Bank Polski (PKO) EGM 2022 summary

Opening remarks and agenda

• The meeting opened under Vice Chairman Wojciech Jasiński; Radosław Kwaśnicki was elected chair with 845,060,727 votes for and 5,001 abstentions.

• Attendance was confirmed at 67.62% of share capital; the chair declared the meeting properly convened and able to vote on agenda resolutions.

• Shareholders adopted an amended agenda omitting items 13, 15, 18 and 19; the vote drew 653,151,586 for, no votes against and 192,114,143 abstentions.

Specific resolutions to be voted on

• Resolutions covered 2021 financial statements, management reports, Supervisory Board reporting, retained prior-year profit, 2021 profit distribution and dividend terms.

• Shareholders voted on remuneration reporting and discharge for Management Board and Supervisory Board members for their 2021 duties.

• Resolutions proposed amendments to the Supervisory Board suitability policy and rules, the articles of association, and individual and collective board suitability assessments.

Board and executive committee updates

• 2021 net profit reached a record PLN 4.9bn, up 21% vs. 2020; ROE was 12.1%, revenue grew 3.9% YoY and core-activity profit rose by more than 5%.

• Assets totaled PLN 418bn and customer count exceeded 11m; Tier 1 capital was 17.03%, total capital ratio 18.3% and cost-to-income ratio 40.6%.

• Retail and corporate loan volumes rose 6.2% and 7.8% YoY; retail savings grew 9.8% and corporate savings 38.9%.

• The CEO said 2022 strategic targets were met or exceeded: ROE 12.1% vs. 12% target, cost-to-income 40.6% vs. 41% plan and risk cost 55 bps vs. planned 60–75 bps.