the TAURON Group are approved by the Company’s Management Board. In addition, prior to publication, TAURON’s annual financial statements and the Group’s consolidated financial statements are submitted to the Company’s Supervisory Board for evaluation. Oversight over drafting the financial statements is exercised by the Company’s Vice President of the Management Board on Finances, and drafting of reporting bundles for the Group’s consolidated financial statements is the responsibility of management boards of the consolidated companies.

The structures of the Company’s Supervisory Board contain the TAURON Polska Energia S.A. Supervisory Board Audit Committee whose personnel composition, powers and duties are listed HERE.

IT systems and financial and accounting processes

The TAURON Group companies keep accounting ledgers constituting the basis for drafting the financial statements in ERP financial and accounting computer systems. Consolidated financial statements are drafted using an IT tool designed for consolidation of financial statements.

The Group companies have in place the IT and organizational solutions that prevent unauthorized persons from gaining access to the financial and accounting system and provide adequate security and archiving of the accounting ledgers.

In connection with integration of the accounting function and transfer of financial and accounting services of significant TAURON Group companies to the Shared Services Center, the Group’s financial and accounting processes have been gradually unified. The companies adjusted their procedures to the course of financial and accounting processes, taking into account the specificity of individual segments.

The new business model clearly divides the responsibility for financial and accounting processes between the Company (indicated as the Corporate Center) as well as the subsidiaries and the Shared Services Center, and it names the Corporate Center as the owner of the Group’s accounting and reporting processes. The Center’s tasks include strategic functions associated with drafting the Group’s operational model and standards in the accounting area and overseeing compliance with standards in the subsidiaries’ and the Shared Services Center’s accounting areas. Moreover, the Company as the Corporate Center is responsible for preparing its own financial statements and the consolidated financial statements of the TAURON Group. This explicit split of responsibilities and the material emphasis placed on the Corporate Center discharging oversight functions over the Shared Service Center’s Accounting Area and subsidiaries are for the purpose of streamlining the preparation of financial statements.

Internal audit

The Company has in place the Internal Audit Team whose duties include planning and performance of audit tasks, including, among other things, advisory tasks, and the performance of ordered ad-hoc inspections. The methods and principles of the Team’s operation are stipulated in the TAURON Group’s Internal Audit Bylaws and the rules for cooperation in effect in individual Group companies. When exercising the internal audit function, the Company follows the TAURON Group’s Code of Business Ethics and the International Standards for the Professional Practice of Internal Auditing.

Subjecting the Company’s financial statements and the TAURON Group’s consolidated financial statements to audits and reviews by an independent auditor

The Company’s annual financial statements and the TAURON Group’s annual consolidated financial statements are subject to audit by an independent auditor. The Company’s semi-annual financial statements and the Group’s semi-annual consolidated financial statements are subject to review by an auditor. In 2016, the Company selected an entity authorized to audit and review the financial statements of significant Group companies and the consolidated financial statements. The agreement was concluded with that entity for conducting the audit of the financial statements for 2016. The fee of the entity authorized to audit the financial statements stipulated in the concluded agreement is specified in item 4.12. of the Management Board’s report on the activity of the TAURON Polska Energia S.A. Group for the financial year of 2016 and in item 4.9. of the Management Board’s report on the activity of the TAURON Polska Energia S.A. Group for the financial year of 2016.

The rule of changing an entity authorized to audit the Company’s and TAURON Group’s financial statements

Pursuant to Resolution no. 343/II/2010 adopted by the Company’s Supervisory Board on 27 August 2010, a rule was adopted that an entity authorized to audit the Company’s and TAURON Group’s financial statements will be changed at least once every five financial years. The entity authorized to audit the Company’s and Group’s financial statements may be again contracted to perform such tasks after elapse of two financial years.

Rules for amending the Company’s Articles of Association

Amendments to the Company’s Articles of Association are made pursuant to the provisions of the Commercial Company Code; in particular, amendment to the Company’s Articles of Association are made through a Shareholder Meeting resolution adopted with majority of three-quarters of votes, and then a decision must be issued by a relevant court to enter the change in the business register. The consolidated version of the Company’s Articles of Association, including the amendments adopted by the Shareholder Meeting, is adopted by the Supervisory Board through a resolution.

Pursuant to the Company’s Articles of Association, a significant change of the Company’s line of business requires two-thirds of the votes in the presence of the persons representing at least one-half of the share capital.

Description of diversity policy applicable to the Company’s governing bodies

The Company complies with equal treatment policy and seeks to ensure diversity in terms of gender, education, age and professional experience to all its employees, in particular the Company’s governing bodies and its key managers.

As at the date of drafting this report, TAURON did not have in place the diversity policy formulated in a single document. The principles for diversity management were introduced through several documents constituting internal regulations, in particular the TAURON Group’s Code of Business Ethics.

As regards members of the Company’s governing bodies, Management Board members are appointed by the Supervisory Board, and Supervisory Board members are appointed by the Minister of Energy as part of his/her powers stipulated in the Articles of Association and TAURON’s Shareholder Meeting. Information on qualifications and professional experience of the persons appointed to the Management Board and the Supervisory Board are published in the relevant current reports and on the Company’s website. TAURON is planning to draft and implement the diversity policy as part of a single formal document.

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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