Remuneration

Remuneration rules for Supervisory Board members are defined by shareholders at the General Shareholders Meeting.

In accordance with the statement of the Management Board of Grupa LOTOS on corporate governance at the Company, the Supervisory Board members’ remuneration should be defined on the basis of transparent procedures and rules. Remuneration should be fair, but it should neither constitute an important item of the Company’s expenses nor substantially influence the Company’s performance. It should be reasonably related to the remuneration of Management Board members.

Remuneration payable to Supervisory Board members is subject to limitations and rules set out in the Act on remunerating persons managing certain legal entities of 3 March 2000 (Journal of Laws No 26 of 2000, item 306, as amended). Pursuant to that Act, in 2000, shareholders, at the Extraordinary Shareholders Meeting, defined the following rules for remunerating Supervisory Board members:

  • Supervisory Board members are entitled to a monthly pay amounting to one average monthly salary in the sector of enterprises without awards payable from profit in the fourth quarter of a previous year, as published by the President of the Polish Statistical Office;
  • remuneration is payable regardless of the frequency of meetings; however, it does not cover months in which a Supervisory Board member is absent for unexcused reasons at any meeting;
  • remuneration is calculated proportionally to the number of days in which a Supervisory Board member’s function is performed in the event that such a Supervisory Board member has been appointed or dismissed in the course of a calendar month;
  • the Company reimburses expenses borne in relation to the performance of the functions of Supervisory Board Members, as well as calculates and deducts income tax charges in accordance with the individual income tax act.

 

Remuneration of Supervisory Board members in 2009
Supervisory Board member Amount [PLN]
Wiesław Skwarko (*)
Leszek Starosta 39,621
Mariusz Obszyński 39,621
Radosław Barszcz 39,621
Piotr Chajderowski 10,813
Małgorzata Hirszel 39,621
Jan Stefanowicz 39,621
Ireneusz Fąfara 23,681

(*) Wiesław Skwarko waived (till further notice) his remuneration for membership to the Supervisory Board of Grupa LOTOS and does not obtain any financial benefits.

None of the Supervisory Board members holds shares of Grupa LOTOS.