Audit of the Management Board and Supervisory Board 

Public companies with the registered office within the territory of the Republic of Poland, with at least one share admitted to trading on a regulated market, are subject to the obligation to adopt a remuneration policy for the members of the Management Board and the Supervisory Board and to submit a report on the implementation of this policy.

For the first time, public companies are obliged to prepare Management and Supervisory Board remuneration reports for the years 2019 - 2020. This first reports will be reviewed by an auditor in 2021.

Only companies listed on the WSE are obliged to prepare and publish reports on the remuneration of the members of their Management and Supervisory Board, whereas public companies on the New Connect market are not covered by this requirement.

Audit of the Management Board and Supervisory Board Remuneration Report

The report on the remuneration of Management and Supervisory Board members is prepared once a year by the Supervisory Board for the given financial year. 

The Supervisory Board shall bear responsibility for the correctness and completeness of the information contained in the report. The report on the remuneration of the Management Board and the Supervisory Board is subject to mandatory evaluation by the statutory auditor. This service is independent of the audit of the financial statements and may be carried out by the same or another audit firm or auditor.

What does the Audit of the Management Board and Supervisory Board Remuneration Report cover?

When auditing the report on the remuneration of the members of the Management Board and the Supervisory Board, the auditor shall assess only the compliance of the report with respect to the information required by law. The evaluation does not include an examination of the correctness and/or completeness of the information contained in the report.

Sanctions

Supervisory Board members may be held criminally liable and face financial penalties for failing to publish the remuneration report of the Management Board and the Supervisory Board, for including false data in the report or for withholding part of the information.

Audit of the Management Board and Supervisory Board Remuneration Report - scope of the service

• Evaluation of compliance of the remuneration report of the Management Board and the Supervisory Board with the legal requirements