Legal basis:
§ 19.1.1 and § 19.1.2 of the Ordinance of the Minister of Finance on 29 March 2018 on the current and periodic information published by issuers of securities and on the conditions for recognising such information as being equivalent to information required by the provisions of law of a non-member state
Content of the report:
In addition to the report No. 6/2022 on convening the Annual General Meeting of the Bank for 12 May 2022 ("AGM"), and also in reference to the report No. 4/2022 presenting the individual recommendation from the Polish Financial Supervision Authority regarding the dividend payment and the recommendation regarding the distribution of the profit of PKO Bank Polski S.A. for 2021 and remaining the undistributed profit from previous years as undistributed profit, the Management Board of PKO Bank Polski S.A. ("Bank") reminds that in accordance with the information provided in report No. 4/2022:
Polish Financial Supervision Authority (“PFSA”) recommended that the Bank should limit the risk occurring in its activity by:
- not paying a dividend from the profit earned in the period from 1 January to 31 December 2021 in the amount of more than 50%;
- not to take, without prior consultation with the supervisory authority, any other activities, in particular those beyond the scope of current business and operating activities, which may result in a reduction in own funds, including possible dividend payments from undistributed profits from previous years and buybacks of own shares,
and the Bank’s Management Board decided that, within the scope of its corporate powers, will follow the recommendation of the PFSA and will not take, without prior consultation with the supervisory authority, any other activities, in particular those beyond the scope of current business and operating activities, which may result in a reduction in own funds, including possible dividend payments from undistributed profits from previous years and buybacks of own shares.
The above mentioned position remains valid also in relation to the draft resolution of the AGM on granting consent to the Bank's acquisition of its own shares, defining the rules of acquiring own shares, creating a reserve capital (fund) intended for the acquisition of own shares and separating a part of the amount accumulated in the supplementary capital and transferring it to the reserve capital (fund) intended for the acquisition of own shares, in particular in the current conditions, when the PFSA maintains a cautious approach concerning dividend policy and actions that may result in a reduction in the capital base and does not consider the possibility of accepting actions that may result in a reduction in the Bank's capital base.