Powszechna Kasa Oszczednosci Bank Polski Spólka Akcyjna (PKO) Earnings Call Transcript & Summary

Good morning, ladies and gentlemen. I'm Wojciech Jasinski, the Vice Chairman of the Supervisory Board of PKO SA, and I have the pleasure to open today's Extraordinary General Meeting of Shareholders which is called today in accordance with the announcement that was published on the company's website on the 12th of April 2022. I would like to welcome all participants. I would like to welcome the members of the Management Board, and also the members of the Supervisory Board. The Supervisory Board members participate through the MS Teams application in this meeting. So we will have also the notary, [ Andrzej Przybylowicza ], who will take the minutes of today's meeting. Ladies and gentlemen, because of the formal opening of the Extraordinary General Meeting of Shareholders, I would like to move to the next point, that is selecting the Chairman of the Annual General Meeting. So I would like you to put forward your candidates. [indiscernible], potentiary for the Polish government, I would like to propose Mr. Kwasnicki to chair today's meeting. I understand that the candidate agrees. Yes, the candidate agrees. And ladies and gentlemen, are there any other candidates? And so I would like -- so we will vote. And I would like to ask the representative of the [ Unicom Company ] that is handling the voting system here at this meeting to tell us how to vote. So you have the tablet in front of you. So when the vote is ordered by the Chairman, on the screen of your tablets, you'll see 3 decision keys: Yes, No, Abstention. And then the split button, if you would like to divide your shares differently from different shares so that if you would like to use in the same way with all your package of the shares. So first of all, you have to press the decision that you would like to take. And after pressing the decision key, on the next screen, you will have the information what information has been chosen and then you will have the button, Confirm. In order to cast the vote in accordance to the decision that you have chosen, so then you have to press the Confirm button and then your vote is sent to the system. I think that this system is not very complicated. But if you have any technical problems, I am all the time here in this role and I am at your service just in case any technical problem. So I would like to ask also all the participants whether the voting system is clear to all. Yes, it is clear. And now I would like to vote, secret vote, on electing the Chairman of the Annual General Meeting. And could you please cast your votes on the candidate proposed? [Voting]

Has everyone voted? Yes, I understand that -- yes, and I would like to read the result of the vote. I would like to inform about the result of the secret vote. So we have the votes cast. 845,265,728 valid votes from 845,265,728 shares, representing 67.621258400% of the share capital. I would like to confirm that Mr. Kwasnicki has been elected the Chairman of today's meeting with the votes for yes, 845,260,727. There were no votes against. There were 5,001 abstentions. So the total number of votes cast is 845,265,728. And therefore, I would like to confirm that the Chairman of today's meeting is Radoslaw Kwasnicki, who will chair today's meeting. Congratulations to your legal counsel.

Good morning, ladies and gentlemen. Thank you very much for entrusting me the duty of chairing today's meeting. I would like to welcome the members of the management of the Supervisory Board. Madam CEO and also all other participants. And before we move to the next point on the agenda, I would like to clarify certain technical points. And I would like to see the attendance list. And also, I would like to have the formal information regarding the attendance at today's General Meeting of Shareholders, the Annual Meeting of Shareholders. So thank you very much. I'm just signing the attendance list. And this list is available for all participants to see. So we have shareholders present who are entitled 845,265,728 shares. So this is 67.62% of the share capital, which entitle to the same number of votes. So the announcement on calling this meeting was displayed on the company's website on the 12th of April and also was delivered in the current report 6/2022. In accordance with the legal regulation and also of the statute of the company, the meeting is valid no matter how many shares are represented at the meeting. And taking into account the above, I would like to confirm that today's meeting was convened properly and is capable of voting on all the resolutions that are on the agenda. So I would like to indicate that the drafts of the resolutions were published on the company's website and also in the form of the current report, and that they are available throughout the conduct of today's meeting. So 9/2022 report dated the 29th of April shows the agenda, and the agenda was completed taking into account also that all the drafts of the resolutions were made available. You can see them. So I would like to accept modus operandi in such a way that I will not be reading the words of the resolution. I will read only the headings of the resolutions. If there are any doubts about it, so could you please pass them to me, and we will find suitable solutions. I can't see any objections at this point. So we move now to point #4 on the agenda, namely, this is -- and as the company's shareholder, I would like to propose that we should vote on the amended agenda in such a way that it keeps points 13, 15 and 18 and 19. So taking into account the internal regulations of the bank, the resolution on this requires the absolute majority of the votes cast. To avoid any doubts, I would like to put under vote Resolution #2/2022 in the wording which corresponds to the draft that was published with this change that we do not have point 13, 15, 18 and 19. Are there any doubts about the draft Resolution #2? We don't have any doubt. So that is why I already voted on Resolution #2 regarding the amended agenda for today's meeting. Of course, in the open, there was no motion to make it secret. So the vote is open. [Voting]

Has everyone voted? Yes, I can see that one participant is still in the process of vote. So then I repeat my question. So has everyone voted? So it seems that everyone has voted. I close the vote, and I will read the results now. So I would like to confirm that there were 653,151,586 votes for yes. There were no votes against. Abstention is 192,114,143. Therefore, I would like to confirm that the resolution has been adopted. And then we proceed with the rest of the points on the agenda in line with the amended agenda. So we've already discussed the formal issues. Now I move to the next point on the agenda in such a way that I would like to present for the collective consideration points 5, 6 and 7. I would like to ask Madam CEO just to make a short statement prior to taking the vote.

Good morning. I would like to welcome you very cordially. It's my honor to present the financial statements on the capital group of PKO BP, the financial statement of PKN Bank and PKO BP and also the Management Board report for the year 2021. I have this honor also because of this -- that, that was a very good year, a very successful year for PKO Bank Polski. So we reached the level of profit PLN 4.9 billion. And this is a record net profit in the history of the bank. And I would like also to emphasize that this is also the highest profit also in the entire banking industry. And also all the indicators, which are key illustrating the profitability and also the quality of management, they have improved. The return on capital, we reached the level of 12.1%. And of course, we expanded the scale of our operations at the end of the year. The balance totals that we noted amounted to PLN 418 billion of assets, and we are handling more than 11 million of customers. We have very good and very strong capital days, and all the ratios exceeded the minimum requirement to a considerable extent, 18.7%, CET1 level of 17%. And of course, the increasing income also is something that we can proud about on year-to-year by 3.9%. And what we are happy about is -- so thanks to the -- so these are the profits from the core activity, namely increase on a year-to-year basis by over 5%. But also, this was -- we maintained the cost discipline and received ratio, this is 40.6% cost-to-income ratio. And of course, this is very good ratios compared to the entire industry, the average is at 43.8%, so we are considerably below the sector average. And coming back to the return on capital, it means ROE on the level of 12%. Of course, we are above the sector average. This is 5.7% there. So you could see that there, we have a very huge share. We have 12% return on equity ratio. So this is the highest result in the sector. And normalization of risk calls, so it means the quality of our portfolio is very good. The risk management is very good. And as for the cost of risk, the risk cost, it's on the level of 55 basis points. It means nonworking credit is below 3%, 3.98%. So at this point, what we have to pay our attention to is our strategy. Our strategy at this moment, which is binding, ends this year. So this is our time horizon, but nevertheless, I would like to announce that in 2022, we realized all the strategic goals with some deviation that -- of ROE on the level of 12.1%. The strategic goal by the 2022, this is 12%. So this goal has already been reached. Cost to income, 40.6 planned at the end of 2020 to 41. So it's almost fulfilled. So we are on a high level. The credit risk costs were planned in the bracket from 0.6 to 0.75, and we reached 0.55. So improved. And the capital ratio is very good that I have mentioned, and we fulfilled also all the conditions that determine the dividend payout. And also, we informed about it at our conference -- performance conference. The main achievements moving to -- so we have to say that we -- that there were -- there was an improvement of key indicators and also the external ratings of ESG. So that was the year of intense activities in this area. Last year, the bank adopted very ambitious goals related to the environmental protection, including also the limitation of the greenhouse gases reduction by 60%, elimination of exposure to mining sector to 2030. And also, 3x higher the increase of the green assets as compared to brown assets and increase of the green financing. And here, I can confirm that the realization of these goals is even faster than we assumed. So this is this element as for the environment. Of course, is also the -- includes also other factors, as you can see on the slide. So here, we also fulfill the goals as for the share of women in managerial positions. So the goal for 2035 is more than 35%. Now we have 38% performance rotation ratio. So by 2050, so this is -- we have 13. So this is a redundant -- the dismissal ratio, this is below 7. Now we have 8.1. So the purchasing process that is binding in our growth includes the key aspect of ESG. We also carry out service among the key vendors. We also prefer the -- we called on ethics to our vendors. Of course, these services were noted by the rating agencies, which determine the ratings in ESG area. And each agency increased the rating for PKO BP in this area. So coming back to the financial results. As I have said, it's a very good year, PLN 4.9 billion profit, and this is increased as compared to 2020. So this is by 21% growth. We are comparing 2019 because this 2020 because of the pandemic is not that relevant for comparison. So that is why our reference is for 2019. So this is the better comparison year. And the return on business activities increased by 4%. And of course, this is what I have mentioned, the very good level of cost to income. So it is thanks that these dynamics are much lower on the increase of the cost, the dynamics of the increase of the income. As for our activity, business activities, so I would like to say that we increased the growth in all the key areas of operations, both on the credit side and also on the deposit side. And the value of the credit volumes, PKO volumes increased on a year-to-year basis by more than 6.2% credit -- volume of corporate credit 7.8%. And the savings, retail savings here increased by almost 10%, 9.8%. And the savings of the corporate customers, here, where we increased 38.9% in this area. Also, I have mentioned about very good capital position of the bank. So the capital Tier 1 on the level of 17.03%. And also, as you could see, very big surplus, above the minimum required. And also, this very good ratio allows us take decisions regarding the dividend payout. And also here, we have TCR ratio 18.3%, so very high ratio, the management of the bank, taking into account huge profits and security of managing their funds. So our customers recommends the payout of the dividend in the amount of 50% of the income for the year 2021. And in summary, our main achievements once again, I would like to say that PLN 4.9 billion net profit in 2021, ROE level of 12.1% and recovery of the revenues in the core activities throughout the year. And also, this builds perspective in the year 2022 a very high level of efficiency, cost efficiency set. 14% risk cost on the level of 55.5 basis points, further improvement of the assets to 3.9%. A very strong capital base Tier 1, 17.0%, taking into account also, as I could say, high reserves for the legal risk related the mortgage loans in foreign currency instruments and also the continuation of the technological development of the company. We introduced many modern technologies, very intuitive. And also, we are very happy that we have very dynamic growth of using our services by our customers through our technological achievements. And because of this, I would like to ask for the approval of the financial statements and also the management Board's report by the General Meeting of Shareholders.

Thank you very much, Madam CEO. And also, I would like to congratulate the members of the governing bodies of the company for such a good year. And I also look at the audience whether we have any comments. So I can see that we have 2 comments. Could you please introduce yourself?

Please let us know the shareholders' data. And it is [indiscernible] representing [indiscernible]. I have 3 questions on the indicators ESG policy indicators, as you mentioned. Also with reference to the protest outside our office. Three questions. Please, I opened a list of questions according to the British Standard Chartered results, most investors will not invest in companies that do not tend to grow -- to turn to neutral -- on climate neutrality. So the bank provides for the green climate change-related objectives, but not directly to climate neutrality. So has the bank suggested at which date it will achieve climate neutrality? The next question. And in the report of the Management Board, there are some data on emissions. And do you have any suggests as regards the emissions, but not only for duty travels? So with reference to the estimated emissions in the third range, has the bank set up some restrictions on using the services of some companies that have no plans for climate neutrality?

So the list of questions, I have been filing a question, individual investor. I have 2 questions. First question, in the Management Board's report on the activities in 2021 includes information that it includes some provision by its restrictions of the use of mining sector. And it also specifies the percentage of the activities in this regard. Is there a similar provision where the exposure to the coal-fired energy sector restrictions is included? And if not, when can we expect it? And what is the exposure of the bank to this sector? And in the report of the management Board, there is no mention of the policy on gas extraction, on coal extraction. So does the bank provide for any final, say, date of ceasing to finance these sectors?

Because there were no other motions, I close the list of questions. Given the -- my obligations as the Chairman that you've elected to chair this meeting, I would like to inform you that in accordance with the relevant regulations, we'd like to recall you that this meeting and also the CEO statements covered the last financial year. So we are approving these documents that reflect the past, in a way. Taking this into account, I cannot allow these questions that do not concern directly last year, the last turnover year -- financial year. But without rejudging because there were 5 questions asked there with some complicated issues, and taking this into account -- taking into account, 428 in 2000 -- 429 of the Commercial Companies Code, I would like to say that the companies will refer to these questions without suggesting any specific answer because these questions must be covered by legal analysis in order to which extent these will be questions or perhaps, to some extent, the companies will have to deny this information in terms of the Commercial Companies Code.

And as regards Item 8, this document has been made available. And so I move on to Item 9, which specifies, a, some letters for specific numbers. So I will read the draft resolutions and specifying the number in order to make sure that we know what we're voting on. So our now vote -- we'll now vote on the on the approval of the financial statements of the PKO Bank Polski S.A. for the year ended 21 December '21. And this is a technical remark. We have a lot of draft resolutions. So we -- given the fact that we also have presence here who have voting rights on many packages of votes, so at the moment, when I give the number of the draft resolution, automatically, the voting process will start. So this is how we're going to proceed further, because this will streamline. So has anyone had the voting right but they haven't exercised it. We have somebody. Please let me know when you vote. Has anyone wanted to exercise the voting right but hasn't, so I close the vote. Please give me the results. For 841,620,522 votes, and no one against. And the abstentions were 3,645,205. So the resolution has been adopted. So now we will vote Resolution #4/22 on approving the Director's report of the PKO BP Polski Group for '21 prepared jointlt with the Directors' report of PKO Bank Polski S.A. together with the Directors' report on representation expenses for legal, marketing, public relations and social communication services and management consulting services for 2021. So this vote process is in progress. And we -- the voting process opens when I read the number of the resolution. [Voting]

So as the organizational matter, the number of persons representing shareholders has changed. And I give this information [ 237 ], and they are audits. They represent 7% of the equity -- of the shared capital. And has anyone wanted to exercise their voting right but hasn't done so. I close the vote. And here the number, 841,620,522 votes for. No one against. 3,645,205 abstentions. So the vote has been -- the resolution has been adopted. Now I move to Resolution #5/2025 (sic) [5/2022] to approve the consolidated financial statements of the PKO Bank Polski S.A. Group for the year ended 31 December 2021. And the vote is in progress. [Voting]

Has anyone wanted to exercise his voting right hasn't done so? I close the vote. So please give me the result for: 841 620,522 for. Nobody against. And the abstentions were 3,645,205. So I state that this resolution has been adopted. I move to Resolution #6/2022, on approving the statement of the Supervisory Board for 2021. And the vote is in progress. [Voting]

So has anyone wanted to exercise their voting right but hasn't done so? I close the vote. What are the results? And the results are, 841,615,522, for. Nobody against. And the abstentions were 3,650,205. So the resolution has been adopted. I move to the draft Resolution #7/2021 (sic) [2022] on returning down the distributed profit of PKO Bank Polski S.A. from previous years as undistributed profit. And the voting is in progress. [Voting]

Has anyone wanted to exercise the voting right but hasn't done so? There is one submission. And the voting process continues. [Voting]

Has anyone wanted to exercise this vote, but hasn't done so? I close the votes. And what are the results? 844,677,955, for. And against, 587,772. Nobody abstained. So I declare that the resolution has been adopted. At this point, I move on to the draft Resolution 8/2022 on distributing the profit earned by the Bank PKO S.A. in 2021. And the vote process is in progress. [Voting]

Does anyone wanted to exercise their voting right but hasn't done so? I close the votes. So please give me the results. 844,672,955 votes, for. And against, 587,772, against. Nobody abstained. So I declare that the Resolution #8 has been adopted. I move on to draft Resolution #9 on defining the amount of dividend per each share, dividend day and the day of the payment. And we vote now. [Voting]

Does anyone wanted to exercise their right but hasn't done so? I close the vote. Please give me the results. 844,677,955 votes, for. Against, 587,772 votes. And there were no abstentions. So in light of the above, I declare that the resolution has been adopted. I move on to the Resolution item #10, and we will vote on Resolution #10, which is expressing our opinion regarding the report on remuneration of the members of the Management Board and the Advisory Board of the PKO Bank S.A. for the year 2021. And the voting process starts now. [Voting]

Does anyone wanted to vote but hasn't done so? I close the vote. And here are the results. 614,023,962, the votes for. And against, 177,947, 205. And the abstention is 53,294,560. And this means that the resolution has been adopted. And Resolutions 11 and 12 will be considered jointly. They relate -- concern the granting a vote of acceptance for the performance of duties by members of the Management Board and the Supervisory Board. This will be a secret ballot because they concern personal, and there's also -- and there's a prohibition of voting in one's own case. So -- and as regards, we'd like the servicing company to make annotations, relevant annotations in the results of voting. And we will apply the following manner, I will read the number of the draft resolution and also the name, first and family name, of the person which is -- on which we vote. So when I read the number, please start voting. So I will now -- we'll now vote on the Resolution 12 (sic) [11] on granting acceptance to Ms. Iwona Duda, Vice President of Management Board for 23rd October 2021. So we vote on this vote of acceptance. [Voting]

Certainly, it is obvious, but it is the activities in 2021, which are subject of the vote. Has everyone voted? I close the vote. And I will read the results. So here's a number of votes for the resolutions, 845,265,727. Votes for is 840,324,449. No votes against. Abstentions, 4,941,278. So the resolution has been adopted. So I would like to congratulate Madam CEO for such good results. So now I would like to put on the Resolution 12 regarding the granting of the discharge Bartosz Drabikowski as the Vice CEO of the Management Board starting from 2021. And the vote is in progress. [Voting]

Has everyone voted? We are still waiting because it seems that there is one participant still in the process of vote. Has everyone voted? So I close the vote, and I would like to see the result of the vote. So there were 845,265,777 valid votes. For yes, 840,324,449. No votes against. Abstain is 4,941,278. So congratulations, the resolution has been adopted. So now I order the vote on Resolution #13/2022 regarding the grant of the discharge to Mr. Marcin Eckert, Vice President of the Management Board from 8th June 2021. And the vote is in progress. [Voting]

Has everyone voted? I close the vote, and I would like to recall the results of the vote. So there were 840,324,449 votes for yes. No votes against. Abstentions, 4,941,278. So I would like to confirm that the resolution has been adopted, and congratulations. So now I order the vote on Resolution #14/2022 regarding the grant of discharge to Mr. Wojciech Iwanicki, Vice President of the Management Board from 14th of October 2021. So the vote is in progress. [Voting]

Has everyone voted? So I close the vote. And now I will read the result of the vote. So there were 840,324,449 votes for yes. There were no votes against. And abstentions, 4,941,278. So I would like to confirm that the resolution has been adopted, and I would like to congratulate on approval. Now Resolution #15/2022, regarding the grant of discharge to Mr. Maks Kraczkowski, Vice President of the Management Board. So the vote is now in progress. [Voting]

Has everyone voted? I close the vote, and I will read the result of the vote. So there were 840,324,449 votes for yes. There were no votes against. Abstentions, 4,941,278. So I would like to confirm that the resolution has been adopted, and congratulations. Now I would like to order the vote on Resolution #16/2022 regarding the granting of discharge on Mr. Mieczyslaw Król, Vice President of the Management Board. So the vote is in progress. [Voting]

Has everyone voted? I close the vote, and I will read the result to see now the results. So there were 845,265,727 valid votes cast. For the resolution, there were 840,324,449. There were no votes against. And Abstentions, 4,941,278. So I would like to confirm that this resolution has been adopted, and congratulations. Now I would like to order the vote on Resolution #17 regarding the grant of discharge to Mr. Artur Kurcweil, Vice President of the Management Board from 14th September 2021. The secret vote is in progress. [Voting]

Has everyone voted? So I can see that one participant is still in the process of vote, so I will wait. Has everyone voted? I close the vote, and I would like to see the results. So there were another 840,324,449 votes for yes. There were no votes against. And abstentions, 4,941,278. So I would like to confirm that this resolution has been adopted, and congratulations. At the same time, I would like to hold the vote on Resolution #19/2022 regarding the grant of discharge to Mr. Piotr Mazur, Vice President of the Management Board. And the vote is in progress. [Voting]

Has everyone voted? I close the vote, and I will see the result. So there were 840,320,949 votes for yes. There were no votes against. Abstentions, 4,941,278. So I would like to confirm that this resolution has been adopted, and congratulations for the granting of the discharge. And I would like to order the vote on Resolution #19 regarding the granting of the discharge to Mr. Zbigniew Jagiello, President of the Management Board until the 7th of June 2021. [Voting]

Has everyone voted? I close the votes, and I would like to see the results. So there were 840,224,249 votes for. There were no votes against. And abstentions, 4,941,278. Therefore, I would like to confirm that the resolution has been adopted. At this point, I would like to order another vote on Resolution #20 regarding the grant of discharge to Mr. Rafal Antczak, Vice President of the Management Board until 14 October 2021. So the vote is in progress. [Voting]

Has everyone voted? I close the votes, and I would like now to read the result of the votes. So there were 840,324,499 votes for. There's no votes against. And abstentions, 4,941,278. So I would like to confirm that the resolution has been adopted, and congratulations. I would like to order the vote on Resolution #21/2022 regarding the grant of discharge to Rafal Kozlowski, Vice President of the Management Board until the 15th of June 2021. [Voting]

Has everyone voted? So I close the votes, and I would like now to read the results of the votes. So there were 840,324,449 votes for yes. There were no votes against. And abstentions, 4,941,278. So this is why I would like to confirm that the resolution has been adopted, and congratulations. I would like to order the vote on Resolution #22 regarding the grant of discharge to Adam Marciniak, Vice President of the Management Board until the 13th of August 2021. This is the -- the secret vote is in progress. [Voting]

Has everyone voted? So I close the vote. So there were 840,324,449 votes for yes. There were no abstentions -- there were no votes against. And abstentions, 4,941,278. So I would like to confirm that the resolution has been adopted, and congratulations. Now I order the vote on Resolution #23 regarding the grant of discharge to Mr. Jakub Papierski, Vice President of the Management until the 14th October 2021. The vote is in progress. [Voting]

Has everyone voted? I close the vote, and I will read the result of the votes. So there are 840,319,449 votes for yes. There were no votes against. And abstentions, 4,941,278. Therefore, I would like to confirm that the resolution has been adopted, and congratulations. I order the vote on Resolution #24/2022 regarding the grant of discharge to Mr. Jan Emeryk Rosciszewski, Vice President of the Management of the Board until the 22nd of October 2021; and from the 3rd of September to the 22nd of October 2021, the President of the Management Board. So the vote is in progress. [Voting]

Has everyone voted? So I close the vote, and now I will read the result of the votes. So there were 840,324,449 votes for yes. There were no votes against. And abstentions, 4,941,278. And I would like to confirm that the resolution has been adopted, and congratulations. So now we will have the vote on the granting of discharge. So we actually did the vote on the granting of discharge to the members of the Management Board. And I would like now to move to this part, point #12 on the agenda. So we'll vote on the granting of the discharge to the members of the Supervisory Board of the bank. So this is Resolution #25/2022 regarding the grant of discharge to Maciej Lopinski, the Chairman of the Supervisory Board from the 7th of June 2021. The vote is in progress. [Voting]

Has everyone voted? I think that's yes, and I close the vote. I will read the result of the votes. So there were 794,597,578 votes for yes. Against, 45,721,871. And abstentions, 4,941,278. So I would like to confirm that this resolution has been adopted. Congratulations. Now I order the vote on Resolution #26/2022 regarding the grant of discharge to Mr. Wojciech Jasinski, member of the Supervisory Board, and from the 7th of June 2021 as the Vice Chairman of the Supervisory Board. The vote is in progress. [Voting]

Has everyone voted? So we can see that one participant of the meeting is still in the process of vote, so we will wait. [Voting]

So has everyone voted? I can see that yes, and I close the vote, and I will read the result of the votes. So the total votes for is 794,597,578. Against, 45,721,871. And abstentions, 4,941,278. So I would like to confirm that the resolution has been adopted, and congratulations. At this point, I move to Resolution #27/2022 regarding the grant of discharge to Mr. Dominik Kaczmarski, member of the Supervisory Board from the 7th of June 2021, from the 8th of June 202, the Secretary of the Supervisory Board. This is a secret vote, and it is pending now. [Voting]

Has everyone voted? I close the vote. So please give me the results. For, 794,597,578 votes for. Against, 45,721,871 votes against. And abstentions, 4,941,278. So in light of this, I state and declare that the resolution has been adopted. Congratulations. And now we vote on Resolution #28/2022 to grant a vote of acceptance to Mr. Mariusz Andrzejewski, member of the Supervisory Board. It's a secret ballot in progress. You can see that the dynamic of the vote is that some -- that things cannot withstand the pressure. That's good. [Voting]

Has anyone -- has everyone voted? We have somebody still voting. [Voting]

Has everyone voted now? So I close the vote. Please give me the results. For, 794,597,578 for. Against, 45,721,871 votes. And abstentions, 4,941,278 votes. And so I declare that the resolution has been adopted. Congratulations. And now we vote on the Resolution #29/2022 to grant a vote of acceptance to Mr. Grzegorz Chlopek, member of Supervisory Board. So it's a secret ballot in progress now. [Voting]

Has everyone voted? I close the vote, and the results. For, 794,602,578 votes. Against, 45,721,871 votes. And abstentions, 4,941,278. So the resolution has been adopted. And now we vote on the Resolution 31/2022 to give a -- grant a vote of acceptance to Mr. Rafal Kos, member of the Supervisory Board. So the secret ballot is in progress now. [Voting]

Has everyone voted? I close the vote. Please give me the results. For, 794,602,578 votes for. Against, 45,721,871 votes. And abstentions, 4,941,278 votes. In light of the above, I declare the resolution has been adopted, and I congratulate. And now we vote on the Resolution 33/2022 to give a vote of acceptance to Mr. Krzysztof Michalski, member of the Supervisory Board, in a secret ballot. [Voting]

[Foreign Language] Has everyone voted? I close the vote. Please give me the results. For, 794,602,578 votes. Against, 45,721,871 votes. Abstentions, 4,941,278 votes. In light of the above, I declare that the resolution has been adopted, and I congratulate cordially. And now we move to vote on Resolution 34 to give a vote of confidence to Mr. Tomasz Kuczur. Vote is on. [Voting]

Has everyone voted? I close the vote. Please give me the results. For, 794,597,578 votes. Against, 45,721,871 votes. And abstentions included 4,941,278 votes. So I declare that this resolution has been adopted, and I congratulate the -- Mr. Kuczur. And now we vote on the granting the acceptance to the performance of duties, Resolution #33, to Mr. Krzysztof Michalski, member of the Supervisory Board. And the voting process is in progress now. [Voting]

Has everyone voted? I close the votes, and give me the results. For, 794,602,578 votes. Against, 45,721,871 votes. And abstain, 4,941,278 votes. So in light of this, I declare that the resolution has been adopted, and I congratulate Mr. Michalski cordially. And now we vote on draft Resolution 34/2022 to give grant of acceptance to Mr. Bogdan Szafranski, member of Supervisory Board from 12 October 2021. And the secret ballot is in progress now. [Voting]

Has everyone voted? Can I close the vote? Please give me the results. And the -- for, 794,597,578 votes. Against, 45,721,871 votes. And abstentions, 4,941,278 votes. In light of this, I declare that the resolution has been adopted, and I congratulate Mr. Szafranski. And now we will have a vote on 35 -- Resolution #35, Ms. Agnieszka Winnik-Kalemba, who was the member of Supervisory Board from 7th of June 2021. And the secret ballot is in progress. [Voting]

Has everyone voted? So I close the vote. Please give me the results. For, 794,597,578 votes. Against, 45,721,871. And the abstentions included 4,941,278 votes. So I declare that the resolution has been adopted, and I congratulate the -- Ms. Kalemba. And now we vote on draft Resolution 36 to grant a vote of acceptance to the performance of duties to Ms. Grazyna Ciurzynska, Secretary of the Supervisory Board until 7th of June 2021. And the secret ballot is in progress. [Voting]

Has everyone voted? I close the vote. Please give me the results. And for, we have 794,602,578 votes. Against, 45,721,871 votes. And abstained, 4,941,278 votes. So in light of the above, I declare that the resolution has been adopted, and I congratulate. And now we vote on draft Resolution #37/2022 to give a grant of confidence -- of acceptance to Mr. Zbigniew Hajlasz, a member of the Supervisory Board until the 12th of October 2021. And also he was the member -- Chairman of Supervisory Board until June 7, 2021. The ballot is secret. [Voting]

Has everyone voted? I close the vote, and give the results. For 794,602,578 votes. Against, 45,721,871 votes. Abstentions, 4,941,278 votes. In light of the above, I declare that the -- it has been adopted. And now we have a draft Resolution 38 to give a grant of vote of confidence to Mr. Marcin Izdebski, Vice President of the Supervisory Board until the 6th of June 2021. And the secret ballot is in progress. [Voting]

Has everyone voted? I close the vote, and give me the results. For, 794,602,578 votes. Against, 45,721,871 votes. And abstained, 4,941,278 votes. In light of the above, I declare that the resolution has been adopted, and I congratulate Mr. Izdebski cordially. And now we vote on the draft Resolution #39/2022 to give grant of acceptance to Mr. Piotr Sadownik, member of the Supervisory Board until the 11th of October 2021. And the secret ballot is in progress now. [Voting]

Has everyone voted? So I close the vote, and give me the results. For, 794,602,578 votes. Against, 45,721,871 votes. And abstained, 4,941,278 votes. So in light of this, I declare that the resolution has been adopted. I congratulate you cordially. I also congratulate Mr. Chairman, all the persons that have held positions in the last year. So now we have the different numbering, so we move to Point 13. This is amending -- so now the draft resolution 40/'22. It's a resolution amending the resolution number -- Resolution #34/2020 of the Annual General Meeting of Powszechna Kasa Oszczednosci Bank Polski Spolka of 26 August 2020 on approval of the policy concerning the assessment of the suitability of candidates for members and the members of Supervisory Board of the Powszechna Kasa Oszczednosci as amended. So I -- we take a vote on this draft resolution, and it is in progress. [Voting]

Has everyone voted? I close the vote, and give me the results. For, 845,265,727 votes. That is unanimously, just for formality. Nobody was against or abstained. And the resolution has been adopted. I move to Item 14. We will now vote on Resolution #41 to change the Articles of Association of the Powszechna Kasa PKO ABP. And the vote is in progress. [Voting]

Has everyone voted? I close the vote. Please give me the results. And for, 845,260,727 votes for, which represents 99.999%. Against, 5,000. And no one abstained. In light of the above, I declare that the resolution has been adopted with a qualified majority. I move to Item 15. And we will have Resolution 42/2022 on the approval of the rules and regulations of the Supervisory Board of Powszechna Kasa Oszczednosci Bank Polski Spolka Akcyjna. And the vote is in progress. [Voting]

Has everyone voted? I close the vote. Please give me the results. 845,260,727 votes for. Nobody against. And abstentions, 5,000 votes. In light of the above, I declare that the resolution has been adopted. I move to Item 16 of the agenda. And we vote on Resolution 43/2022 on the periodic assessment of the individual suitability of members of the Supervisory Board of the bank. And the vote is on. [Voting]

So we have a technical issue. So I would not close this vote. So we will proceed in this way that the personal details are shown on the screen. And we will vote on these persons whose personal data are shown on the screen. [Foreign Language] We have on the screen the form regarding the concrete person, and we will carry out the vote in this way. So the title of the resolution is given, and I will read the name and surname of the candidate. Of course, this will be the secret vote and we'll proceed in this way. So I would like only to have the list of the persons and also the resolutions that are to be taken about those persons on the list. [Foreign Language] Thank you very much for your patience. And I put under a vote the draft resolution regarding the assessment of the individual suitability. This is Resolution #43. And the person assessed is Mr. Andrzejewski, Mariusz. So I order the secret vote. And could you please cast your votes? [Voting]

Has everyone voted? So we still are waiting for one person to complete the votes. [Voting]

Has everyone voted? I close the vote, and I would like to see the result of the vote. So there were votes for yes, 716,090,018. Against, 128,662,284. And abstentions, 508,425. Therefore, I would like to confirm that the resolution has been adopted. Now I order the vote on Resolution #44/2022. And the assessed person is Grzegorz Chlopek. And this is a secret vote that is pending. [Voting]

[Foreign Language] Has everyone voted? I close the vote, and I will read the result of the vote. So there was 716,095,018. Against, 128,662,284 votes. And abstentions, 508,425. Therefore, I would like to confirm that the resolution has been adopted. At this point, I put under a vote Resolution #45/2022. The assessed candidate is Mr. Wojciech Jasinski. The secret vote is pending. [Voting]

[Foreign Language] Has everyone voted? I close the vote, and I will read the result of the votes. So there were 716,095,018 votes for yes. Against, 128,662,284. And abstentions, 508,425. I would like to confirm that this resolution has been adopted. I put under a vote the draft Resolution #46/2022. Dominik Kaczmarski is the candidate that is being assessed. And the secret vote is pending. [Voting]

Has everyone voted? So I close the vote, and I will read the result of the vote. So there were 716,090,018 votes for yes. Against, 128,662,284. And abstentions, 508,425. So I would like to confirm that this resolution has been adopted. I put under a vote a resolution evaluating for Mr. Andrzej Kisielewicz. So the secret vote is pending. This is the next resolution. [Voting]

Has everyone voted? I close the vote, and I will read now the result of the vote. So there were 716,095,018 votes. Against, 128,662,284. Abstentions, 508,425. So I would like to confirm that this resolution has been adopted. And also I would like to order the vote on Resolution #48/2022 evaluating the candidate of Rafal Kos. The secret vote is pending. [Voting]

Has everyone voted? I close the vote, and I will read now the result of the vote. So there were 716,095,018 votes. Against, 128,662,284. Abstentions, 508,425. Therefore, I would like to confirm that this resolution has been adopted. At this point, I put under a vote the resolution assessing Mr. Tomasz Kuczur. And the secret vote is pending. [Voting]

[Foreign Language] So the question is whether everyone has voted, and now I will read the result of the vote. So there were 716,090,018 votes for yes. Against, 128,662,284 votes. And abstentions, 508,425. Therefore, I would like to confirm that the resolution has been adopted. At this point, I put under a vote Resolution #50/2022 assessing the candidate, Maciej Lopinski. And the secret is pending. [Voting]

[Foreign Language] Has everyone voted? I close the vote, and I will read the result of the vote. So there were 716,090,018. Against, 128,662,284. Abstentions, 508,425. Therefore, I would like to confirm that the resolution has been adopted. Now I would like to order a vote on Resolution #51 assessing Mr. Krzysztof Michalski. So the secret vote is pending. [Voting]

[Foreign Language] So has everyone voted? So I close the vote, and now I will read the result of the votes. So there were 716,090,018 for yes. Against, 128,662,284. And abstentions, 508,425. Therefore, I would like to confirm that the resolution has been adopted. At this point, I would like to order the vote on Resolution #52/2022 regarding the assessment of Mr. Szafranski. And the secret vote is pending. [Voting]

[Foreign Language] Has everyone voted? So I close the vote, and I will read the result of the vote. So there were 716,090,018 votes for yes. Against, 128,662,284. And abstentions, 508,425 votes. Therefore, I would like to confirm that the resolution has been adopted. At this point, I would like to order the vote on Resolution #53/2022 regarding the assessment of Madam Agnieszka Winnik-Kalemba. And the secret vote is on. [Voting]

[Foreign Language] Has everyone voted? I close the vote, and I will read the result of the votes. So there were 716,090,018 votes for yes. 128,662,284 votes against. And abstentions, 508,425. So therefore, I would like to confirm that the resolution has been adopted. Now I move to Point #17 of the agenda. And I put under a vote Resolution #54 regarding the assessment of the collective suitability of the Supervisory Board of PKO Bank Polski S.A. And I order the secret ballot on this resolution also treating this matter as personal matter though collective that's referring to individuals. And the vote is on. [Voting]

Has everyone voted? So I can see that 2 persons are still in the process of votes. So we are waiting. And in a moment, I will read the result of the vote. [Voting]

So I repeat the question whether everyone has voted. I can see that yes, and I close the vote, and I would like to see the results. So we have 735,654,508 votes for yes. Against, 109,097,794. And abstentions, 508,425. Therefore, I would like to confirm that this resolution has been adopted. At this point, I would like to move to Point #18 of the agenda. And I confirm that the agenda has been exhausted and we have passed 54 resolutions. There were no objections raised to any of them. I would like to thank you to the Management Board and the Supervisory Board and all of us who contributed to organizing and holding this meeting efficiently. I would like to wish you, have a nice day. Thank you very much for your participation.