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The PKO Bank Polski SA Group Directors' Report for 2019

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The PKO Bank Polski SA Group Directors' Report for 2019 The PKO Bank Polski SA Group Directors’ Report for 2019 prepared jointly with the PKO Bank Polski SA Directors’ Report Report publication date: 12 February 2020 PKO BANK POLSKI SA GROUP DIRECTORS’ REPORT FOR 2019 prepared jointly with the PKO Bank Polski SA Directors’ Report CONTENTS 1. Introduction _______________________________________________________________________________ 4 1.1 Characteristics of the operations of the PKO Bank Polski SA Group ___________________________________ 4 1.2 The PKO Bank Polski SA Group’s competitive edge _________________________________________________ 7 1.3 PKO Bank Polski SA Group– historical background _________________________________________________ 8 1.4 Major Events in 2019 __________________________________________________________________________ 9 1.5 The PKO Bank Polski SA Group development directions ____________________________________________ 13 1.6 Market position of the Bank’s Group ____________________________________________________________ 16 2. External Business Conditions ________________________________________________________________ 17 2.1 Macroeconomic environment __________________________________________________________________ 17 2.2 Situation on the financial market ________________________________________________________________ 19 2.3 Position of the Polish banking sector ____________________________________________________________ 20 2.4 Position of the Polish non-banking sector ________________________________________________________ 22 2.5 Ukrainian market _____________________________________________________________________________ 24 2.6 Regulatory and Legal Environment ______________________________________________________________ 25 2.7 Factors with an impact on the financial results of the Bank’s Group in 2020 ___________________________ 28 3. Financial results of the PKO Bank Polski SA Group _____________________________________________ 30 3.1 Key financial indicators _______________________________________________________________________ 30 3.2 Consolidated income statement ________________________________________________________________ 30 3.3 Consolidated statement of financial position ______________________________________________________ 36 4. Financial standing of the PKO Bank Polski SA __________________________________________________ 38 4.1 Key financial indicators _______________________________________________________________________ 38 4.2 Income statement ____________________________________________________________________________ 38 4.3 Statement of financial position _________________________________________________________________ 43 5. Equity and capital adequacy measures ________________________________________________________ 45 5.1 Equity and return on equity ____________________________________________________________________ 45 5.2 Capital adequacy measures ____________________________________________________________________ 46 5.3 Dividends ___________________________________________________________________________________ 47 6. Organization of the PKO Bank Polski SA Group ________________________________________________ 49 6.1 Subsidiaries covered by the financial statements __________________________________________________ 49 6.2 Key changes to the structure of the Bank’s Group in 2019 __________________________________________ 51 6.3 transactions with related entities _______________________________________________________________ 52 7. Activities of the PKO Bank Polski SA Group ____________________________________________________ 53 7.1 Operating segments of the Bank’s Group _________________________________________________________ 53 7.2 Other services _______________________________________________________________________________ 59 7.3 Distribution network and access channels _______________________________________________________ 61 7.4 Sources of financing operations ________________________________________________________________ 65 7.5 International cooperation ______________________________________________________________________ 66 7.6 Operations of other PKO Bank Polski SA Group companies _________________________________________ 66 7.7 PRIZES AND AWARDS FOR THE PKO BANK POLSKI SA GROUP ____________________________________________ 70 8. RISK MANAGEMENT __________________________________________________________________________ 72 8.1 PRINCIPLES OF RISK MANAGEMENT ________________________________________________________________ 72 8.2 Comprehensive stress-tests ____________________________________________________________________ 74 8.3 Capital adequacy _____________________________________________________________________________ 75 9. Benefits for managers and supervisors _______________________________________________________ 75 9.1 Principles for remunerating Members of the Bank’ Management Board _______________________________ 75 9.2 Variable remuneration components for members of the Management Board and key managers who have a material impact on the Bank’s risk profile ________________________________________________________ 77 9.3 Information on non-financial remuneration components due to individual members of the Management Board and key managers ______________________________________________________________________ 78 9.4 Principles for remunerating members of the Bank’s Supervisory Board _______________________________ 78 9.5 Agreements concluded between the Bank and management members ________________________________ 79 9.6 Liabilities due to pensions for former supervisors and managers ____________________________________ 79 10. Corporate governance ______________________________________________________________________ 79 10.1 Information for investors ______________________________________________________________________ 79 Page 2/181 PKO BANK POLSKI SA GROUP DIRECTORS’ REPORT FOR 2019 prepared jointly with the PKO Bank Polski SA Directors’ Report 10.2 Statement of compliance with the corporate governance principles __________________________________ 85 10.3 Shares of PKO Bank Polski SA held by the Bank’s authorities ______________________________________ 112 10.4 Diversity policy _____________________________________________________________________________ 112 11. Other information _________________________________________________________________________ 114 12. Statement on the non-financial information __________________________________________________ 118 12.1 Introduction ________________________________________________________________________________ 118 12.2 Organizational profile ________________________________________________________________________ 119 12.3 Management matters ________________________________________________________________________ 120 12.4 Environmental matters _______________________________________________________________________ 132 12.5 Social matters ______________________________________________________________________________ 140 12.6 Employment matters _________________________________________________________________________ 167 12.7 GRI CONTENT INDEX [GRI 102-55] _______________________________________________________________ 177 13. Glossary_________________________________________________________________________________ 179 Page 3/181 PKO BANK POLSKI SA GROUP DIRECTORS’ REPORT FOR 2019 prepared jointly with the PKO Bank Polski SA Directors’ Report 1. INTRODUCTION 1.1 CHARACTERISTICS OF THE OPERATIONS OF THE PKO BANK POLSKI SA GROUP The Powszechna Kasa Oszczędności Bank Polski Spółka Akcyjna Group (PKO Bank Polski SA Group or the Bank’s Group) is one of the largest groups of financial institutions in Poland and one of the largest financial groups in Central and Eastern Europe. Powszechna Kasa Oszczędności Bank Polski Spółka Akcyjna (PKO Bank Polski SA or the Bank), the Parent of the Bank’s Group, is the largest commercial bank in Poland and the leading bank on the Polish home market in terms of its scale of operations, equity, loans, deposits, number of Customers and size of the distribution network. The Bank’s Group stands out on the Polish market due to its high financial results, which ensure its stable and safe development. PKO Bank Polski SA is a universal bank that services individuals, legal entities and other Polish and foreign entities. Apart from strictly banking operations, the PKO Bank Polski SA Group also provides specialized financial services in respect of leases, factoring, investment funds, pension funds and insurance, and provides car fleet management services, transfer agent services, technological solutions, outsources IT professionals and supports other entities’ operations, manages properties, and through its branches in Germany and the Czech Republic, as well as subsidiaries in Ukraine, engages in banking and financial services outside Poland. Throughout the period of its operations, the Bank’s Group has been systematically building its brand prestige. Its long tradition and Customers’ trust are important elements in identifying the PKO Bank Polski SA Group, 10.9 million therefore, consistent actions are taken to consolidate the perception of the of the Bank’s Customers Group as a group of institutions which are characterized by: their safety, strength and competitiveness; their modern and innovative nature, customer-friendly attitude and efficient management; 4.2 million corporate social responsibility and care for the cultural awareness of Poles. of active IKO applications The PKO Bank Polski SA Group effectively develops its operations
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