Changes of Main Management Rules of GPW and the GPW Group

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CHANGES IN THE GPW GROUP STRUCTURE

The following changes were implemented in the GPW Group structure in 2016 in line with the company’s business strategy and optimising initiatives:

  • Following a new share issue without the participation of GPW, GPW’s share in Aquis measured by the number of shares decreased from 31.01% as at 31 December 2015 to 23.89% as at 30 June 2016. GPW’s share in economic and voting rights decreased from 26.33% to 23.30%.
  • Following a new share issue without the participation of GPW, GPW’s share in Aquis measured by the number of shares decreased to 23.60% as at 30 September 2016. GPW’s share in economic and voting rights decreased to 20.79%.

CHANGE OF PERSONS SITTING ON THE AUTHORITIES OF GPW GROUP COMPANIES

The change of GPW’s managing persons as well as changes to GPW’s organisational structure are described in section III.10. Exchange Management Board. The section below outlines changes in other companies participating in the GPW Group as at the end of 2016.

BondSpot S.A.

As at 31 December 2016, the Management Board of BondSpot S.A. consisted of two persons:

  • Agnieszka Gontarek – President of the Management Board,
  • Piotr Woliński – Vice-President of the Management Board,

Jacek Fotek resigned as President of the Management Board of BondSpot S.A. on 11 April 2016. GPW Managing Director for Development and Member of the Supervisory Board of BondSpot S.A. Izabela Olszewska was delegated to perform the functions of President of the Management Board of BondSpot S.A. Agnieszka Gontarek was appointed to the Management Board of BondSpot S.A. as its President on 6 July 2016.

Towarowa Giełda Energii S.A. (Polish Power Exchange)

As at 31 December 2016, the Management Board of POLPX consisted of two persons:

  • Paweł Ostrowski – President of the Management Board,
  • Michał Cieciórski – Member of the Supervisory Board delegated to perform the functions of Vice-President of the Management Board

Ireneusz Łazor resigned as President of the Management Board of the Polish Power Exchange on 29 July 2016. Member of the Supervisory Board of the Polish Power Exchange Paweł Dziekoński was delegated to perform the functions of President of the Management Board of the Polish Power Exchange for a period of up to 3 months on 11 August 2016. Mr Michał Tryuk resigned as Vice-President of the Management Board of the Polish Power Exchange on 11 August 2016. Member of the Supervisory Board of the Polish Power Exchange Izabela Olszewska was delegated to perform the functions of President of the Management Board of the Polish Power Exchange on 10 November 2016 r a period of up to 3 months. On 28 November 2016, the Extraordinary General

Meeting of the Polish Power Exchange appointed Paweł Ostrowski as President of the Management Board of the Polish Power Exchange. The resolution appointing him to the Management Board as its President took effect upon the delivery of the decision of the Polish Financial Supervision Authority to the Company on 14 December. Maciej Piotrowski resigned as Vice-President of the Management Board of the Polish Power Exchange on 15 December 2016. The Supervisory Board of the Polish Power Exchange delegated Mr Michał Cieciórski, Member of the Supervisory Board of the Polish Power Exchange, to perform the functions of Member of the Management Board of the Polish Power Exchange for a period of up to 3 months on 21 December 2016.

IRGiT S.A.

As at 31 December 2016, the Management Board of IRGiT S.A. consisted of two persons:

  • Marek Wodnicki – Deputy Chairman of the Supervisory Board delegated to perform the functions of President of the Management Board,
  • Andrzej Kalinowski – Member of the Management Board of IRGiT S.A.

InfoEngine S.A.

Adam Simonowicz was the President of the Management Board in 2016. Krzysztof Ajdukiewicz was delegated to perform the functions of President of the Management Board for a period of up to 3 months on 1 January 2017.

GPW Benchamark S.A.

In 2016, the Management Board of GPW Centrum Usług S.A. consisted of:

  • Dariusz Kułakowski – President of the Management Board,
  • Iwona Edris – Board Member.

Instytut Analiz i Ratingu S.A.

In 2016, the Management Board consisted of:

  • Jan Koleśnik – President of the Management Board

Maja Goettig resigned as President of the Management Board and Błażej Lepczyński resigned as Vice-President of the Management Board on 29 April 2016. The Supervisory Board of the Company delegated Piotr Kajczuk to perform the functions of President of the Management Board for a period of up to 3 months on 29 April 2016. The Supervisory Board of the Company appointed Jan Koleśnik to the Management Board of the Company as its President on 29 July 2016.