Clifford Chance
Changes to the corporate governance rules for companies listed on the Warsaw Stock Exchange ('GPW')
28 October 2015
On 1 January 2016, new corporate governance rules will come into force for companies listed on the Warsaw stock exchange entitled "Best Practice of GPW Listed Companies 2016" (the "New Code"). The New Code generally follows the structure of the regulations currently in force but there are a number of new provisions. It is important to take note of these because not much time remains to comply with them.
Like the current regulations, the New Code remains based on the "comply or explain" principle. However, it is now expected that the GPW will be more proactive in monitoring the level of compliance. As a result, when non-compliance has to be explained, it is recommended that the explanations that are given are both as precise and comprehensive as possible.
Moreover, one must not forget that listed companies are also obliged to report on the implementation of the GPW's corporate governance recommendations in the company's annual report. As of 1 January 2016, the supervisory board will also have to give its opinion on this report.
