Alior Bank S.A. (ALR) Earnings Call Transcript & Summary

So it is 10:00, so we start. Good morning. Iwona Duda is my name. I'm the Vice President of the Management Board of Alior Bank Spólka Akcyjna, and I manage the works of the Management Board. On the basis of the resolution of the Management Board, I have the obligation, also honor, to open today's General Meeting of Shareholders of the bank. I would like to welcome all the persons present, shareholders of the bank, members of the Management Board, employees, the representatives of the audit company, KPMG, representatives of the media and all our guests who accepted our invitation to take part in our General Meeting of Shareholders. Ladies and gentlemen, I would like now to move to the appointment of the Chairman of today's meeting, and I would like to ask the representative of the UNICOM Company to give us the instructions how to cast the votes by means of the specialized equipment that is dedicated to voting.

Good morning, ladies and gentlemen. You have a tablet in front of you, and you can see also who you represent, next to the button, My Data, and also how many votes you have. The second button is Documents button, and you have all the documents for today's meeting. So when there is a voting ordered, so on the screen, you will see the title of the vote, and then you will have the 3 decision keys on your device. So you have to choose one of the decisions. And then the tablet will transfer you to the next screen and then you confirm your decision. If this decision that you have taken is correct, then you confirm it. If you are -- if this is not a decision you would like to take, you have to go back to the previous screen and then choose the right decision and then confirm it. If you have any questions, so of course, I'm at your disposal throughout the meeting.

Are there any questions about the mode of vote? I understand that all of you understand the mode of votes. So I would like move to the next point, which is the election of the Chairperson of the Annual General Meeting of Alior Bank Akcyjna company. I would like you to propose your candidates for the function of the chairperson of today's meeting.

[ Diegoshu Rosans ]. I would like Radoslaw Kwasnicki. This is my candidate.

Thank you very much. Are there any other candidates? I can't see any. So if there are no -- I cannot hear. I cannot hear anything. I cannot hear. I'm sorry, I cannot hear. I cannot hear anything. I cannot hear. I cannot hear. I cannot hear anything. I'm sorry, I cannot hear. Oh, now I can hear. Sorry. Sorry. Are you ready to start the vote on the appointment of the Chairperson of the Annual General Meeting? Yes, are we ready? So if yes, I would like to put that the cast on the candidate Radoslaw Kwasnicki to be the Chairperson for today's meeting. So please cast your votes on this candidate to chair today's meeting. [Voting]

So I understand that everybody has exercised their right of vote. I can't see anybody who's still -- who hasn't cast their vote yet. So I close the vote. Could I see the results of the vote, please? So in the secret vote, we had the shareholders voting, representing in total 69 -- it's about the valid votes, 69,396,780 valid votes from 69,396,780 shares, which represents 53.155% of the share capital. For yes, 69,396,780; so 0 votes against; 0 abstentions. So all the votes were for the resolution. So I would like to confirm that this resolution has been adopted, and Radoslaw Kwasnicki was appointed the chairperson for today's meeting of the general meeting. So please, I would like the Chairman to take his seat.

Thank you very much for the attendance list. Ladies and gentlemen, I would like to welcome all the shareholders and members of the governing bodies of the bank, the notary and also all the persons who are supporting us so that we could conduct this meeting smoothly, of course, taking into account the restrictions resulting from the binding law. I would like to declare that 135 million shares held, we have the 69,396,780 shares represented today, which are entitled to 53.155% of the share capital. We have 108 shareholders now present at this meeting. So if this number changes, I would inform you immediately. I would like also to confirm that the announcement of this meeting was placed on the website of the company and announced in the form of the current report number 15/2020. At this moment, I am signing the attendance list. And I would like to declare that this meeting was convened properly and is compliant with the prevailing law. The drafts of the resolutions that are on the agenda were also published on the website of the company through the appropriate reports 15/2020 and 23/2020. As you know, as I have already said, the drafts were published and are available. And taking into account the practice, the general meeting of shareholders of the public companies and also general meetings of the bank, so I will not read the drafts of the resolutions. But of course, if you have any objections, of course, you can announce them to me. And I would like make a motion that all the votes should be in secret mode. And also, I confirm that today's General Meeting of Shareholders was convened properly and is capable of adopting binding resolutions. At this moment, I would like to move to point #4, namely the -- this is vote on Resolution #2. This is the resolution on the adoption of the agenda of the Annual General Meeting. So please exercise your voting right. [Voting]

Has everybody voted? I see that everybody has voted. So I will read the result of the vote now. I would like to declare that the resolution was adopted unanimously. So there were 69,396,781 votes for the resolution. So now we proceed with the agenda, and we will move to the next point. Now I would like to move to point #5 of the agenda, and I put under a vote the draft of the Resolution #3 regarding the amendment to the Rules of General Meeting of Alior Bank Spólka Akcyjna. So I order the secret vote on this resolution, so please cast your votes. [Voting]

Has everybody voted? So I close the vote. And now I will read the results of the vote. I would like to declare that this resolution was adopted unanimously with 69,396,781 votes for the resolution. There were no abstentions, no votes against. Now I would like to move to point 6, and now I will combine the points from 6 to 10 because they constitute 1 uniform part. And also, it is in line with our practice. At this point, I put under a vote the Resolution #4 regarding the consideration of the report of the Management Board on the representation in marketing calls. So I order the vote on this resolution. [Voting]

Has everybody voted? I would like to ask whether everybody has voted. And I close the vote, and I would like to see the results. So I would like to announce that there were 65,646,052 votes for yes. There were no votes against, and abstentions of 3,750,729. And I would like to confirm that the resolution has been adopted. Now I put under vote the Resolution #5 on the approval of the report on operations of the Supervisory Board of Alior Bank Spólka Akcyjna in 2019. So I would like you to cast your votes. [Voting]

Has everybody voted? So I close the vote, and I would like to see the results of the vote. So I would like to announce that there were 69,369,199 votes for the resolution, 0 votes against, and 27,582 abstentions. So I would like to confirm that the resolution has been adopted. At this moment, I put under a vote Resolution #6 on the review and approval of the financial statements of Alior Bank Spólka Akcyjna for the year ended on 31st December 2019. I order the secret vote, and please cast your votes. [Voting]

I would like to explain that we have the representatives of the financial institutions who represent the considerable number of shareholders. That is why some votes may last longer because sometimes, principles are not voting in the same way. So I would like to ask you whether everybody has cast their votes. I think that everybody has cast their votes, and now I will read the results of the vote. So I would like to say that there were 69,369,199 votes for yes, there were 0 votes against and 27,582 abstentions. That is why I would like to confirm that the Resolution #6 has been adopted. Now I order the vote on Resolution #7 on review and approval of the consolidated financial statements of the Capital Group of Alior Bank Spólka Akcyjna for the year ended on 31st December 2019. So please cast your votes. [Voting]

Has everybody voted? So I close the vote, and I would like to see the results of the votes. So there were 69,369,199 votes for the resolution, 0 votes against and 27,582 abstentions. So I would like to confirm that the Resolution #7 has been adopted. Now I move to Resolution #8 on review and approval of the Management Board's report on operations of the Capital Group of Alior Bank S.A. in 2019, including the Management Board's report on operations of Alior Bank S.A. and report of the Alior Bank S.A. Group on nonfinancial information for 2019. I order the secret vote. Please cast your votes. [Voting]

Has everybody voted? I close the vote, and I would like to see the results of the vote. So there are 69,369,199 votes for the resolution. There were no votes against and 27,582 abstentions. So I would like to confirm that the resolution has been adopted. At this point, I move to point #11 of the agenda, and I put under a vote Resolution #9 on distribution of profit for the financial year of 2019. I order the secret vote. Please cast your votes. [Voting]

Has everybody voted? I close the vote, and I will read the result now. So the resolution was adopted unanimously. There was 69,396,781 votes for the resolution. On this point, I move to Item 12 of the agenda. This is this point which is on granting a vote of approval to the members of the bank's Management Board. So I will read the number of the resolution and also the name of the person who is to be granted a vote of approval and who will be evaluated by the General Meeting of Shareholders. So I will move to Resolution #10 on granting a vote of approval to the member of the bank's Management Board to Mr. Krzysztof Kamil Bachta. This will be the secret vote, so please cast your votes. [Voting]

Has everybody voted? I close the vote. So please give me the result of the vote. So there were 69,369,199 votes for the resolution, 0 votes against, 27,582 abstentions. That is why I would like to confirm that this resolution has been adopted. At this moment, I move to Resolution #11 regarding the granting a vote of approval to Mr. Tomasz Pawel Bilous. So please cast your votes on this approval. [Voting]

Has everybody voted? I close the vote, and I will read the result of the vote now. So there were 69,369,199 votes for the resolution, there were 0 votes against, 27,582 abstentions. I would like to confirm that the Resolution #11 has been adopted. At this point, I move to Resolution #12 on granting a vote of approval to Mr. Marcin Miroslaw Jaszczuk. I order the secret vote, so please cast your votes. [Voting]

Has everybody voted? I see that yes. I close the vote, and I will read the result of the vote now. So there are 69,369,199 votes for the resolution, 0 votes against, 27,582 abstentions. So I would like to confirm that the Resolution #12 has been adopted. Now I move to Resolution #13 on providing vote of approval to Mr. Seweryn Kowalczyk. I'm enacting the vote by secret ballot. Please cast your votes now. [Voting]

Is there anyone who wanted to exercise their voting right, but haven't? I'm closing the ballot. Please provide me with the results. In favor of the resolution, there were 69,369,199 votes cast, none against, 27,582 abstentions. I conclude that the resolution has been adopted. At this moment, I'm passing on to Resolution #14 on providing vote of approval to Mr. Mateusz Poznanski. I'm opening the vote by secret ballot, please cast your votes now. [Voting]

Is there anyone who wanted to exercise their voting right, but they haven't? I'm closing the vote. And please provide me with the results. In favor of the resolution, there was 69,369,199 votes, none against, 27,582 abstentions. Consequently, I conclude that the Resolution #14 has been adopted. I'm passing on to Resolution #14 (sic) [ #15 ] on granting a vote of approval to Ms. Agata Urszula Strzelecka. I'm opening the vote by secret ballot. [Voting]

Is there anyone who wanted to exercise their voting right, but they haven't? I'm closing the voting. I conclude that in favor of the resolution, there was 69,369,199 votes cast, none against, 27,582 abstentions. Consequently, I conclude that resolution #15 has been adopted. At this moment, I'm passing on to draft Resolution #16 on granting a vote of approval to Mr. Marek Rafal Szczesniak. I'm enacting the vote by secret ballot. Please cast your votes now. [Voting]

Is there anyone who wanted to exercise their voting right, but they haven't? I'm closing the voting. Can I have the results, please? In favor of the resolution, 69,369,199 votes were cast, none against. There were 27,582 abstentions. Consequently, I conclude that Resolution #16 has been adopted. I'm passing on to resolution #17 on granting a vote of approval to Mr. Dariusz Michal Szwed. I'm enacting the vote by secret ballot. Please cast your votes now. [Voting]

Is there anyone who wanted to exercise their voting right, but they haven't? I'm closing the voting. Can I have the results, please? In favor of the resolutions, there were 69,369,199 votes cast, none against. There were 27,582 abstentions. I conclude that Resolution #17 has been adopted. I'm passing on to draft Resolution #18 on granting a vote of approval to the Vice President, Mr. Filip Jan Gorczyca. I'm opening the vote by secret ballot. Please cast your votes now. [Voting]

Is there anyone who wanted to exercise their voting right, but they haven't? I'm closing the voting. Can I have the results, please? In favor of the resolution, there were 69,369,199 votes, none against, and there were 27,582 abstentions. Consequently, I conclude that Resolution #18 has been adopted. At this moment, I would like to pass on to draft Resolution #19 on granting a vote of approval to Mr. Maciej Wojciech Surdyk. I'm enacting the vote by secret ballot. Please cast your votes now. [Voting]

Is there anyone who wanted to exercise your voting right, but they haven't? I'm closing the voting. Can I have the results, please? In favor of the resolution, there were 69,369,199 votes cast, none against, and there were 27,582 abstaining votes. Consequently, I conclude that the resolution has been adopted. Congratulations to all those who have been granted a vote of approval. And I'm passing on to Item 13 of the agenda, where we will be subjecting to voting resolutions or granting a vote of approval to members of Supervisory Board for their performance of their duties in the financial year of 2019. Now I'm passing on to draft Resolution #20 on granting a vote of approval to Mr. Tomasz Kulik. I'm enacting vote by secret ballot. Please cast your votes now. [Voting]

Is there anyone who wanted to exercise their voting right, but they haven't? I'm closing the voting. Can I have the results, please? In favor of the resolutions, there were 69,303,765 votes cast; against, 65,434 votes; and there were 27,582 abstaining votes. Consequently, I conclude that Resolution #20 has been adopted. I'm passing on to draft Resolution #21 on granting a vote of approval to Mr. Marcin Eckert. I'm opening the vote by secret ballot. Please cast your votes now. [Voting]

Is there anyone who wanted to exercise their voting right, but they haven't? I'm closing the voting. Can I have the results, please? In favor of the resolution, there were 69,303,765 votes cast; against, 65,434 votes; and there were 27,582 abstentions. Consequently, I conclude that the resolution has been adopted. I'm passing on to draft Resolution #22 on granting a vote of approval to Mr. Dariusz Gatarek. I'm opening the vote by secret ballot. Please cast your votes now. [Voting]

Is there anyone who wanted to exercise their voting rights, but they haven't? I'm closing the voting. Can I have the results, please? In favor of the resolution, there were 69,303,765 votes cast; against, 65,434 votes; and abstaining votes, 27,582 votes. I conclude that the resolution has been adopted. At this moment, I'm passing on to draft Resolution #23 on granting a vote of approval to Mr. Mikolaj Handschke. I'm opening the vote by secret ballot. Please cast your votes now. [Voting]

Is there anyone who wanted to exercise their voting right, but they haven't? I'm closing the voting. Can I have the results, please? In favor of the resolution, there were 69,303,765 votes cast; against, 65,434; and there were 27,582 abstaining votes. I conclude that the resolution has been adopted. I'm passing on to draft resolution #24 on granting a vote of approval to Mr. Artur Kucharski. I'm opening the vote by secret ballot. Please cast your votes now. [Voting]

Is there anyone who wanted to exercise their voting right, but they haven't? I'm closing the voting. Can I have the results, please? In favor of the resolutions were 69,303,765 votes cast; against the resolution, 65,434 votes; and there were 27,582 abstentions. Consequently, I conclude that the resolution has been adopted. At this moment, I would like to pass on to draft Resolution #25 on granting a vote of approval to Mr. Wojciech Myslecki. I'm opening the vote by secret ballot. Please cast your votes now. [Voting]

Is there anyone who wanted to exercise their voting right, but they haven't? I'm closing the voting. Can I have the results, please? In favor of the resolution, there were 67 -- I'm sorry, 69,303,765 votes cast; against, 65,434; and there were 27,582 abstentions. I conclude the resolution has been adopted. I'm passing on to draft Resolution #26 on granting a vote of approval to Mr. Maciej Rapkiewicz. I'm opening the vote by secret ballot. Please cast your votes now. [Voting]

Is there anyone who wanted to exercise their voting right, but they haven't? I'm closing the vote. Can I have the results, please? In favor of the resolution, there were 69,303,765 votes cast; against the resolution, 65,434; and there were 27,582 abstentions. I conclude the resolution has been adopted. I'm passing on to draft Resolution #28 (sic) [ #27 ] on granting a vote of approval to Ms. Malgorzata Iwanicz-Drozdowska. I'm opening the vote now. Please cast your votes now by secret ballot. [Voting]

Is there anyone who wanted to exercise their voting right, but they haven't? I'm closing the voting. Can I have the results, please? In favor of the resolution, there were 69,303,765 votes cast; against the resolution, 65,434 votes; and there were 27,582 abstentions. Consequently, I conclude that the resolution has been adopted. Congratulations to all the Supervisory Board members in the previous financial years for being discharged of their duties being granted or a vote of approval. Passing on to the next item of the agenda, I would like to state that all the Supervisory Board members have provided their notes of dismissal. Consequently, this item of the agenda has become groundless. I'm passing on to Item 15 of the agenda. In this item, along with the next item, we are supposed to appoint Supervisory Board members. I would like to inform you that the latest resolution that has defined the number of Supervisory Board members is resolution 32/2017 dated 29th of June 2017. And consequently, in line with that resolution, the Supervisory Board shall be composed of 5 to 7 Supervisory Board members. And as far as I know, this resolution is still in force. If nothing else is submitted, we will be proceeding along with this resolution. I'm opening the list of candidates for the supervisory members. I would like everyone to identify themselves, state who they represent and submit the appropriate...

[ Gregof Jose ], representing PZU S.A. I'd like to submit 5 candidacies. All of them meet the requirements for Supervisory Board. The first one is Ernest Bejda, the graduate of Maria Curie-Sklodowska University of Lublin, who graduated from the faculty of Law and Administration in Law, who then -- he practiced in Warsaw, and he became a public prosecutor; in [ 2003 ], became an advocate. Then he worked as a lawyer, as a barrister. In his own practice in 2006, he was appointed the Deputy Head of CBA. And after the discharge from CBA, he worked as a legal counsel, and he ran his own legal practice, was the acting Head of CBA. He was appointed as the Head of CBA for a 4-year term. Then he was appointed to the Board of PZU S.A. He's responsible for purchases, procurement, and he's a director at PZU Life S.A. The next candidate is Robert Pusz, Director of Risk, responsible for risk strategy and supervision of the risk strategies at PZU, encompassing banks and the insurance companies connected with life at PZU. Prior to his work at PZU, he was responsible for risk at Aegon Life and Aegon PTE. At the insurance company, he also worked as a Board member. He was previously also connected with -- involved with Allianz Group. He also sits on the Supervisory Board at Tüw mutual insurance. He's a graduate of Mathematics and postgraduate studies in economic IT and MBA. He's an actuary, and he also works on solvency at the Polish Insurance Company. The third candidate is Marek Pietrzak, legal counsel, graduate of Lazarski School of Law. He passed the bar exam in 2003. He also has an MBA at the Business School and Management in Warsaw. He's a graduate of finance and accounting at Warsaw School of Economics. He has practiced in ownership supervision. And in his legal practice, he focuses on providing legal advice to companies. His special field is company law and especially labor law. He is now the CEO of ORLEN Asfalt, and he's also working on RDC Radio in Warsaw. The next candidate is Mr. Wojciech Myslecki, Doctor of Engineer for many years. He worked at the University of Technology of Wroclaw, electric and intelligent networks and grid. He's an author of many works on political and economic issues in 1990 -- in '88, '89, he acted in the democratic opposition, then he organized the Warsaw University of -- Wroclaw University of Technology and Electric in English and French. He combines his work with his legal, with his economic activities. He's been, on many occasions, the CEO of PSE. He's been, on multiple occasions, a Board member and Supervisory Board members of multiple companies, especially in power generation. The last candidate submitted by PZU S.A. is Dr. Mikolaj Handschke, Supervisory Board Member of Alior S.A. of the previous term, graduate of the University of Economics in Poznan. He's a -- he holds a PhD of that company. He's an author of many works on economic transformations. He's a lecturer of the University of Economics in Poznan. He's a winner of multiple awards by the Minister of Recreation and Sports for original and creative scientific achievements. He works here and cooperates with on many projects connected with macro and microeconomics, was a supervisory member of the Real Estate Board.

Thank you very much. I understand that all the candidates fulfill the requirements prescribed by law and gave their confirmation of being appointed. So I would like to see the documents. I have also other proposals. So please introduce yourself.

[ Lianne Linka Vivaofe ]. I would like to -- Artur Kucharski, the candidate of Artur Kucharski. This is a member of the Supervisory Board of the previous. Mr. Artur Kucharski is an Independent Executive Board member for 10 years of experience in this role in 9 public companies listed in Polish Stock Exchange. And as an independent executive, Artur Kucharski actively takes role in audit committees and also in 6 public companies. And also, Mr. Kucharski has experience in sitting with other committees: risk, bank, nomination, remuneration and strategy. So Artur Kucharski is an engineer by education, I see, with 7 years’ experience as an auditor, 7 years as consultant and more than 10 years of experience in supervisory function. Mr. Kucharski also received the diploma of ACCA and also MBA.

So of course, he fulfills all the requirements. So please pass these documents to me. So I would like to ask the lawyer for helping me with verifying the documents, so the formal motion. So in view of the proposed candidates, I would like to ask for a short break to consult my answer with my principle. And -- but before the break, I would like to propose the name of Aleksandra Agatowska. Aleksandra Agatowska, among other things, performed the function as a director of the group and also the member of the Management Board in PZU S.A. At this moment, starting from 19 February 2020, she's performing the function of the President of PZU -- or President of the Management Board of PZU S.A. So the candidates who were proposed, the formal motion was submitted and such motions sometimes are put forward. So the question is, will the 5-minute break be sufficient? Are there any objections to such breaks? So it's 10:45. So the break is for 10 minutes, so we resume the conduct of this meeting at 10:55. So now we have the break. [Break]

So now we end the break, and I resume the conduct of today's meeting. So the candidates were put forward. The number of candidates corresponds with the number of seats. So in accordance with the Legal Act of 2017, so I can present these candidates under one resolution. So -- but I put under vote each candidate separately, also in accordance with the regulations. So we will operate in this way that I will read, and then you will see the name and the surname of the candidate, and we will vote on these candidates. So is electronic system ready? So please show the data of the candidate who will be voted on so that we can see also this candidate on the tablets. The first candidate, Aleksandra Agatowska, and I order the secret vote for this candidate. [Voting]

So has everybody voted? Yes, we can see that someone is still voting. I would like to ask for 2-minutes break. Yes, 2 minutes. So we are in the process of voting. So just to evolve with any doubts, the vote hasn't -- and the -- so there was no result. And now 2-minute break, and we will resume at 10:58 -- 10:59, sorry. [Break]

We resume the conduct of today's meeting. So I resume the conduct of today's meeting. So the vote hasn't ended. But because of the motion for the break, the vote was suspended. So now I announce the vote on the candidate of Ms. Agatowska. So please cast your votes. [Voting]

Has everybody voted? I can see that someone is still voting. Has everybody voted? I close the vote. Please give me the result of the vote. So I would like to read the result. There were 63,371,769 votes for the resolution; against, 5,586,963; abstentions, 438,049. So the resolution has been adopted. Now I would like to move to the next vote. So now please show us the data of Ernest Bejda, the name and surname of the next candidate. And please cast your votes. [Voting]

Has everybody voted? Yes, I can see that yes. So now I will read the result of the vote. So there were 63,371,769 votes for yes; against 5,586,963; abstentions, 438,049. I would like to confirm that the resolution has been adopted. At this point, I would like to ask for the next draft. Now we vote on Mikolaj Handschke. So I order the secret vote, so please cast your votes. [Voting]

Has everybody voted? I close the vote. So I would like to see the results of the vote. So it was 63,371,769 votes for the resolution; against, 5,586,963; abstentions, 438,049. So I would like to confirm that the resolution has been adopted. So now I would like to see the draft of the next resolution. Now we vote on Artur Kucharski candidate. So I order the secret vote, so please cast your votes. [Voting]

Has everybody voted? I close the vote. So there were 63,371,769 votes for the resolution; against, 5,586,963; abstentions, 438,049. I would like to confirm that the resolution has been adopted. I would like to ask the vote on Wojciech Myslecki for the -- on the next candidate. This will be the secret vote. [Voting]

Has everybody voted? I close the vote. Please give me the results of the vote. So there are 63,371,769 votes for the resolution; against, 5,586,963 votes; abstention, 438,049. So I would like to confirm that the resolution has been adopted. I would like to ask for the next draft. So now I order the vote on Marek Pietrzak. I order the secret vote, so please cast your votes. [Voting]

Has everybody voted? I close the vote. And then now I will read the result of the vote. So there was 63,371,769 votes for the resolution; against, 5,586,963; abstentions, 438,049. So I would like to confirm that the resolution has been adopted. So I put under a vote the candidate of Robert Pusz. And I order the secret vote, so please cast your votes. [Voting]

Has everybody voted? I close the vote. So there were 63,371,769 votes; against, 5,586,963 votes; abstentions, 438,049. I would like to confirm that the resolution has been adopted. So at this point, I would like to congratulate the newly appointed members of the Supervisory Board of the company and also the company on having the properly appointed governing body. So now I put under vote a resolution on remuneration policy for members of the Management Board and Supervisory Board of Alior Bank. So I order the secret vote, so please cast your votes. [Voting]

Has everybody voted? Yes. The vote is in progress. I close the vote, and I will read the result of the vote. I would like to announce that -- the result of the vote. So for, [ 63,109,745 ] votes; abstentions -- 5,920,358, and these were the votes against; and abstentions, 166,678. So I would like to confirm that this resolution has been adopted. Now moving to point #17, I would like to point out that first, we will vote on the drafts of the resolutions announced in report 15/2020 proposed by the company's Management Board, and then we will vote on the drafts proposed by PZU. And also, where in the current report, they are not excluding each other. So this form, I think, reflects the intention of the shareholders. So I will put under vote the draft of the resolution announced in the report 15/2020, the draft of the resolution of the Management Board. So please cast your votes. [Voting]

Has everybody voted? I close the vote. Please give me the result of the vote. I will read it. A resolution has been adopted unanimously. There were 69,396,781 votes for yes. Now I will move to the draft, the next draft also published by the company. This is the change of Paragraph 23 and 17. So I order the secret vote. Please cast your votes. [Voting]

Has everybody voted? So I can see that someone is still voting. So my question is, has everybody voted? I close the vote, and I would like to see the results. So the resolution was adopted unanimously. There were 69,396,781 votes for the resolution. So I move to the draft #38 proposed by the shareholder PZU S.A. publishing Article 23/2020 dated 18th of May this year. So I order the secret vote, please cast your vote. [Voting]

There is a question. So I would like to ask for the break on this matter. So the vote hasn't ended. So we cancel the votes cast so far. So 5-minute break. 16 past 11:00, we resume the conduct of the meeting. [Break]

Past 11. So I look at the representative of Aviva. And I can see that the council is coming to the room. So I would like to resume the conduct of this meeting. And I put under though the draft of the resolution #38. So I order the secret vote. Please case your votes. [Voting]

Is there anyone who wanted to exercise their voting right, but they haven't? I'm closing the voting. Can I have the results, please? In favor of the resolution, there was 63,541,908; none against. There were 5,854,873 abstentions. I conclude that the resolution has been adopted. At this moment, I'm passing on to draft resolution #39. This is also a draft proposed by PZU announced in Report 43. A break? 2 minutes? 5? Okay. Be my guest. So let's -- it's 11:18. Let's resume at 11:23. That's the last draft resolution. Yes, of course. [Break]

Ladies and gentlemen, after the break, I would like to connect voting. All of them are by secret ballot just as so far. Are we ready, please? On the electronics side? Equipment side? Okay. So connecting vote by secret ballot on draft resolution #39. To avoid the avoidance of doubts, this is a draft resolution submitted by PZU S.A. and published in the current report 23/2020. [Voting]

Is there anyone who wanted to exercise their voting right, but they haven't? I'm closing the voting. In favor of the resolution, there were 30 -- 63,541,908; none against; 5,854,873 abstentions. I conclude that the resolution has been adopted. I'm passing on to item 18 of the agenda. The general -- the agenda of the general meeting has been exhausted. No further conclusions, motions or objections have been provided. I'd like to take this opportunity to thank the Board and all those involved in the technical organization of the meeting and for being able to proceed along the -- probably the most important event in their corporate life. Thank you very much. Have a nice day, and goodbye. [Statements in English on this transcript were spoken by an interpreter present on the live call.]