Bank Polska Kasa Opieki S.A. (PEO) Earnings Call Transcript & Summary

Good morning, ladies and gentlemen. I believe that we are all here, and we are on time. So perhaps we can start the General Meeting of Shareholders of Bank Polska Kasa Opieki S.A.. My name is Kaczoruk. I am the Secretary of the Supervisory Board of Pekao S.A. and right now, I would like to open the General Meeting of Shareholders of Bank Polska Kasa Opieki S.A. convened today by the management. I'd like to welcome everybody present here, the shareholders, the [indiscernible] , the members of Supervisory Board, the members of the experts, the representatives of the audited company, KPMG, the representatives of the media, all our guests that accepted the invitation to take part in the ordinary general meeting. And before I move on to electing the chairperson of the meeting, I would like as the representative of [ Uni ] company to give us the instruction as regards the manner of voting.

Good morning, ladies and gentlemen. I would like to remind you how to use your tablets. You can see the first screen at your disposal. We have 2 parts. And you can check all the data of the shareholders that you represent. And then you can see the next one document, you can see all kind of draft resolutions, projects and other documents published by the company related to today's meeting. When it comes to the voting. Once the voting is ordered, you can see the decision making buttons. And first of all, you have to make a decision that you want to adopt during the voting once you made your choice, information is displayed, what your decision is. And later on, you can see the button confirm. And you have to confirm your decision and cast your vote. So please use the button saying confirm in order to cast your vote. Hopefully, you have used this technique on many occasions before, and it will not be troublesome should you have any problems of technical nature during the entire time of meeting we are present here, and we are more than happy to come to your rescue. Thank you.

Thank you very much. I hope that everything is clear should they have handed out or a question we are here present and ready to offer you instructions. Let's move to the second point on our agenda, electing the chairperson of the Ordinary General Meeting. And here, attended as it was submitted to me by Mr. [ Redouane ]. Do we have any other candidates? I can't see any other candidates. One hand has been raised. The floor is yours.

Good morning. My name is Dariusz, and I am a minority shareholder. I used to be an employee of Pekao S.A., and the bank decided to terminate my employment in an unfounded manner. Do I have to introduce myself?

Well, did you introduce yourself? So I would like to ask you to introduce yourselves before we commence this general meeting. This is a true festivity for the bank. So I would like all the members of the Supervisory Board and the management to introduce themselves and me personally as a minority shareholder, I would like to familiarize myself with you, your image. Let's move on to the question to the candidate for the chairperson. And this is as follows, this candidate was submitted by [indiscernible], the main shareholder of an allegedly Polish company, and I don't want to offend anyone. And please do not interrupt me. My question is as follows. You when you were the -- you as a chairperson of the ordinary general meeting, are you going to allow any discussion after the report is presented? Discussion that will allow the following: a shareholder can ask questions to the President of the Supervisory Board and the CEO, and the answer will be provided during the General Meeting of shareholders because I hope that both Mr. Leszek Skiba as well as the President of the Supervisory Board are ready. We became familiar with all the reports and we can see your signatures under the reports. Questions will pertain only and exclusively to the reports or events that took place in the year 2021. This is a question to the chairperson -- actually to the candidate for the chairperson of the general meeting. I'm not sure if the candidate is authorized to talk about it before being officially elected. Thank you very much in advance.

Thank you so much. As a candidate for the chairperson, let me confirm that if I am elected, I will conduct the meeting of this general meeting in accordance with the effective regulations as well as internal rules and regulations of the company.

But one more question, excuse me, if I may, I would like to ask the candidate if he wishes to give your approval for being a candidate?

Yes, I do. I give my consent. At the beginning, I would like to conclude the list of the candidates if we are to move to the voting. If Mr. Candidate is willing to address this question, please do so. If not, we'll go on. Let's conclude this -- in accordance with Article 420 of the Commercial Companies Code, this voting will be secured. The draft resolution is also available in all the materials available also on the Internet side. I would like to open the secret voting when it comes to electing Mr. [ Kwiecinski ] as the Chairperson of our meeting. [Voting]

Was everybody successful in voting? Can we conclude the voting session? If you wanted to exercise your right of vote, were you able to do it? Is there anybody unable to exercise? No? Okay. So I would like to close the voting, and please submit the results of the voting. As I understand the results will also be displayed. Thank you. Okay. I just received the information that we're also taking into account all the shareholders voting online, valid votes cast, 173,166,228 valid [ cost ] out of 220 million or more, constituting 65.9% of the starting capital. As for the voting, positive 173,135,093 votes and negative 30,328 votes, abstained 847,000. 173,166,268 votes were cast altogether. So I would like to decide that the resolution has been adopted. I would like to give the floor to the new Chairperson of the Ordinary General Meeting of Shareholders. The floor is yours. Thank you.

Good morning, ladies and gentlemen. Thank you so much for electing me as the Chairperson of the Ordinary General Meeting of Shareholders today. Before we move on to our debates according to the agenda that has been announced, several issues of technical and organizational issues. Information on shareholders present here online and offline personally. Ladies and gentlemen, let me announce that we have 627 present, and these are people entitled to all the shares. That means that you are entitled to the same number of -- that's 65.67% of shareholders and the shareholders, as I mentioned, are present both personal here on site as well as they are represented here on the premises by their representatives. Many [indiscernible] as well as we have shareholders taking part in the meeting online remotely. Let me confirm that today's meeting has been convened formally in accordance with the officially effective regulations as well as the provisions of the statute of the company, and it is all available on the Internet side, also the current Report 9, 2022 as of the ninth of May of the current year. Let me also indicate that [ Zakauskas ] submitted draft resolutions when it comes to Point 9 and 15 of the agenda, current Report 10, 2022, the second of June 2022 as well as Report 12, 2022, the tenth of June 2022. Those draft resolutions were published on the internet website of the company together with all the materials for the meeting today, and they are available. They will continue to be available in all the devices that you received for vote. [Foreign Language] Bearing in mind all the information presented for the shareholders -- bearing in mind the paragraph 2, 10 of the associations of the company, let me inform that this meeting is entitled to take all the decisions according to the agenda. As the shareholders, I would like to apply for the consecutive voting be done a secret ballot voting. I will not read out the content of the resolutions that have been published announced and they are still available on the devices that were distributed. Let me sign up the list of participants. And let me move on to proceed with the agenda. Point #4, let me announce the vote, announced the voting for the resolution about the adopting of agenda of the Ordinary General Meeting of Shareholders of Bank Polska Kasa Opieki. I'm not yet opening the voting on resolution #2. We have the comment from the room. We have 2 comments from the room, that was [Kievit ], minority shareholder. I have a formal request -- formal motion.

Let me start with the first one, formal one. I would like to ask Mr. Chairman to vote on my motion to extend the agenda by adding Point 7A, discussion on the reports starting from Point 5 through Point 7 of the given agenda, so discussions on the reports by the President of the Board. Thank you very much. We have the motion to extend the agenda, yet another motion. Please present yourself and let us know whether you come up with the formal motion.

[Janus Scharek], I'm representing [indiscernible] . I have a question. Does the draft resolution for one of the points on the agenda can be actually raised here or before we vote on a given point?

When we announced -- when I announced actually the given item on the agenda, you will get -- you will give good time. So thank you very much and other issues? So first, please present your motions that -- to me, open the list of the motions. Anything that you would like to raise shall be raised. Now, so we are on the Point 4 on the agenda, at the brink of the agenda.

I would like to submit the formal motion. And I ask Mr. Chairman to vote on it. The request is that after the presentation of the report of Supervisory Board, we should add the point discussion on the report of Supervisory Board in the form of Item #9 or whatever you call it, but I want actually to have a discussion of the report -- on the report of Supervisory Board. As a shareholder, I have questions at Supervisory Board members and President of the Board. And I believe that this discussion will take place at this very meeting -- this meeting, which is a celebration of Bank Pekao SA. This is the only day when all stakeholders can meet. Stakeholders who not -- not all of them actually are the shareholders. Anything else? Mr. Chairman, please behave in a way not to limit my freedom and civil rights as a shareholder.

Thank you very much for this statement.

Mr. Chairman, you have not answered my question.

Well, once we decide that we have all motions collected, let me now address the technical issues, bearing in mind that in the room, we also -- we have [indiscernible] with many power of attorneys and voting will take a long time, bearing in mind that some shareholders participate in this meeting remotely online. The voting will be open when I read out the number of the draft resolution. So to make it clear, I will always read the whole title so that you are not confused what is the subject of the voting, but then we will have the voting officially open then. As all votings will be done as a secret balloting. I just want to put barrier and I'll draw your attention to the fact that if you have -- if you feel discomfort casting your votes, because you sit too close to other shareholders, please bear in mind, we have 3 chairs in the room, on both sides of the room, you can relocate yourself. We have 2 formal motions raised. I read out the resolution draft that we are going to vote on. Though the thing is not open yet. I reject the formal motions, and I officially open the secret ballot voting on adoption of the agenda of the Ordinary General Meeting of Shareholders of Bank Polska Kasa Opieki S.A. [Voting]

Let me clarify one thing. Extension of the agenda would require -- the information in a proper amount. We would have to inform all the shareholders, and it is not possible to proceed with that when the shareholders meeting is already -- General Meeting is already opened and not all shareholders agreed upon that. So this is the result of the legislation, legal provisions. So I cannot ask to vote on the resolution drafts, which are not in line with the legislation. So I would kindly ask you that before you submit another notion to verify whether it is according to the provisions and whether it's in line and whether it's compliant with legal provisions. Did everyone who have the right to vote exercise their right. The voting is ongoing. When I close voting and I announced results of voting, I will give you the floor. I close voting. Please let's proceed with the results. So the results should be displayed on tablets so that we can proceed effectively without any further delays so that we don't wait for the printouts. So I would like to ask all shareholders to verify the results once we close voting. Okay. Ladies and gentlemen, let me announce that the adoption of the agenda was unanimously voted for, everyone voted for the adoption. [ 173,166,269 ] for no objections and no abstentions. Thank you very much.

Sir, would you like to add anything?

Yes. Yes. I would like to raise my objection according to the legal provisions.

Now let's move on to the item #5 of the agenda. Points, items 5 through 9 will be voted or recognized and discussed. And Mr. Shareholder, please give up on the microphone when I give you a floor, you will receive that mic. Thank you very much. We are on item #5 through 9 of the agenda. But bearing in mind the code of conduct that if you disable this meeting, let me officially reprimand only you make this -- this meeting impossible to be carried out. If you continue, I will have to undertake official steps. So let me in for me here in item 5 through 9 of the agenda.

I can hear you. I can understand I will respond in the right moment.

So #5 through 9 of the agenda. Let me indicate the documents that we are going to recognize or published by the company on its website along with the materials and the documents are available on the tablets that were made available to you.

Sir, he wanted to take floor.

Mr. Chairman, if you apply to me as shareholders to reprimand on me. I would kindly ask you to indicate to all shareholders present at this meeting, the legal basis for what you have done a moment ago. Please do not threaten me because that's how I treat it, punishable threats. That's how I take it. If you do it for the second time, I will officially take it as punishable threat, and I will have to call the police to this meeting. And Mr. President, I do hope that you really care for the meeting to be run in an organized and in a civilized way.

Thank you very much for the statement, for this comment. Now we move on to Items 5 to 9. Over to Mr. President, President of the Board, Mr. Leszek Skiba.

Thank you very much. So we are on the item on the report of the bank and the Capital Group. Briefly, let me discuss the year 2021. As you know, this was a -- post pandemic here. So it was the first year when the bank and the whole banking sector, our economy was moving away from pandemic period. In 2020, we provided our strategy based on 4 pillars: client, growth, responsibility and effectiveness. And following this model, let me discuss the year 2021. When it comes to the pillar client. It was a good year when it comes to the growth in terms of number of clients, over 8% growth here, 443 new accounts. So this is a year when the bank increased its presence, both in retail segment as well as corporate segment. It was a good year in terms of activity of our basic core activities, lending activities, 11% of growth in terms of volume and the balance sheet demand up to PLN 250 billion growth by 7%. So the -- enjoyed this growth and reconstruction -- postpandemic reconstruction, and it was translated into the growing number of clients in all segments. So the total balance and the volume of credits. When it comes to the third pillar, the responsibility. Despite the growth, difficult situation with pandemic, the cost of risk was maintained at low level, 45%. And we still had to make some write-offs because of the credits and mortgage lending activities in Swiss francs. This was a legacy of our merger with Bank BPH SA. There were some legal litigations ongoing. So we had to prepare the write-offs, and this reflecting the cost of risk, 405 points. It's a low level. It proves our prudent and responsible lending policy, and it is translated into -- it's translates to our financial results in significant way. Capital indicators, the total TCR is 16.9% to remind you, so it's a high indicator, [15.131]. We are a dividend company. So for shareholders, it is an important factor. So we decided that for 2021, according to the scope of the foreseen strategy, we decided to pay a dividend between 50% to 75%. And that was the strategy, and we decided to pay out dividends according to the recommendation. So we decided to pay a dividend in such a way that every year, as a dividend company, and by the way, it was not possible in 2020, that was a COVID year. But whenever it's possible, we should pay dividends to our shareholders because we are the dividend company. We understand that this predictability is very important to our shareholders. And the last pillar is being effective. We tried to keep the cost of remuneration under tight rein. Of course, when it comes to increasing the scale, taking over Idea Bank was pivotal and it happened in a manner that did not affect our operations. This was the result of the process of structured bankruptcy called resolution by the Bank Guarantee Fund. It was implemented. That's the end of 2020, beginning 2021. In 2021, we successfully conducted the process of data migration, and we took over the entire portfolio so that it could be as secure as possible from the point of view of the bank. So the portfolio of the customers was also taken over, and this translated into moderate benefits and profits from the point of view of new clients that we accepted on board. Now as regards the current year, this is a bird's eye view perspective. We are able to double almost the level of profits of PLN 2 billion to PLN 267 million, and this could be attributed to the fact that we decided to abandon all kind of COVID-related limitations. The economy was able to bounce back. And we also recorded very good results when it comes to our sales, especially increasing the volume of portfolio more than 21%, small- and medium-sized companies. And medium-sized companies, the volume of banking loans grew by 23%. So basically, we try to take advantage of this revival in the company's sector. We invest heavily in IT transformation, digital transformation. It is very important not to take advantage of every day, but we want to be a modern bank that keeps developing in digital area. We want to surpass our competition in the many spheres. We know that the banking sector very often focuses on the process of digitization and we try to do it in such a way that it is efficient as possible, and we are able to offer loans at affordable prices, but also in a very efficient manner from the point of view of risk ratio. We introduced a new form of bond co-pay, 4.0 version, very modern structurally and the popularity is growing when it comes to the application, PeoPay KIDS. Digitization is a foundation of our development in the long run. So we are doing our utmost that we are able to implement it. And on the finishing note, thank you so much for becoming familiar with our documents and I would like to wish you a fruitful debate.

[Foreign Language] Thank you so much, Mr. President. We have a question on the part of shareholder. Thank you so much.

[Darius Kovaciz], minority shareholder. I believe that I can ask questions.

Yes, we are right at Point 5 to 9 of the agenda.

Mr. President, thank you so much for signing many reports as well as the letter to the shareholders. You talk about values, human rights, freedom, responsibility, being a team employer, acting as a collective, bravery. My question is as follows, referring to those definitions. If there is a person reading the report for the very first time, having no knowledge of the bank as such. It could be an impression that this bank is perfect and ideal. As a result, I have a number of questions in connection with either the report of the bank itself or the report of the Capital Group of the bank. The first question is as follows. Is this true that the management of the Board in 2021, failed to pay out to employees employed in MBO, 40% of the annual bonus for the year 2020, amount of close to PLN 50 million in total. Could you say if it's true, can you confirm it? If it was the case, what was the reason for it? And the second question is related to the issues of what in our estimation is the general rule of law. Is this true that in 2021, the management of the bank failed to pay out its employees outside MBO system, motivational awards for the year 2020 in the total amount of close to PLN 30 million. On average, it means PLN 3,000 per employee. The third question is related to the first 2 questions. Is this true? Because in the report on the activities of the bank, you described a perfect dialogue, social dialogue between the bank and trade unions. My question is as follows. Is this true that all trade unions operating here in Pekao SA, have called on the management of the bank and you to pay out within the MBO system, 40% of the annual benefit close to PLN 50 million. That is as well as a motivational benefit, PLN 3,000 employee. So all together, it's close to PLN 40 million. And I have more questions to ask. I would like to justify my questions. I have some health conditions, some health-related problems, somehow connected with the representatives of the bank. And I cannot ask many questions because probably at any time soon, one of my body organs will fail to function anytime soon. You, as a shareholder, you can exercise your right personally or through your [indiscernible] for your legal representative, and you knew about it before the meeting. Am I allowed to ask more questions. There is an open list of questions, but right now, please direct all the questions that you know that you wish to ask regarding Point 5 to 9. Next question #4, to Mr. President, is this true that you in 2021 used the so-called guidelines, referring to offering bonuses. And is this true that in 2021, among others, the state labor inspection decided determining that you as the management introduced the guidelines with a start violation of the regulations in respect of the labor law in Poland. And the next question is as follows. Is this true that as a result of the intervention of state labor inspection. It was only after 4 years that you decided to withdraw in 2021, those guidelines and questions from the legal system. Question number five, is this true that you lost a case in the Supreme Court, together with the Supreme Court before it was in the court of appeal, that there is a collective class suit in the bank. And for many years, it was undermined by your representatives. And is this also true that your subordinate directors testified in court, under oath, saying or claiming that there is no class action in the bank. One of those people is [indiscernible] twice under oath. She testified that there is no class action in the bank, whereas the Supreme Court decided to dismiss the casation. They decided that what you are doing for many years was simply illegal and unfounded, and right now, this is the moment when we direct questions, yes. As a result, since I mentioned the surname. I would like to mention another name, a person also responsible for the situation also testifying similarly under oath, Director, Ms. [indiscernible] . So Mr. President, are you going to do something about it when it comes to those employees who, for many years, many years, we're claiming that there is no class action. There is no dispute present in the bank, and they were blocking the solution of it. Perhaps this is it, but I believe that my colleague, my fellow colleague, has more questions.

[ Dida Smyrnov ], a minority shareholder. A question regarding the following. You said that you are able to control personnel costs. So my question is as follows. Is this true that the management in a unilateral manner decided to introduce amendments in the contracts of employees, I'm talking about, especially managerial contracts that are employment contracts, and you change the definition of the so-called solidarity benchmark. And the next question is, is this true that employees of the bank in 2021 filed a lawsuit to the court. I'm talking about the payment of the annual bonus, 40% for the year 2020.

Yes, we have still a list of questions, and it is open.

Question #6, Mr. President. President, I would like to ask the following. Is this true that in 2021, the management apart from the mentioned elements of this collective dispute. You failed to activate launch additional elements without considering what the regulations are? I'm talking about one element, namely, the reward of the President. Although previously, you claimed that the bank has no money to pay out of PLN 30 million or PLN 40 million dedicated to the annual bonus and motivational reward for the year, 2020. And at the same time, you decided to offer or initiate this bonus for the president illegally. And you also activated additional resources amounting to a dozen or so million PLN, so you claim that the bank could not afford bonuses for employees and then illegally, without considering all the regulations pertaining to the labor market and ignoring completely the trade unions because please bear in mind that in the bank, let me remind to the shareholders that there is a special collective employment system, which makes sure that we can enjoy some peace and quiet. Once the bank decides to initiate additional element, it means ignoring trade unions and bypassing the system. And basically, we can no longer enjoy the social peace. So is it true that this special benefit for the President was offered, and it was not stipulated with us.

Thank you so much. And we have one more question. Please introduce yourselves.

[ Anna Schnotzy ], I am [indiscernible] of a minority shareholder, [Daria Gogolefsky]. And I have 4 questions, so I would like to present all of them, yes. When it comes to the report of the management for 2021, we can read that the bank supports an organized and gradual transition to the low-emission economy through a reduction of financing of the energy from fossil fuels, oil and coal. What does it mean in practical terms? In 2021, did you change the policy with respect to offering loans, I'm talking about financing high-emission sectors? So you excluded the financing of the coal, but do we have any other exclusions of the financing when it comes to the coal sector. And the second question, when it comes to fossil fuels, apart from oil and coal, gas was not mentioned. So what is your policy with respect to gas and oil? What about Pekao SA, your bank? Are you planning to stipulate the pace or the date, the deadline when this financing of the sectors and questions will be completed totally. Question number 3, we can read the information that when it comes to the value chain, scope 3. In 2033, it is planned to take place. But in the report, there are no estimates when it comes to the emission of scope #3. So in 2021, in Bank Pekao SA, were there an estimate conducted when it comes to scope #3 or number 3. I'm talking about emissions related to first and foremost, loan offering activity, as we understand this is the main source of income. And referring to this. Last but not least, what about Bank Pekao SA, are you planning to stipulate any limitations of financing for the companies that fail to decide what the direction will be when it comes to reaching climate neutrality. Perhaps this will hinder their planned pathway when it comes to reaching climate neutrality.

Thank you so much. And we have 1 more question.

I understand the questions also referred to the Supervisory Board. Yes. Let me remind you, we are on Point 5 to 9 of the agenda. [Darius Jakewitz] again, I have a question addressed at Madam Beata Kozlowska-Chyla, the President of the Supervisory Board. How did it happen in 2021, one of the Board members who were employed only for 1 month and received PLN 80,000 in terms of salary, whereas the exchangeable indices of salaries, he received PLN 1,200,000, over 700 -- almost 800%, 1 million or 1 billion, what do you mean? 1 million, PLN 1.2 million that's in the report. As a Supervisory Board, should -- as the body who signs the employment contract with the Board members, should supervise the situation. So I'd like to ask Madam President of the Board. How did it happen that this payment was made to the Board member. And yet another motion addressed at the Chairman of the Supervisory Board. Request a question. Do you see such an option that in the Bank Pekao SA that [Mr. Lovaglio ], who has not been President anymore for 5 years in 2021, received PLN 2.9 million.

So that all Board members contracts and old people employed like [ Mr. Stanislaw ] who receives the reward of PLN 200,000. So all these payments are made public. So the -- the same actually as it is done in the United States.

Okay. We are in the open list of questions. Let me check if there are any questions.

Yes, I'm [Anna Boyczek], I'm a minority shareholder. I would like to ask the following question on safety and security of the bank, whether -- in 2021, were there any extraordinary events happened? I mean anything related to infringement of the ownership of the bank or clients? Have you reviewed the reasons or what kind of steps or actions have been undertaken in order to exclude such situations in the future and in order to improve security of the bank.

I -- there is a new thing, the cyber -- sorry, cyber crime activities is quite active actually, and this is something -- it can be even an element actually of the organized attacks in Poland made by some other financial institutions. So today, attack does not come actually to a cashier to up the bank they actually attack banks in different ways. And I believe that internet connections, internet online banking, it's a new phenomenon for us. And from my perspective, there are extraordinary solutions, procedures to be undertaken to be implemented to stop the possibilities of sending money from the bank.

So just could you please outline the general situation? It's a new topic and actually, it also requires the guidelines for the security department employees.

We have more questions from the room. Thank you, [ Miroslav Jackowicz]. You had another question. specifically, I could ask Vice President, Mr. [Wojciech Werochowski], who is presenting in the room to provide answer to this question.

Is it true, Mr. President, that in September 2021, all trading and organizations acting within Bank Pekao SA within the social dialogue, which allegedly is ongoing, and some of the people actually say it's just the illusion and that the cancer actually -- is the retail Banking division is actually suffering from cancer here as people tend to say, but is it the case? Is it true that trade unions from Pekao SA urged you responsible for Retail division and Mr. [ Sika ] to withdraw, as we believe illegally implemented pilot system, as you call it, motivational system, without agreeing the system with trade unions, and you were obliged to discuss it according to Article 77 of the labor code, which is still binding.

So this is one thing. So first question, was it the case? And the second question, whether Mr. President, even though this question was asked again a few weeks ago, once we -- whether we are going to withdraw system, which is not motivating. It's actually demotivating and it's actually creates stress, burden of work and suffering of employees. And the board members should not actually want to bring such much stress and stress-generating situations to your employees. So I would highly appreciate your answer here. Mr. President, Mr. Chairman, I just have one request. These are questions that referred to incidents of last year. So we have PLN 30 million. My request for is as follows. So I wouldn't like actually to proceed in a way you proceeded during last recent meetings. I know you are competent people. I know you will provide these answers to these questions during this meeting, during ordinary General Meeting of Bank Polska Kasa Opieki S.A.

So thank you very much for these nice words. And well, let me reassure that no more questions, so I close the list of questions now. Officially, that's one thing. Second thing. During -- well, this session, there were some statements made that can infringe some personal rights of legal persons or natural persons. So I would like to indicate that according to binding legal provisions, such action is illegal and it can lead to a situation where the bodies whose rights have been infringed may take some legal actions. So I would like to reject the question. I reject the question. I'm answering the question referring to the potentially planned activities of the Board vis-a-vis people who allegedly crossed some infringements or illegal submission of explanations. Well, I will stop here, and I will give floor to Mr. President. Sorry, I gave floor to Mr. President. He will address the question, and then I will refer to your question.

So there is a number of questions actually referring to the fact how we can assess the dialogue with the social site with the trade unions. So just to summarize the recent year, as a representative of the board, I can say this dialogue was very positive, very good. We have 8 trade unions. Right now, the question was raised by Mr. [ KishaKipich ] from [ Bankovic Association ], and that was the trade union organization that we discussed a lot and the [Bankovic] had often separate opinions. But with other trade unions, we had a constructive dialogue, not always easy, but bearing in mind the perspective of many years. In 2021, we successfully implemented the compulsory -- the program of the compulsory leaves. It was accepted by trade unions. The same happened in 2020 and 2019, and it only improves the constructive work. Negotiations were not easy, as always, this is a separate perspective, of course, but we may say that bearing in mind that at the end of the day, we've managed to come to a conclusion, to an agreement, even though there were objections predictions, but we understand each other's rights, and that was very important for the dialogue. So trade unions are therefore representing employees to achieve something constructive. So from this perspective, I have to say that dialogue with trade unions was positive. Of course, we had discussions on the solidarity factors. Let me explain. As the Board, we decided that as it was a COVID year that deprived us 40% of our profit. We said -- we decided actually to include this factor in our bonus -- or our bonus mechanism that was regulated by the collective [indiscernible] agreement. So we decided to take a legal decision to limit the amount of bonus in 2020, which was the COVID year, and Trade Union naturally have different decision -- different perspective. In some cases, there were some court cases lodged. And it's naturally that Mr. [ Kievit ] said that it's improper. We believed it was proper. We had received the legal opinion saying that it was justified by the fact that in 2020, bank reached much lower profits. So this is a natural discussion in difficult situations in all companies. Board members have to take difficult decisions. And these decisions often trigger some discussions. Thank God, it does not go beyond civilized framework. So answering your question directly, whether we -- what we did, generally, we paid bonuses, MBO at the level that was compliant with the law. So we had rights to take all these decisions. The decisions were legal. If anyone does not agree with these decisions. this person may apply appeal from these decisions to the court. But everything was legal and this situation is quite clear. When it comes to the guidelines and the President award, so we have this collective burdening system, another discussion with Trade Union if we want actually to motivate people on top of the bonus described in [Zosper], so if we want to actually ask the Board to run policy to increase the funds for awards, so-called President Award or any other type of awards in order to improve sales of the mortgage products and other products as well. So it means that if somebody receives -- or which is good results, this person could get a bonus. And we have guidelines describing the conditions. So we had dialogue with trade unions. Trade unions, of course, want to intervene what the criteria are taken, and we the Board decide to believe that this money should be related to the outcomes of work. They should be of a motivational nature. So the rewards should be given to person achieving the results. So Mr. [ Tiivi ] provided his opinion that this motivational space should be limited and these awards should be more equal. But we are on -- we have an ongoing discussion on that. And we have our perspective. We take our perspective. We disagree with the fact that we should pay the same amount of money to everyone because we really want to have as good results as a bank as possible. So this money should be somehow refer -- should be somehow related to the outcomes of work. Of course, this is a natural discussion probably all employees and employers discuss that it's natural. But at the end of the day, which is important, we came to a conclusion. We recently had a constructive discussion. Pawel Straczynski was a part of it as well. So from the bird's eye view, let me say these were my questions to Mr. [Kievit]. These were my answers to Mr. [Kievit] question. Of course, our perspective may differ because we are driven different perspectives. This is again quite natural for us, it is important to have effective and constructive cooperation with trade unions. It's not always nice, and -- but it is not surprising. Now I'd like to give floor to Pawel Straczynski. You may answer the question of plenipotentiary.

Thank you very much, Mr. President. If I may, I would like to address those issues very briefly, as mentioned by President Skiba. I am also involved in the social dialogue conducted with trade unions. So we're referring to the words. We have just heard 2 pieces of information, namely when it comes to the level of remuneration of both members of the Supervisory Board as the management. It is all included in the financial statement. So this is not any kind of information that is not public or subject to any clauses. And the second information is as follows: me, together with my colleague from the management, Wojciech Werochowski we were also involved in negotiations when it comes to incentive systems. But this year, unfortunately, talks were broken when it comes to the proposals of introducing a brand new incentive or motivational system, and this was the initiative of the social side, namely. It was the social side that decided to discontinue the negotiations in this respect. Moving on to the questions in relation to the level of emissions, I took the liberty to take the floor because I believe that, as you may probably know, I am quite experienced in the energy sector and I am also personally involved in a number of works connected to the bank policy in terms of low, medium and high emission sector. If I may, I'll try to answer all the questions jointly asked by you. Last year, under the strategy of SKM, we stipulated very clearly that by 2024, we wish to reduce the involvement in high-emission sectors up to the level of below 1% of our portfolio, and these are the activities undertaken by us. However, taking into account the highly complex situation that we have been dealing with since the end of February this year, since after all, the current reality has undergone transformation. When it comes to the financing of gas alone, we already were dealing with 3 situations over a short period of time, namely one situation from before the outbreak of war when gas as such, was indicated as a transition fuel in the transformation process. But after the 24th of February, if my memory serves me right, all of a sudden, it appeared that the European Commission commenced sort of a dialogue, if I may say so, when it comes to the role of gas in the entire transformation process. I'm not going to quote the exact words, but I would like to refer to the words by Mr. Frans Timmermans, the Vice President, 3 days after the outbreak of war. He publicly is the EU official said that it is after all the coal that right now, given those turbulent times, it should act as a transition fuel, not gas. And then another pivot, another twist from actually yesterday. The proposals on the part of the European Commission of including the taxonomy in the delegated task when it comes to nuclear energy and gas. It all indicated that the agreement on the acceptance of nuclear energy and natural gas as low emission or 0 emission sources. It is all closed and the information from the European Parliament just from yesterday is as follows: another attempt was taken as regards the withdrawal of gas and nuclear energy from the taxonomy. So I can risk a statement that basically, we returned to the starting point from the previous year. We, as a bank, of course, we have one overriding objective, namely to implement our industry policy, we would like to remain involved in zero and low-emission projects, yet we try to pay attention to what's going on in the European Commission, especially when it comes to the entire legislation as well as we try to consider the current situation of the Polish economy and the Polish electro energy system as an instrumental element of the Polish economy. We do not have any specific deadlines or dates when it comes to abandoning the coal sector or gas sector completely. Why? Because today, given this highly complex situation, it is impossible to "any specific dates." Once the situation becomes more stable, we would like to be able to -- once the situation -- the international situation becomes more stable, we would like to be able to refer to our perspective on the closest short-term future as well as more long term. And then potentially, we could embark on works when it comes to abandoning or reducing the level of financing. I'm not sure what exactly the direction will be, but I'm sure these are the works that we are going to undertake. I hope that my answer is exhaustive when it comes to the questions asked -- thank you. Thank you so much. I'd like to give the floor to Mr. President.

Yes, another question was asked pertaining to the bank security. So yes, the truth is that in order to conclude. The money in the bank is safe because we are doing our utmost to protect the money of our clients. It goes without saying that we are handling some attacks, especially in the second half of the previous year. We were dealing with a number of cyber attacks. So the truth is that the entire sector was affected. But we were able to emerge as winners. We, basically, were not affected. We remained intact. So there were no serious threats. It was all done in coordination with other banks. And of course, on a bigger scale, those cyber attacks were implemented at the end of last year more intensely as compared with what is happening right now after the outbreak of war beyond our Eastern border. And we are dealing with the situations when the clients of all banks are being attacked when it comes to false links. And right now, we invest heavily when it comes to cyber infrastructure so that we can support our clients, and we remain determined so that it is as secure as possible from the perspective of our clients. So as a result, to conclude, we invest heavily. We allocate a lot of financial outlay so that this arms race, if I may say so, is successful and all the criminals wishing to attack all banks, both in Poland and globally, of course, they are increasingly effective. Yet, we are doing our utmost. We spent a lot of money. We employ new experts even right now, there is an open recruitment procedure when it comes to the security department under our cybersecurity team. And it is only natural. So basically, we need to have the best possible experts, and we need to allocate a lot of resources for them so that we are able to secure the money that is at the hands of the bank, and we remain aware we have a good dialogue with other public institutions that are also in charge of it as well as within the entire banking sector, we have the association of Polish banks, coordinating it -- the National Clearing chamber, all the other institutions. So if I may say so, this is not only our matters. These are not only our matters. This is not only our business, but the entire sector's interest that we also had the inspection on the part of the financial supervision authority when it comes to money laundering call the procedures. We remain in dialogue with the Wojciech. So we don't identify any signals that this [indiscernible] corporation is negative. But of course, this requires hard work, a lot of effort increased investment so that basically, we don't have any failures. So our assessment of the situation remains positive. And this is the reason for us to become even more involved because we basically cannot remain complacent. We cannot rest on our laurels because the truth is that this is a difficult uphill battle with criminals. The list of questions is closed, but if you wish to take the floor, please do so.

Mr. President, thank you. Nevertheless, of course, I will ask you for the approval to my questions, but I would like to refer to your comment that we have just heard I would like to state for the protocol. I used the surname. I'm not sure [indiscernible], the Director of [ Pekao Isa Bank ] as well as Director [indiscernible], and I was fully aware that one of those persons. But Mr. President, Mr. President, because you accused me of violating the regulations of the law. We have [ Case-5.K ]. And this person is accused. This is public and those surnames are not protected. This is a penal case. I'm sure you are aware of it as a lawyer yourself. Thank you so much.

I'm not sure why you want to ask this question why once the list of questions has been closed.

Because Mr. President failed to refer to some part of the questions, and it will be my great request. I would be really grateful if you are able to provide all the answers.

So you do have one more question.

Yes.

How many more questions do you have?

Four questions, I believe. And let me remind you that I asked the question about.

Okay, as an exception, please, the floor is yours. Please articulate for questions. I have given the floor to you as an exception to the role.

Mr. President, when it comes to the annual report, financial statement, you included the following. When it comes to those in 2021, there was a plus action lawsuit, it was mentioned, but not all the information were released, who initiated the proceedings, the dispute why? And for the second time, given the annual report, you fail to include the name of the organization that initiated the dispute. And the second question is as follows: when it comes to those issues in question, is this true that there is a penal case? And as the accused, we have [ Mrs. Valtae Shieska or Madam Director, Irena Coveris Director Agneshkash Videra, ] who remained in charge. I mean they are allegedly responsible for doing some bodily harm. And please clarify, I believe that this is significant for the shareholders. Is this true that all the trade unions have appealed to you as the President and the management of the bank so that you paid out those motivational rewards after all those bonuses because I believe that you were mistaken bank in 2021, failed to pay out a single Polish slot as the motivational reward you said that partially, it was paid out. Can you confirm, is this true? Perhaps you don't remember the amount of PLN 40 million. I can easily understand that this is true that the trade unions contacted you in 2021 and then in the consecutive months for those rewards, motivational rewards to be paid out for the year [ 2021] , 40% of the bonus perhaps on account of the fact that the financial situation was improved then the bank has PLN 900 million of net profit for the first quarter. And the question to Mr. Straczynski, just through that the state labor inspection decided that you introduced the guidelines illegally. And if they were withdrawn then to the best of my knowledge, they were withdrawn by you, was it as a result of the intervention on the part of the state labor inspection. And the question to Mr. Werochowski when are you going to withdraw the illegal poll system?

The list of the questions has been closed. I'm not going to allow any more questions, and please refer to them if you might say so. Yes. Some parts lowering the bonus of -- by 40%. We are running this dialogue until now, so it's quite clear. There are different perspectives, as I said. We believe that our decision was right, and decision had a legal basis to support that and the trade union is even convinced, we're trying to convince us that this beginning of the year is so good. Maybe, maybe there is still a space room to pay this money for the year 2019 -- in 2020 for 2020 -- for 2019, No, but we reduced the bonus for 2019 in 2020. Anyway, there is an ongoing dialogue, and there is a difference of opinion, of course, when it comes to the additional issues, there are other ongoing discussions. And [ Mr. Kwiecinski ] mentioned them. When it comes to the dispute, maybe our experts believe that including information that was included was sufficient and probably that was the motivation behind it. So they believe that the information required by law was that then that was probably a prudent approach. Maybe they referred to some legal actions deciding and decided actually to provide just that information. Anyway, it's difficult to judge it right now. They prepared the information that was approved by the Board and through the Board following the prudent approach, carrying for the precise information to be provided, decided for that. So that's it. Here, I can finish. Thank you very much. The list of questions was closed, exhausted. I do not allow for any other questions.

Thank you very much for the statement. Statement was made without micro -- interpreters did not hear that. Okay. So let's move on to item number 10 of the agenda, it's 11:17 am let's vote on the draft resolution #3. So we opened a voting procedure now. Approval of the report on the activities of the Bank Polska S.A. Capital Group for 2021 prepared together with the report on the activities of Bank Pekao S.A. We have secret ballot as the voting is ongoing, and did everyone want to exercise the right to vote and did not exercise it? [Voting]

No. Let's close voting. Please provide the results. Results should be displayed on tablets. So the resolution was proved. 172, 239,797 for 926,471 abstentions. No objections. Resolution was adopted. Let's vote on resolution 4. On approval of individual financial statement of Bank Pekao S.A.for the year ended on 31st of December 2021. Let me remind you that the secret ballot is on going. [Voting]

Anyone who wanted to exercise the right to vote and did not manage? Let'es close the voting, please provide the results. The results are announced a bit later. I will be -- due to the fact that some shareholders participating in the meeting remotely online. That's why we have a delay. Let me inform that the resolution was approved and there were 172,239,797 votes for no objections and 926,471 abstentions. In the light of that, let me announce that resolution was adopted. Now let's vote on resolution #5 on the approval of the consolidated financial statement of the Bank Pekao S.A. Capital Group for the year ended on the 31st December 2021. [Voting]

Anyone who wanted to exercise the vote to right and not manage? Let's close voting. And I would like ask to provide the results. The resolution was adopted. There were 172,239,797 votes for no objections and 926,471 abstentions. Now I officially open voting on resolution #6, distribution of net profit of Bank Polska Kasa Opieki S.A. for the year 2021. [Voting]

The voting is ongoing. We vote on the draft submitted. Meanwhile, could you please provide documents -- submit the document. anyone who want to exercise the right to vote and did not manage? Let's close voting, and I would ask for a provision of the results. Ladies and gentlemen, during the meeting, as you have seen, I received a draft of resolution. If the resolution is not adopted. I would decide to vote on the draft if we end up the resolution. Well, the resolution was adopted 173,163,268 votes for against 3,000 and no abstentions. Therefore, let me announce that resolution is adopted. And now we vote on resolution #7 on approval of the report of the Supervisory Board of Bank Polska Kasa Opieki S.A.[indiscernible] on the activities in 2021, along with assessments and opinions prepared in accordance with regulatory requirements and the result of self assessment of the suitability of the Supervisory Board and its members. [Voting]

Anyone who wanted to exercise the right to vote and did not manage? Let's close voting. Let's provide the results. The resolution has been adopted. 172,226,804 votes for against 12,993 votes, 926,471 votes of abstentions and I officially announced that resolution is adopted. And now we move on to sub item #6. We are still in Item 10 of the agenda. And now we are going to vote on the resolution on the granting discharge to members of the management board of companies. So those who perform the duties in the financial year 2021 please follow the articles of commercial codes including the limited -- on the limitations on the rights to vote. So I will read out the number of the resolution draft and the name of the person who is the subject of voting. Let's vote on Resolution #8 on granting discharge to Mr. Leszek Skiba. [Voting]

All votings actually are in a form of secret ballot. Anyone who wanted to exercise the right to vote and did not manage? Let's close voting and let see the results. For the resolution 171,928,422 votes against 7,638 votes.1,230,209 votes of abstentions. The resolution is adopted. Let's vote on resolution draft of resolution #9 to grant discharge to Mr. Marcin. Voting is onging. [Voting]

Anyone who wanted to exercise the right to vote and did not manage ? Yes, we have a person who did not manage to vote yet. Please let us know when you're ready. Let's close voting, please provide the results. 171,927,922 votes for 8,144 votes against 1,230,209 abstentions. The resolution is adopted. Let's vote on the resolution draft #10 to grant discharge to [Pawel Straczynski ], voting is ongoing. [Voting]

I would kindly ask you Madam to inform me when you are already with voting. Anyone who would like to exercise the right to vote and did not manage? Let's close voting, please provide the results. Resolution adopted. 171,928,422 votes for 7,644 votes against. 1,230,209 abstentions. Resolution draft #11 to grant discharge to Mr. Jerzy Kwiecinski. Secret ballot ongoing. And again, I would kindly ask you ma'am to let me know when you are done voting. [Voting]

Anyone who wanted to exercise the right to vote and did not manage? Let's close voting and just provide the results. We are still waiting for the votes cast online. The resolution adopted 171,927,922 votes for 8,144 votes against. 1,230,209 votes of abstentions. Therefore, let me announce that resolution is adopted. Let's vote on draft resolution 12 to grant discharge to Magdalena Zmitrowicz. Voting is ongoing. [Voting]

Anyone who wanted to exercise the right to vote and did not manage? Let's close voting. Let's provide the results. Resolution adopted.171,927,922 votes for, 8,138 votes against 1,230,209 votes of abstentions. Let's vote on the draft resolution #13 to grant discharge to Mr. Jaroslaw Fuchs. Secret ballot ongoing. [Voting]

This is the case that you wanted to exercise your right of vote and you are unable to do? So I would like to close the voting, and please submit the results. For the resolution, 171,927,922 votes against 8,144, abstentions, 1,230,209 votes. Given the above, I state that the resolution has been adopted. And right now, Resolution #14 on granting discharge to Mr. Wojciech Werochowski and a secret ballot is in progress. [Voting]

Please wait for the voting to be completed. Is there anyone who wanted to exercise the right to vote and who aren't able to do so? I would like to close the voting, please submit the results. Resolution --. Yes, this is a draft resolution #14, and it's about granting discharge to Mr. Wojciech Werochowski. So there was a technical error. It has been rectified. So thank you for indicating this, Mr. President. Just for the sake of being cautious, let me read the results. In favor 171,928,422 votes against 7,644 ,abstentions 1,230,209 votes. And you have a question.

[interpreted] I would like to state that I voted against the resolution. Please include it in the protocol.

Okay. Thank you very much. I would like to have the next voting resolution #15 on granting discharge to Mr. Blazej Szczecki. Let me remind you that the secret ballot is in progress. [Voting]

Is there anyone who wanted to exercise the right to vote and you are not able to do so? I would like to close the voting and the results? The resolution has been adopted. Votes in favor, 171,928,422 votes; against 7,644 votes; abstentions, 1,240,209 votes. I would like to move on hereby to resolution -- draft resolution #16 on granting discharge to Mr. Pawel Straczynski. The secret ballot is in progress. [Voting]

Is there anyone here who wanted to exercise the right to vote and you did not manage to do it? I would like to close the voting and let's see the results. This resolution has been adopted. Votes for 171,928,422 votes against 7,636 votes; abstentions, 1,230,215 votes. And the next voting draft resolution #17 on granting discharge to Mr. Tomasz Kubiak. [Voting]

Is there anyone present here who wanted to exercise the right to vote and you did not manage to do? So, I'd like to close the voting. Let's see the results. This resolution has been adopted. Votes in favor 171,941,415 votes against 7,644, abstentions 1,217,216 votes and the next vote come draft resolution #18 yes.

[Foreign Language] I would like to state that I voted with this resolution against, please make sure that you include it in the protocol.

And I would like to -- are there the voting on Resolution #18, giving discharge to Mr. Krzysztof Kozlowski. [Voting]

Is there anyone who wanted to exercise the right to vote and you did not manage to so ? Let's close the voting, and please submit the results. The resolution has been adopted. Votes in favor 171,928,422 votes against the resolution 7,644 votes, the number of abstentions 1,230,209 votes. And the next voting on draft Resolution #19 on granting discharge to Mr. Tomasz Straczynski. [Voting]

The secret ballot is in progress. Is there anyone here who wish to exercise the right to vote and you are not able to do so? Let's close the voting and let's see the results. So the resolution has been adopted for 171,928,422 against 7,644, the number of votes abstained 1,230,209. So I state hereby that the resolution has been adopted.

[indiscernible] which I would like to state that given this resolution I voted against, please make sure you include it in the protocol. And I would like to congratulate Mr. President and all the people acting as members of the management for being granted discharge.

Let's move on to a point -- sub point 7 in point 10 of our agenda, but I can see that some shareholders are leaving the meeting once the number of shareholders present has been changed. So I'm talking about the state of shares. We have to make sure it is included in the protocol, but I don't think it is actually happening. So right now, we have draft resolution #20 on granting discharge to Mrs Beata Kozlowska-Chyla. The secret ballot is in progress. [Voting]

Is there anybody here who wish to exercise the right to vote and you are not able to do so? I'd like to close the voting and let's see the results. For 161,322,652 votes against 10,615,400 votes, number of abstentions, 1,218,216 votes. Given the above, I would like to say that the resolution has been adopted. And right now, we have a voting draft resolution #21 on giving discharge to [ Mrs. Juan Denishk. ] The secret ballot is in progress. [Voting]

Is there anybody here who wish to exercise the right to vote and you did not manage to do so? Let's close the voting, and let's see the results. And in the meantime, I would like to state that the number of shareholders present here are the ones that are represented here. It has been changed right now. We have 625 persons or entities entitled to 173,166,269 shares and the percentage system is the same 65.975%. And in the meantime, the results are ready, the resolution has been adopted for -- we have 161,331,805 against 10,616,400, abstentions 1,216,063 votes, which helps me to move to the next draft resolution #22 on granting discharge to [indiscernible] The secret ballot is in progress. [Voting]

Is there anybody present here who wish to exercise the right to vote and you are not able to do so? let's close the voting and let's see the results. The resolution has been adopted. Votes in favor 161,331,805 votes against 10,616,400 votes the number of abstentions, 1,218,063 votes. Which allows me to move on to draft Resolution #23 on granting discharge to [ Mr. Stanislav Recatto. ] The secret ballot is in progress. [Voting]

Is there anybody here who wish to exercise the right to vote and you are not able to do so? I would like to close the voting and please submit the results. The resolution has been adopted. Votes in favor 161,341,805 votes against 10,616,400 votes, number of abstentions 1,218,063 votes. Given the above, I would like to state that the resolution has been adopted. And the next voting on draft resolution #24 or on granting discharge to Mr. Marcin Gadomski, the secret ballot is in progress. [Voting]

Anyone who wanted to exercise the right to vote and did not manage? let's close the voting and submit the results. The resolution has been adopted. In favor, [ 161,331,805 ] votes against 10,616,400 votes, 1,218,063 abstentions. The resolution has been adopted, let's vote on Resolution 25 and granting discharge to Madam [indiscernible] Again, I will kindly ask you to let me know that we are still voting. [Voting]

Anyone who wanted to exercise the right to vote and did not manage? Let's close voting. Let's submit the results. The resolution has been adopted. In favor, 161,331,305 votes against 10,616,400 votes, 1,218,563 abstentions. Therefore, we can move on to the draft resolution 26 on granting discharge to Madam [indiscernible], a secret ballot is in progress. [Voting]

Anyone who wanted to exercise the right to vote and did not manage? Let's close voting and let's provide the results. The resolution has been adopted. In favor of 161,331,305 votes against 10,616,400 votes, abstentions 1,218,563 votes. Therefore, let's move on to voting on draft resolution #27 on granting a vote of approval to [indiscernible], secret ballot in progress. [Voting]

Anyone who want to exercise the right to vote and did not manage? Let's close voting, let's see the results. The resolution has been adopted. In favor, 161,332,652 votes against the resolution, 10,616,400 votes, abstentions 1,217,216 votes. Therefore, we move on to Resolution #28 on granting a vote of approval to [ Mr. Marion Maher ] Secret ballot in progress. [Voting]

Anyone who wanted to exercise the right to vote and did not manage? Let's close voting, let's provide the results Resolution has been adopted. In favor, 161,331,805 votes against 10,616,400 votes, abstentions 1,218,063 votes. Let's move on to draft resolution #29 on granting the vote of approval to [ Mr. Martin ket. ] [Voting]

Is anyone wanted to this exercise devolved and did not manage? Let's close voting. Let's provide the results. The resolution has been adopted. In favor, 161,332,152 votes against 10,616 900 votes, abstentions 1,217,216 votes. Therefore, I would like to congratulate all persons who perform the function in the supervisory board of the company in the last financial year. Now we move on to Item 11 of the agenda. Let me announce that the report on the evaluation of the functioning of the remuneration policy of Bank was made available on our website. And it was provided with the materials for this meeting. Let's vote on the resolution #30 on the evaluation of the remuneration policy of Bank Polska Kas Opieki S.A in 2021. Secret ballot in progress. [Voting]

Let's stick to the positive habit. Let me therefore ask you whether any one of you wanted to exercise the right to vote and did not manage? Let's close voting, let's provide the results. Resolution has been adopted. In favor, 171,892,499 votes against 340,458 votes, abstentions 943,311 votes. I move on to Item #12 on the agenda. Let me say that report of -- on the evaluation of the remuneration for the Board and Supervisory Board was made available on the website of the company, and it was also provided in the materials that were made available before the meeting. Therefore, let me open the voting on resolution 31 on the review of the report of the Supervisory Board on the remuneration of members of the Management Board and Supervisory Board of Bank Polska Kasa Opieki S.A. for the year 2021, adoption of the resolution regarding the opinion there on. Secret ballot ongoing. [Voting]

Anyone who wanted to exercise the right to vote and did not manage? Let's close voting, and let's provide the results. Resolution was adopted. 121,265,754 votes in favor. 51,886,674 against 13,840 abstentions. Let's move on to Item 13 on the agenda. Let's vote on Resolution 32 on amending resolution 41 of the ordinary general meeting of shareholders of Bank Polska Kasa Opieki S.A. on principles based on which the remuneration of the members of the Supervisory Board of Bank Polska Kasa Opieki is determined as of dated on 21st of June 2018, the secret ballot ongoing. [Voting]

Anyone who wanted to exercise the right to vote and did not manage? let's close voting, let's provide the results. Resolution has been adopted. In favor of 156,319,100 votes against 16,846,321 votes, 847 abstentions. Therefore, we can move on to the next item on the agenda #14, where we will vote on draft resolution 34 on the adoption of the amended remuneration policy for members of the Supervisory Board and Management Board of Bank Polska Kasa Opieki S.A. Secret ballot in progress. Anyone who wanted to exercise the right to vote and did not manage? Let's close voting let's provide the results. Resolution has been adopted. In favor 105,051,117 votes against 68,102,158 votes, abstentions, 12,993 votes. Therefore, let's move on to the item 15 on the agenda. Let me indicate that in this -- for this item, there was a draft resolution submitted by the shareholders [indiscernible] as it was announced with the current report 12/2022 as of the tenth of June this year. Given that fact, let's vote first on this draft -- this draft published by the current report 12/2022. And that was submitted by the shareholder of the company, [indiscernible] Let's vote on this draft resolution #34, secret ballot in progress, [Voting]

Let me read out the new titles. Resolution on the adoption of the general quality and diversity policy with regard the bank's employees, including members of the Supervisory Board, members of the Management Board and process from key functions at Bank Polska Kasa Opieki S.A. to the extent that it applies to members of the Supervisory Board of Bank Polska Casa Opieki S.A. [Voting]

And anyone who should exercise the right to vote and did not manage? Let's close voting. Let's see the results. The resolution has been adopted. In favor 128,487,651 votes. No objections, 44,678,616 abstentions. Therefore, we should move on to Item 16 of the agenda. We will vote on resolution -- draft resolution #35 on the adoption of the best practices of [indiscernible] Stock Exchange company's 2021 for application, secret ballot in progress. [Voting]

Is there anybody here who wanted to exercise the right to vote and you did not manage to this? So I would like to close the voting and let's see the results. The resolution has been adopted. Votes in favor, 173,153,275 votes against 0 votes casts, and abstentions 12,993. And right now, I would like to move to point 17, on our agenda, I would like to state the report when it comes to applying the principles of corporate governance for supervised institutions has been presented to the general meeting, namely, it was made available at the internet website of the company as well as together with the materials for the today's meeting, and let's move on to point 18 on our agenda. I would like to state that the information on amendments to the regulations of the Bank Supervisory Board in the year 2021 was made public to the -- was made available to the general meeting, namely it is available at the internet website. It is also included in the reference materials that you have in your the so-called tablets. Let's move on to point 19 on our agenda. Let me remind you that we had a number of draft proposals submitted by [indiscernible] the shareholder, it was reported by the current report 2022 from the second of June of this year as well as the Internet website of the company. Let me also indicate that those draft proposals are available on the devices that you have right now. And I would like to indicate that in accordance with article 215 of the commercial companies code, we need a qualified majority of free [indiscernible] for votes in order for those draft proposals to be adopted. First and foremost, I would like to order a voting dedicated to the draft proposal submitted by the management of the company. Later on, we will focus on the ones submitted by the shareholders. Similarly, we are going to open consecutive voting sessions to avoid any doubt. I will read out the entire title of the resolution. So voting on draft proposal #46 on changing the statute of Bank Polska Kasa Opieki S.A. This is, let me clarify so that we can avoid any doubt, this is a draft resolution amending Paragraph 6, item 10, so there is an additional 22a and 22b sub points added. In colloquial terms, these are the projects on the part of the management. I would like to explain it at length so that there are no doubts what the subject matter of the voting is. Should we have any questions, please direct them to me. And right now, I have a question to you. [Voting]

Is there anybody here who wanted to exercise the right to vote and you are not able to do so, I cannot see any hand raise, so I'd like to close the voting. Let me remind you that we need a qualified majority here in order for the resolution to be adopted. This is the requirement. And here, in this case, the resolution has been adopted unanimously. So in favor, we have 173,365,421 votes. And right now, another draft resolution #47 on changing the statute of Bank Polska Kasa Opieki S.A and I would like to explain it at length, again, to avoid any doubts. It's about Paragraph 6 item 1.45 by way of giving it a new wording? Again, should you have any questions or doubts when it comes to the content of the draft resolution, please contact me. [Voting]

Is there anyone who wanted to exercise the right to vote and you are not able to do so? let's close the voting and let's see the results. For the resolution, we have 117,365,421 million. 0 against, abstentions 847, given the above, I would like to state that the resolution has been adopted. And right now voting. This is a draft resolution #48, also pertaining to the amendments to the statute of the bank. And this is about the new content of Paragraph 14 item 1. [Voting]

Is there anybody here who wanted to exercise the right to vote and you are not able to do so? Let's close the voting and the results resolution has been adopted unanimously in favor, we have 174,166,268 votes. So the next voting on draft resolution #49. Also dedicated to amending the statutes and it's about giving a new wording to paragraph 15 items 1 and 2. [Voting]

Is there anybody here who wanted to exercise the right to vote and you did not manage to do so? I would like to close the voting, and please submit the results. The resolution has been adopted unanimously in favor. We have 173,166,268 votes cast. And now the next voting on draft resolution #40. Again, here, we are going to stipulate a new wording, Paragraph 21, Item 1 and 2. And the secret ballot is in progress. [Voting]

Is there anybody here who wish to exercise the right to vote and you are not successful? let's close the voting and let's see the results. The resolution has been adopted unanimously. Votes in favor,174,616,268 votes and now voting on the draft Resolution #41, also pertaining to the amendments to the statute. And this draft resolution pertains to the following Paragraph 14 item 1, should read as follows.Is there anybody here who wishes to exercise the right to vote and you did not manage to do so. Let's close the voting and the results. The resolution has been adopted unanimously. Namely votes in favor, 174,166,268 votes. And now voting on the draft resolution #42 again, on amending the statute and giving a new wording to Paragraph 30a item 3. [Voting]

Is anybody here who wish to exercise the right to vote and you are not able to do so ? Let's close the voting and the results. The resolution has been adopted. Votes in favor, 174,665,768 votes, so 0 votes against abstentions 500 votes cast. So this means that the package of draft resolutions on the part of the management has been adopted. And let's move on to the draft resolution submitted by the shareholders to avoid any doubt, as I understand, voting on the draft resolution #44, also pertaining to the amendments to the statute of the bank, namely changing the wording of Paragraph 13 adding additional point 18, and further points. [Voting]

Is there anybody here who wish to exercise the right to vote and you did not manage to do so? Let's close the voting and let's see the results. Let me remind you that there is a requirement in place of a qualified majority in the case of this draft resolution as well as all the others pertaining to the amendments to the bank's statutes. Ladies and gentlemen, the results are already available for the sake of avoiding any doubts. [Voting]

Let me confirm them. Yes, the resolution has not been adopted. In favor, we have 102,852,893 against 80,800,000 and abstentions, 53,513,375 votes. As a result, right now, we have a voting of a draft proposal # 44, if it is to be adopted, it means that this will be a resolution #43. And it also pertains to the amendments of the bank's statute Paragraph 14 items 5B, 5C and 5D. [Voting]

Is there anybody who wish to exercise the right to vote and you did not manage to do it? Let's close the voting and let's see the results. The resolution has not been adopted in favor. We have 89,685,046 votes. That is 51.7%. against, we have 3,000 votes cast. The number of abstentions 83,472,222 votes. So voting on the draft resolution #45 also pertaining to the amendments to the statute. Should this resolution be adopted? the number of it would be different. It would be a resolution #43. [Voting]

Is there anybody here who wanted to exercise the right to vote and you did not manage to do it? Let's close the voting, and let's see the results. The resolution has not been adopted. Votes in favor 89,695,046 votes ,0 votes cast against the resolution. The number of abstentions, 83,481,222 votes. Ladies and gentlemen, we have consumed number 19 on our agenda, and we can move on to the next point, namely point #20, I would like to cordially acknowledge all the shareholders for participating in the debate today, all the members of the Supervisory Board as well as the management of the bank as well as all the individuals responsible for technical preparations and providing service during the today's debate so that we could proceed conduct the meeting very efficiently in spite of all the difficulties. Thank you so much, and I wish you a nice good day and a nice long weekend. I wish you all the best.