- Public consultations on the draft amendment of the Best Practices of WSE Listed Companies are open
- The consultations are addressed to a large group of capital market participants
- The draft includes the key corporate governance matters in the European Union
- The consultations are open until the end of February 2015
Warsaw Stock Exchange is planning to amend the Best Practices of WSE Listed Companies. For this purpose, WSE is opening public consultations to capital market participants including institutions, organisations, companies, experts, and scientists. The consultations are designed to define more clear and transparent rules which address market needs and expectations.
“We want the final version of the Best Practices to improve the quality of our market while addressing its expectations. We invite all interested parties to take part in the consultations,” said PaweÅ‚ Tamborski, President of the WSE Management Board.
The project has been initiated by the Exchange with the participation of experts and market representatives on the WSE Corporate Governance Consultation Committee. The Best Practices of WSE Listed Companies which protect shareholders and other capital market participants are addressed to issuers of shares listed on the WSE regulated market.
The key changes to the Best Practices include:
- reduced requirements for electronic organisation of general meetings
- limiting the requirement of offering an English language version of corporate websites to the largest companies only
- discontinuation of the requirement to construct the corporate website tab “Investor Relations” strictly following a predefined template available at www.naszmodel.gpw.pl
- extending the scope of information published on issuers’ websites
- defining new rules concerning the responsibilities and tasks of companies’ management boards
- stronger emphasis on the role of the supervisory board as a supervisory body
- separate section on organisation and operation of internal control systems in companies
- elaboration of rules concerning matters important to shareholders (e.g., questions asked by shareholders, adjourned meetings)
- separate section on conflicts of interest and transactions with related parties, as well as a section on remuneration
- stronger emphasis on diversity on management boards and supervisory boards of listed companies
The changes to the Best Practices also include a new layout and thematic modules. Each section of the Best Practices will include a general rule, recommendations, and specific rules subject to different reporting requirements. The new thematic modules of the rules should ensure more transparency and a better focus on the key issues. The new draft includes the following sections: disclosure policy and investor communications, management board and supervisory board, internal functions and systems, general meeting and shareholder relations, conflict of interest and transactions with related parties, remuneration.
The draft amended Best Practices of WSE Listed Companies are available on the website www.corp-gov.gpw.pl
Comments on the draft and proposals concerning the content and structure of the Best Practices as well as the corporate governance rules and regulations can be sent to dobrepraktyki@gpw.pl by 28 February 2015.
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Warsaw Stock Exchange is the biggest securities exchange in Central and Eastern Europe. WSE organises trading on one of the most dynamically growing capital markets in Europe. WSE operates a regulated market of shares and derivative instruments and the alternative stock market NewConnect for growing companies. WSE is developing Catalyst, a market for issuers of corporate and municipal bonds, as well as commodity markets. Since 9 November 2010, WSE is a public company listed on Warsaw Stock Exchange. For more information visit http://www.gpw.pl.