In 2016 two General Meetings were held: An Extraordinary General Meeting on 29 January 2016 and an Ordinary General Meeting on 3 June 2016.
The Extraordinary General Meeting determined the number of Supervisory Board members and adopted resolutions related to amendments in Supervisory Board composition.
During the Ordinary General Meeting the shareholders approved the annual reports on the operations of the Company and the ORLEN Group as well as the financial statements for 2015. They also decided on the fulfilment of duties by all of the Supervisory and Management Boards Members.
The General Meeting, familiarized with the motion of the Management Board and the opinion of the Supervisory Board, decided to distribute the net profit for fiscal year 2015 amounting to PLN 1,047,519,491.84 PLN as follows:
- the sum of PLN 855,418,122.00 dedicated to a dividend payment (PLN 2.00 PLN per share),
- the outstanding sum i.e. PLN 192,101,369.84 dedicated to the Company’s supplementary capital.
The Ordinary General Meeting set 15 July 2016 as the dividend date and 5 August 2015 as the dividend payment date.
The Ordinary General Meeting also appointed the Supervisory Board Members for a new term of office.
Competence of PKN ORLEN’s General Meeting
The General Meeting of Shareholders is especially authorized to:
- consider and approve the Company’s annual financial statements; the annual report concerning the Company’s business operations; the consolidated financial statements of the ORLEN Group and the report on the ORLEN Group business operations for the previous financial year,
- acknowledge the fulfilment of duties by the Supervisory Board and Management Board Members,
- decide on the allocation of profit and provisions for losses as well as on the use of funds set up from profit,
- appoint the Supervisory Board Members, subject to the provisions of § 8 item 2 of the Articles of Association, and establish principles for their remuneration,
- increase or decrease the share capital unless otherwise stated in the Commercial Code and the Company’s Articles of Association,
- decide on claims for the rectification of damage caused when setting up the Company or exercising supervision or management,
- approve the sale or lease of a company or a part of a company and establish a limited property right on such enterprise or an organized part thereof,
- grant consent to the sale of real estate, perpetual usufruct or interest in real estate which has a net book value that exceeds one twentieth of the Company’s share capital,
- amend the Company’s Articles of Association,
- set up and dissolve reserve capital funds and other capital funds and the Company’s funds,
- resolutions to redeem shares and buy shares to be redeemed and to establish the redemption rules,
- issue convertible bonds or bonds with pre-emptive rights and issue warrants,
- dissolution, liquidation, restructuring of the Company and merger with another company,
- holding contracts within the meaning of article 7 of the Commercial Companies Code.
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