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

[Interpreted] I am the President of the Management Board of Alior Bank. I would like to welcome you to the Annual General Meeting of Shareholders of Alior Bank. And I have honor and also pleasure to open the meeting, the general meeting. Historic general meeting because after 15 years of the Alior Bank's operations, for the first time the Management Board recommended to pay out the dividend. This is always the historic moment in the company's activities. I would like to inform you that the conduct of this meeting is recorded and is transmitted online in Internet. The vote will be with the use of a specialized equipment. I would like to ask the representative UNICOMP Company to explain how the vote will be conducted.

Good morning, ladies and gentlemen. After signing the attendance [ previously ], at the registration point, you received the tablet for vote and all tablets are online, so they are ready for vote during today's meeting. On the tablet you can see 2 keys; 1 key is your data and the other 1 is documents. Under this documents key is the information which is displayed on the company's website concerning this particular General Meeting. And under the Your Data key, you can check how many shares you hold during today's meeting. And as for the vote itself, at the moment of ordering the vote, on the tablets and also on the screen, you will have the information about the name of the vote. And on the tablets you will have 3 decision keys. You choose the right decision button. And after choosing this button, on the next screen, you choose the confirmation button and then the tablet sends the information to the system. And after counting of the votes, the result is showed on the screen and is read by the Chairman. If there are any questions or anything need for help, we are always in this room at your service. So please do not hesitate, and ask us for any help that you might need with the vote. So that the vote is without any problems. Thank you very much for your attention.

Thank you. I hope that everything is clear. We can now move to appointing the Chairman of today's General Meeting. And I would like to ask for the candidates for the Chairman of today's meeting. There is one proposal, but we cannot hear this candidate. This proposal about the candidate. Are there any other candidates? No, so we have -- the council agrees to Chair this meeting. So I order a secret vote on the appointment of Lukasz Sieczka to Chair today's meeting. Here resolution #1, 2024 of the Annual General Meeting of Shareholders of Alior Bank [ Spolka Akcyjna ] dated the 26 April, 2024. On appointment of the Chairperson of the General Meeting of shareholders of the Bank. I open the secret vote on this candidate. [Voting] Has everyone voted? So I close the vote. Thank you. So we have the -- in total, the representation of the share capital and the total number of 93,425,850 valid votes participated in the vote from the same number of shares which represents 71.56% of the share capital of Alior Bank Spolka Akcyjna, and the votes for is 93,425,849 against no votes, and abstentions, 1 vote. I would like to confirm that this resolution has been adopted under the secret vote. So, Mr. Council, do you accept your nomination?

Yes, I do accept.

So please, I give the floor now to the Chairperson of this meeting.

Thank you very much for the appointment, for your trust. I get ready for the chairing of this meeting and we will continue in a moment. So I would like to ask for the attendance list for today's meeting. Thank you for this list. We are still waiting for the number of the participants at today's meeting. I am signing the attendance list now. So this list is on my desk, so anyone who wants to check it and see it can come to my desk and review this list. And I would like to say that the notice of calling this meeting was displayed on the company's website on the 7 of March, 2024, and also was announced in form of the report 9/2024 in the link Investors Relations. In accordance with Article 418 of the Commercial Companies Code, this General Meeting of Shareholders is valid no matter how big representation is at the meeting, and there are no specific regulations for that. So the draft resolutions that are on the -- proposed on the agenda, this meeting were published on the company's website of the company, at the company's corporate address, and also in the form of the appendix to the report 9/2024 that was given for the public attention in March 2024. The draft resolutions which are to be debated are available on the tablets that were given to the shareholders and shareholder's proxies and also when the shareholders registered for today's General Meeting of Shareholders, and since the full content of the resolutions was given to the shareholders, I propose not to read the full content of these resolutions, but if there are any doubts regarding the content of the resolutions that are put under the votes. So could you please tell me, are there any objections to this way of proceeding? No, I can't see any objections. Therefore, I would like to inform you that in accordance with -- yes, we have one comment. Yes, of course, I will read the title of the resolution so that you know which resolution is at a given moment voted on. But if the content of the resolution raises any doubts, please inform me about it. In accordance Article [ 411 ] of the Commercial Companies Code, and in accordance with the Bank's statute, the shareholders can vote differently from each share, and for example, with some shares we can vote for, yes; and with the other portion of shares we can vote for, no. So if there are any doubts about how to exercise the voting right, of course you can ask our company handling our voting system. Do we have the attendance number, how many attendees we have at the meeting? Thank you very much. So, in today's meeting we have 130 million -- sorry, 93 million -- over 93 million shares represented, with the same number of votes, which represent 71.56% of the share capital and the total number of shares in the company, 130,553,991. Therefore, today's General Meeting of Shareholders, and with reference also to the legal provisions and to the Bank's statute, today's General Meeting of Shareholders is convened formally in accordance with the Commercial Companies Code 95 Article, and is capable of adopting binding resolutions as properly convened, and can adopt the binding resolutions which are stipulated on the agenda. So we move to point #4 on the agenda, namely Adoption of the Agenda for the General Meeting of Shareholders. I can see a motion here. [ Anna Milewska ], this is Representative of PZU S.A. So, I would like to propose the change of the order of the points on the debate, so that the points 11 and 12. So, in regards in the acknowledgment of the duties of the governing base of the Bank are considered after point 19. So, after accepting the changes in the governing bodies of the [Technical Difficulty]. Are there any other proposals? So -- no, so referring to this motion, I propose to take resolution regarding the adoption of the gender of the content amended as compared to the agenda that's published, so that the 11 and 12 points will be debated after point number 19. Of course, the numbering will also be amended appropriately. So I would like to ask a 5-minute break, since we have the new draft resolution, are there any other motions? So if not, I announce 5-minute technical break for considering the amended agenda. [Break] [Foreign Language] I propose to put -- I put under vote the agenda in accordance with the proposal of the Representative of EU. So it means that the points 11 and 12 on the agenda regarding the discharge of the duties of the governing bodies of the Bank will be removed after point 19, regarding the changes in the composition Supervisory Board and before the point #20 Closure of the Annual General Meeting. So, are there any doubts about the content of this resolution that we will vote on? So I ordered a vote on this resolution. This is open vote, and could you please vote now on the adoption of the amended agenda for today's meeting? [Voting] Has everyone voted? I can't -- I can see that everyone has voted, and now I will read the result of the vote. So I would like to confirm that in this vote, 93,425,850 valid votes were cast, representing 71.56% of the share capital. And for yes, 78,789,034; Abstentions, 14,636,816; there were no votes against. I would like to confirm that this resolution has been adopted. Now we will move to other points on the agenda. So at this moment, I would like to propose the adoption of the resolution which is not included in the agenda. This resolution will refer to the announcement of the adjournment of the meeting, that the break will become effective in point of the agenda -- 17. It means changes in the completion of the Supervisory Board after the vote on 6 candidates who were proposed, which was mentioned in the current reports. Those candidates were proposed by PZU and Alliance by the shareholders. And after voting on these candidates, there will be the break till the 24th of May, '24 till noon time. And we will gather in the same room as today. Are there any other motions? No, I can't see any. So I put under open vote this motion for the adjournment of the meeting to the 24th of May 2024 12 noon in the company's headquarters as today. And this break will refer to point #17 after conducting the vote on the appointment of the 6 candidates that were proposed. So, this is the open vote. So could you please cast your votes? And we need the majority of 2/3 of the votes in order to adopt this resolution. [Voting] Has everyone voted? We are still waiting. I close the vote and I will read the result of the vote now. So, ladies and gentlemen, so there were 93,425,850 valid votes, representing 71.56% of the share capital for yes, 78,766,583; and there were no votes against; and abstention 14,659,267. So I would like to confirm that we have the votes for 84.3% so that this resolution was granted 2/3 majority and therefore it was adopted. So then we continue point #17. So ladies and gentlemen, now we move to the next point on the agenda, to points from 5 to 9, we will consider jointly. And so if there is any discussion or that you would like to raise any questions regarding these points on the agenda, this will be the time for asking them. But before we move to them, I would like to give the floor to Mr. President of the Management Board, who will present the information on the company's activities.

[Interpreted] Ladies and gentlemen, certainly you know the reports for 2023. I will briefly sum up most important aspects of the activities of business activities of the bank. As I said in 2023 brought a breakthrough as regards business activities of the Alior Bank. After 15 years as the Management Board, we decided to recommend that the first dividend be paid out from the company. We're about 28% of the profits, and the rest was designed to strengthen the capital base. And briefly looking at the market, it was a very successful year. The assets of the bank for the first time exceeded 90 million. And this was much above the market rate, almost 60 million, almost 6% was involved in the -- not in the bonds, but in credits. So it showed that the bank was well prepared for the possible rebounce -- rebound in demand that we expect to come in the next years. It was impossible to recommend this dividend unless given -- but we did, because the risk of the bank decreased greatly to 8.58%. The rate of the share of credits that were not working and also the risk costs also fell. We also worked on the corporate individual client base. And this results were low cost at a level of 2.28% for 2023. And the bank strengthened its capital position, and this resulted in the S&P rated the bank higher in a difficult environment, because the banking environment -- banking community was discussed the Swiss franc loans, and given also the war in Ukraine, the S&P increased our rating. And 2023 was also a year when the bank returned to Week 20 index. In 2023, the bond grew fastest, almost by 123%. And I would like to thank you for this trust that the investors gave us. And it is expressed in the value of the bank on the Stock Exchange. The bank has a stable situation and the recommendation to pay out a dividend is based on very deep analysis and conviction that part of the profit can be paid out. Of course, this depends on the macroeconomics and geopolitical situation in the future years. But also we are convinced that a large part of it, of the profit, should be used to strengthen the position of the bank, so that the bank can have a loan lending action on a wide scale and to compete with strong universal banks, and this is allowed by transition in the risk and technology. We are the first bank in Poland that has carried out the transition to a cloud and also thus increase its safety and also business activity. And the work of the Management Board and Supervisory Board for 2023 allows us to believe that the prospects for further development are very promising. So I would like to thank you very much for trust in 2023. And I believe that Alior Bank has the best years ahead of it. Thank you very much for your attention. Thank you, Mr. Chairman.

And the documents from items 5 to 8 -- 5 to 9 of the agenda were published on the website of the company and are available for review on the devices. They are available to the shareholders and the proxies. I can see someone. We will get a microphone in a minute. Please introduce yourself. I have a question. I read the letter of the President and the Chair of the Supervisory Board and I sound not a word of thanks to employees for their huge effort. I thought that today at this meeting I will hear Mr. President talked about press efforts. Where are the employees in all this? There is no gratification, no reward is mentioned because it is the [ master is the ]. It's an effort that is really the best in the world. And I like the President, at least tell me why he can't see the employees. Please introduce yourself. [Iris Ayieh], a shareholder. I open the list of questions related to the items of the agenda. Will there be any questions from the shareholders. I can't see any. So I close the list of the questions about these items of the agenda. And I would like to give the floor to Mr. President.

Thank you very much for this question. Perhaps before I answer it, I will refer to 2010, when I joined the Alior Bank team. And I also went up in the career in this bank until I took the leader's position. As regards the employees, we can see them and rethink them on a current basis. And I have emphasized this in my quarterly charts, many monthly letters, in meetings that I have on a current basis, and which I have had several dozen meetings with employees, more than 100 also just about the implication of the strategy. And this was really a huge effort to make this transition of the bank. And one of the investment banks that came and told us about the transition in the Alior Bank said it was probably the largest one in Europe, if not the world, the highest from the bank that has the highest risk cost. It started to be a model in the transition area. It was certainly due to the huge effort that is rewarded and that is reflected in several dimensions. Last year, we opened [ Alior ] University, that allows us on a huge scale to improve the competencies of employees. We also devoted an additional day. It's a so called [ U day ] that it is important. The condition is the employees are given this one day, but provided that they take care of the health and we are the only bank in Poland to let them enjoy this free day. When you look at the bonus indicators for last year, they are also one of -- some of the highest in history. Almost 90% of employees got business bonuses, meeting on a monthly basis as a total in 72% for quarterly bonuses. And also there are employees enjoying yearly bonuses. So we see the employees and we try to take care of them in different fields where we can. And also as the management, and I'm sure you know and hear from employees, we are a Management Board that is very close. It's open to talks in the Retail President, he interviews very often in the branches. Also Mr. Kaminski also very often talks to the employees. The President [ conversing ] with the IT employees. And Tomasz Miklas, who has spent his own career, all career in the bank. So absolutely, I would like to stress again and thank the employees for their contribution. I believe that all of us feel just as much as we are employees and we feel that it is you that have enjoyed this success. Also with the unions, with social partners, we have -- I have meetings, we have [indiscernible] which also conducts this dialogue. So I try to listen to the needs of employees and reward them for the effort to ensure that the work they do is satisfactory for them. And I would like to say, I went back to '23, the environment was at 33%. Systematically, the bank was then just recovering from a crisis. For 2022, 56% involvement; in 2023, 62% involvement, and it is an external company's results. And 2022, the Financial Times carried out a survey among all the organizations in Europe. Alior Bank enjoyed the highest position of Polish financial institutions because its open business culture was appreciated. Really there are opportunities, possibilities to express one's opinions. So I think we are on the right track to create an interactive workplace. Of course, we face our challenges and we continue to work on them. So thank you very much to all the employees for all their contributions in 2023.

Thank you, Mr. President. I can't see any other motion, so we move to item 9(a) of the -- and I would like to -- which is to approve the report of the activities of the Supervisory Board, Alior Banks Spolka Akcyjna in the financial year-ended 31, December 2023. And this report is consistent with the current report. It is an open ballot. [Voting] Who wanted to vote and voted? Just a minute. We're still waiting as the votes come in. No more delays. And I can see 93,425,850 and for 93,050,026 votes; and abstention, 372,508; and 3316 against. And now we will move to resolution on the review and approval of financial statements of value of the bank for the year-ended 31st December '23, and also consistent with the current report. All the questions were said earlier. As part of considering, we decided and nobody protested. We decided that items from 5 to 9 will be considered jointly, and it was then that there was the time to ask questions. So now I will give this resolution to a vote. Please exercise your right to vote. [Voting] Has everyone voted? We're still waiting. I will give you the floor in a minute. Please wait. I close the vote. Please give me the results; 93,425,850 valid votes were cast, representing 71.56% of the share capital. For 93,050,026; against -- 3316 against; and 372,016 against -- I'm sorry. In such a case, because it's General Meeting of shareholders, it's a holiday. It's an important moment of shareholders. I can see there are many attendees because I remember meetings where a few people attended. But the success of this bank, there is no doubt, because the results demonstrate that it was a success. And it was true by hard work, because the law provides that you can't speak too much here. So I will ask my questions to this General Meeting and I ask the President to return to answer my questions within 14 days. It is so good in the bank that there is a collective dispute underway. I simply deny these questions because they were stabled -- submitted after discussion. So now we will have a resolution on review of approval consolidated financial statements Alior Bank's I declare the end of 31, December 2023, and an open ballot. And please exercise your right to vote. Thank you. [Voting] Has everyone voted? We're waiting. I think your voice was missing. So I closed the vote, and it was 93,425,850 votes were cast. For 93,050,026; against, 3,316; and the abstention has 372,508 abstentions. So now we'll have a resolution. Now we have a vote on the resolution on the review and approval of the report of management productivities of Alior Bank S.A. Group in the year 2023, comprising the report of the management productivities Alior Bank S.A. and the report of the Alior Bank S.A. Group, [ all known ] financial information for the year 2023. Please exercise your right to vote. It's an open ballot. And the draft of the report is consistent with the current report. [Voting] Has everyone voted? I close the vote. And 93,425,850 valid votes were cast, it represents the same number of shares and representing 71.56% of share capital. For, 93,072,477; against 316; and abstentions, 353,057. At this moment, I would like to announce a technical break just for 3 minutes, so please maybe stay in the room. [Break] [Interpreted] Okay. So we will continue. Ladies and gentlemen, I would like to inform you that the questions that I received are part of the points presented there, they do not include questions. They are more like information. And also they are directed partially to the Supervisory Board and they do not refer the matters on the agenda. Therefore, the Bank's activities in 2023 -- so formally, I reject those questions because they were asked after the time allocated to them. And also I reject these questions because they are irrelevant to the matters on the agenda. Now we move to the vote on the resolution. This is the consideration and the approval. Do you have a motion or you have a question? Thank you very much. So we move to the report. We move to the distribution of profits, so namely point #10. And I put under a resolution regarding the method for the distribution of profit of the bank for the financial year 2023. And the draft resolution is in line with the current report. So this is the open vote. So could you please cast your votes on this resolution? [Voting] Has everyone voted? I close the votes. So the votes for yes, 93,425,849; no votes against; 1 abstention vote and I confirm this resolution has been adopted. We move to point #11. This is the position of the bank on the remuneration policy that is in force in the bank. So I would like to ask you for accepting the questions that I deliberately in writing, because first of all you have to refer to a certain fragment and then under each point there are questions and you cannot say that these are the statements, but these are the questions. The letter from the President of the Management Board or the letter from the Supervisory Board, and then the remuneration policy were published and they represent part of the materials for today's Annual General Meeting. This is not that -- I am writing to the Supervisory Board or I am writing to the President of the Management Board, though I asked also him to accept my letter. But I am referring to the materials that were prepared for today's Annual General Meeting. And I would like to ask you for -- so that in Poland we shouldn't be like in [ Belarus ]. I am from this generation which who fighted (sic) [ fought ] for the freedom in Poland and you cannot act in this way. I understand. Thank you very much for your opposition. And I would like to ask you to accept my letter. And I would like to ask you for replies to my questions in my letter and all, and the transparency serving this company. We are for this, that Alior should develop and [Technical Difficulty] thousands of employees here in our workplaces, but we would like this to have this transparency, the participation of the employees in the company's profits and in the company's successes. This is what is missing here. We did not sign this collective dispute yet. And this is the time that the Management Board should take into its account and say what will be about the increases. Because the collective agreement, starting from 2016 we are negotiating and it is still not negotiated. So what is with all of this Mr. President? So, has everyone voted? So I can't see any objection. And I would like you to give me the result of this vote and I will read it. I think that there is still someone voting. So we will continue our vote. So, there are 93,072,477 votes for yes; votes against, 3,316; and abstentions, 350,057. So, I would like to confirm that this resolution has been adopted. Ladies and gentlemen, I would like to announce 3-minute technical break. [Break] Ladies and gentlemen, we will continue our Annual General Meeting. So in point number 12, regarding the selection of [Technical Difficulty] Alior Bank S.A. adoption of the updated policy. So this should be management [Technical Difficulty] Board. This is the obvious error and the draft of the resolution, including the attachment number 1, this resolution with this correction. Are there any doubts about the proposed resolution? So I put under vote the resolution regarding the adoption of the updated policy of the election and stability assessments of members of Board of Alior Bank S.A. I order the vote on this resolution. So has everyone voted on this resolution? So I would like to ask all the shareholders for voting. So I close the vote, and I will read the result of this vote. So there were 93,425,850 votes for yes. There were no votes against and there were no abstentions so all the votes for yes, representing 71.56% of the share capital. I would like to confirm that this resolution has been adopted. Now we move to point number 13 of the agenda and adoption of the resolution assessment of the quality stability of the Supervisory Board of Alior Bank S.A. Could you please cast your votes? I would like to also put forward a motion regarding the secrecy of this vote so to avoid any doubt whether this motion should be under the open vote of secrets. So that is why I order a secret vote on this resolution on the collective suitability. So has everyone voted? I close the vote, and I would like to ask you for the result of this vote. So there were 93,425,850 votes for yes. No vote against, no abstentions. All the votes are for yes representing 71.56% of the share capital. So I confirm this resolution has been adopted. We'll move to the next point, this is point number 14. This is the resolution expressing an opinion of the report on the remuneration of the [Technical Difficulty] Alior Bank S.A. for the year 2023, submitted by the Supervisory Board of the bank. And under these points, also me as a shareholder, I propose to have a secret vote on this resolution. I have also the confirmation that this is possible to have the secret vote on this resolution. So could you please cast your votes in the secret mode? Has everyone voted? I can't see any objections so I close this vote, and I read the result of the vote. So the votes is 8,323,906. The votes against 1,0101,943. No votes abstained. So I would like to confirm this resolution has been adopted. We move to point number 15, adoption relation on the assessment of the adequacy interrelations concerning the function of the Supervisory Board of Alior Bank S.A. So I opened -- I opened the regular vote, not the secret vote. Has everyone voted? I see that everyone has voted. And now I will give the results. So the votes for yes is 93,425,850 from the same number of shares representing 71.56% of the share capital. There were no votes again and there were no abstentions. So now we move to point number 16. And this with regard to this point, I received the information about approving by the financial supervisory authority to consent for amendments [indiscernible] Alior Bank S.A. So we have just the self-correction of the resolution regarding the amendments to the acquisition of Alior Bank S.A. by the leading paragraph number 3, conditioning the effective resolution upon the concern from the authority, but we have the [Technical Difficulty] paragraph number 3 as compared to the published draft paragraph number 3 that this resolution becomes effective only of its adoption after the registration of the amendments registered in the registry in reference to the consent from the financial supervisory authority. So I put this resolution under vote. So we need a 2-thirds majority of the votes cast to pass this resolution, the qualified majority. So could you please cast your votes on this resolution amending the Articles of Association of Alior Bank S.A.? Has everyone voted? Thank you very much. I close the vote. I can't see any objections. And I would like to confirm that 93,425,850 votes were cast for yes. There were no votes against, one vote abstained. So I would like to confirm that this resolution has been adopted with the absolute majority of the votes cast. Ladies and gentlemen, now we move to page number 17 on the agenda. I would like to ask you about your motions but before a couple of information. So this point was proposed by the shareholder [indiscernible] dated March this year. And I would like to inform that [indiscernible] submitted his resignation from Alior Bank S.A. starting from -- with the effect from March 2024, which was informed in the current report 10/2024 dated the date of March 2024. And I would like to show that the company has received from Allianz Polska, the shareholder, [Technical Difficulty] to be the member of the Supervisory Board of Alior Bank S.A. which the company informed through the current report number 11/2024 dated the 16th of April 2024. I would like also to point out that the shareholder of the [Technical Difficulty] also proposed the candidates for the members of the Supervisory Board of the company [Technical Difficulty]. And today, and that was -- and the shareholders were informed about this in current report number 30/2024, dated 25th April 2024. And the current report number 14/2024 as of today showed that there were also the candidates [indiscernible] to counter additional candidates [indiscernible]. And the candidates for the members or Supervisory Board agreed to hold these functions and relevant documents have been submitted and we have -- and also we have -- I can't -- there are nobody from audience would like to speak. We can step in potentially of the Allianz Polska open fund. I would like to confirm officially the candidacy of [indiscernible] as an Independent Member of the Supervisory Board and the candidate with a lot of experience in -- or as an auditor and also as an adviser in 2017. He was a member of the Supervisory Board of Alior Bank, where he played the position of the Alior Bank and also the -- he was responsible for strategy. He has competencies to sit on the Supervisory Board of the company. I would like to inform you that that [indiscernible] Alior Bank has submitted the documents required by law regarding the document also has carried out an evaluation of individual suitability of the candidate and also he stated the candidate to satisfy the needs as provided by the law also those regarding the candidates for Supervisory Board. And also [indiscernible] also submitted the documents regarding the candidates and also has layered an evaluation of the individual suitability and indicated that they met the requirements under the banking law and also the required suitability requirements regarding and suitability of the members of the Supervisory Board. And the candidates have also meet the requirements related to the management of state assets regulations. As per the Article 16 paragraph 1 to 8, the Supervisory Board consists of 5 to 8. And the number -- the number of the members of Supervisory Board, this defined by the General Meeting. And also the General Meeting can define a number of management board members within the limits of the law and there is no motion than the previous resolution and management meeting -- the meeting is obligatory. And also you have -- as accordance with the Resolution 32 2017 of the 29 June 2017, the 5 to 8 members of the management board. And as far as I know, it is still -- the number is continued. And because we have such requirements, please, if anyone would like to submit a motion regarding the number of members of the Supervisory Board. I can't see any motions like that. So the existing resolution is -- remains in effect. So I would like to -- others present in this meeting, I would like to submit other motions regarding the dismissal and the appointment of members of the Board. So perhaps we will now have considered a vote on the resolutions on dismissal. And motions on the dismissal PZU SA [Technical Difficulty] PZU SA I would like to ask for dismissal of all the present members [indiscernible]. I would like -- I move that they'd be dismissed from the management Supervisory Board of the bank. As far as I know, this is the current composition of the Supervisory Board. So first we will have a vote on dismissal of the existing members. I would like to ask for 5 minutes break, if possible for consultations. I believe. So I will have a 5-minute technical break. Pages 20, 21, 26 plus one. [Break] Please be seated. We're closing the break. Can you hear me? Yes. So please be seated -- ask the shareholders. So ladies and gentlemen, I understand that we can continue all the motions. No, I can't see any other motions. [indiscernible] we will have about solutions to dismiss from the management or Supervisory Board of particular persons from the Supervisory Board. I will read only the names so that we are clear on whom we're voting and the vote will -- enter into vote [indiscernible]. So as per there was the motion we have the first change to the composition of the management Supervisory Board. So about dismissal of [indiscernible] from the Management Board it's a personal vote so all the votes -- voting will be a secret ballet. So please exercise your right to vote. Has everyone voted? I can't see this so 93,425,850 valid votes were cast, representing 71.56% of the share capital for, 60,364,299 against 30,853,367, and abstention 90,209,184 votes. So the resolution has been adopted. And the next resolution to change the composition of the Supervisory Board regarding the dismissal of [indiscernible] from the Supervisory Board is a secret ballot, please exercise your right to vote. Has everyone voted? So I close the vote. The others following results, 93,425,850 votes [indiscernible] representing the same number of shares representing 71.56% of the [indiscernible], 60,364,299 and against, 30,852,367 and extension 90,209,184. So the resolution has been adopted, and we have a vote on a resolution to this [indiscernible] from the Supervisory Board of the company. So exercise your right to vote. It's a secret ballot. Has everyone voted? So I close the vote for 93,425,850 valid voted representing the same number, representing to 71.56% [indiscernible] 60,364,300 and against 20,332,367 and abstention 19,209,216. And also, we will have a vote on resolution to dismiss [indiscernible] from the Supervisory Board of the company. It's a secret ballot. Please exercise your right to vote. Closed the vote. 425,855 representing same number of shares, representing 71.56% of share capital for 60,364,300, against 30,852,367, and 19209,183 abstentions. So the resolution has been adopted. So we have a resolution to dismiss [indiscernible] from the Supervisory Board of the company. It's a secret ballot. Please exercise your right to vote. Has everyone voted? I can't see any -- please give me the results [Technical Difficulty] valid votes were cast representing the same number of shares. And also representing 71.56% of share capital for 60,364,300, against 18,852,367 and abstention 19,209,183. So this was about [indiscernible]. And now we'll have a vote on resolution to change the composition of the [indiscernible] by dismissal of [indiscernible] from the Supervisory Board. Has everyone voted? No. Everyone voted. So give me the results, 93,425,850 valid votes were cast, representing the same number of shares and representing 71.56% of the share capital, for 60,364,300 and against 50,852,367 and abstention 19,209,183. So the resolution has been adopted. And as a result of this, all the members of the Supervisory Board of the company being dismissed and their mandates have been exhausted. And now we continue to appoint members of the Supervisory Board as per the motions of shareholders through the new term because the existing mandates have ended for all the existing previous members of the Supervisory Board. So I now appreciate motions on appointments. Given the end of the term of the previous members of Supervisory Board I would like to submit motions on the new -- on the appointments of new members of the Supervisory Board. So ladies and gentlemen, we will now change on those motions that [indiscernible] have submitted in principle. In principle, they have the same wording, but we will soon address that. We have the following list of candidates as regards -- that have been proposed by the regulations of the Supervisory Board. I am obliged to establish [indiscernible] order based [indiscernible]. These are the -- apart from [indiscernible] these candidates have been proposed by PZU whereas [indiscernible] has been proposed by Allianz on the report Slide 2024. And as [indiscernible] PZU SA [indiscernible] it is current report 13/2024 of 25 of this month [indiscernible]. Any doubts regarding the candidates? I can't see any. So now I'll have a vote on the resolution to appoint to Supervisory Board, PZU SA. So we will confirm the initial assessment suitability of [indiscernible]. Also, we have a technical consistency with the draft resolution. So we were appointing as a member of the Supervisory Boar [indiscernible] will be appointed as per of the 27 April of 2024 for full 4 years of 2024-'28, so '25 is the first year of the term. And we will do so provided that [indiscernible] resigns from the positions that he made on the 24th of April of this year that he now has. He has to resign from this position. So we have slight changes because the potential variance. 5 minutes technical break so that we can have a look at the wording of this new draft motion. If someone would like to see these changes that are rather technical in nature. [Break] Okay. So we assume -- let me, I think -- are we ready? I think we need one more minute. So the candidate for the Supervisory Board [indiscernible], sorry, I mispronounced the surname, [indiscernible]. So ladies and gentlemen, I would like to put on the vote the resolution regarding the appointment of the composition of the Supervisory Board of Alior Bank S.A. [indiscernible]. I would like to read the wording of the -- pursuant to the Article 8 of the suitability policy of bank, Article 395 and about Article 18 of the bank so the [indiscernible] assessment of [indiscernible] and appoint [indiscernible] the Supervisory Board from the 27th of March 2024 for the joint term of office, including 4 financial years, 2025-2028, the first full operating year of the term of office is the year 2025. And the appointment is mentioned in point number 2 about will be effective providing that [indiscernible] presents the resignation from the functions performed mentioned in his statement and paragraph number 2, the resolution becomes effective on the day of its adoption. So are there any doubts about this resolution? If not, I would like you to take the floor on this resolution. Could you please make sure that everyone has held it -- has everyone voted, so there were 93,425,850 valid votes from the same number of votes, 71.5% of share capital for yes, [indiscernible] against, 13,032,367 abstention, 19,209,183. I would like to confirm that this resolution has been adopted. Now we move to resolution regarding the appointment to the composition [Technical Difficulty]. I will read the draft of the resolution. This will be the same as for other candidates, except for [Technical Difficulty] for a member of the Supervisory Board appointment. [Technical Difficulty] Supervisory Board of the bank for the joint term of office for 4 operating years of 2025-2028, the first operating year of the term of office is the year 2025 Paragraph number 2. The resolution [Technical Difficulty] adoption. So I open the secret vote on this resolution. Could you please cast your votes? Has everyone voted? So there were 93,425,850 valid votes cast with the same number of shares, 71.56% of share cap for 4 years, 60,634,300 against, 30,852,367 abstention 90,209,183. I would like to confirm that this resolution has been adopted. The resolution, the same wording regarding [indiscernible] and he's appointment to the composition of the Supervisory Board of Alior Bank. And this is a secret world. Could you please cast your vote on this candidate? Has everyone voted? I would like to inform you that there were 93,425,850 valid votes cast, representing 71.56% share capital for 4 years, 79,554,345 against, 13,052,367 abstentions, 19,139 of votes. I would like to confirm that this resolution has been adopted. Now we move to the vote on the candidate of [indiscernible]. Are there any motions [indiscernible], yes please? I would like to confirm once again the [indiscernible] to the composition of the Supervisory Board of Alior Bank. Would you like to have the draft of this resolution to sound the same as in [indiscernible] proposed by PZU SA or that it should be the original draft in order to have the same wording of the resolutions for all the members of the Supervisory Board. So we will vote on the resolution regarding [indiscernible] in the wording that is identical with the wording of the previous resolutions for [indiscernible]. So it means that there are 2 points on this resolution. And this is the appointment of [indiscernible] term of office 2025-2028, the first operating year is 2025 so 4 full operating years. So are there any doubts regarding this draft resolution? I can't see. And I open this vote. Could you please cast your votes on this resolution? So this is the secret vote. Has everyone voted? I close the vote. So there were 93,425,850 valid votes cast from the same number of shares between 71.56% of the share capital -- 79,554,344, against 13,520,367 and abstentions, 19,139. So I would like to confirm that this resolution has been adopted. And now I put on vote the candidate of [indiscernible] and draft resolution is identical with other resolutions, and please cast your votes under the secret mode of vote. So the result of the vote is as follows: 93,425,850 valid votes were cast, representing 71.6% of the share capital. The votes for 79,554,344 against 13,852,367 and abstention 19,139. So I would like to confirm that this resolution has been adopted. We move to the next candidate, [indiscernible] and I open a secret vote on this coat. Has everyone voted? And I ask again that I can't see any objections. So I close the vote, and I will read the result. The number of valid votes cast is 93,425,850 from the same number of shares, representing 71.56% of the share capital 79,554,345 against, 13,52,367 and abstentions 19,139. So I would like to confirm that this resolution has been adopted. Ladies and gentlemen, this was the sixth vote on the sixth candidate. So I would like to ask -- so as of today, this is all things considered to continue our meeting on the 24th of May this year at 12 at noontime in the company's headquarters at Lopuszanska 38 in this conference room on the first floor. And thank you very much for your participation today and see you on the 24th, and we will continue. [Portions of this transcript that are marked [Interpreted] were spoken by an interpreter present on the live call.]