EBI report No 1/2013 dated 06.06.2013.
Topic: Waiver of the rule of Code of Best Practice for WSE Listed Companies
In connection with § 29 Pt. 3 of the Warsaw Stock Exchange Rules, the Management Board of Orzeł Biały S.A. announces that the Company will not apply the following rule laid down in the document of “Code of Best Practice for WSE Listed Companies”:
Rule No IV p.10:
“A company should enable its shareholders to participate in a General Meeting using electronic communication means through:
1) real-life broadcast of General Meetings;
2) real-time bilateral communication where shareholders may take the floor during a General Meeting from a location other than the General Meeting.”
Explanation:
The Company withdrew from this rule, due to the current shareholding structure [and] the fact that the internal documents of the Company do not provide for this possibility and the high costs that would be associated with the implementation of such solutions. In the Company’s view, the published current reports, materials and information relating to general meetings provide in a transparent manner the access to relevant information in this regard. At the same time, the Company does not preclude the application of the afore-mentioned rule in the future.