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Corporate governance

The Company of Igoria Trade S.A. has implemented the Corporate Governance Principles that are mentioned in the appendix to the Resolution No. 293/2010 of the Warsaw Stock Exchange Management Board of the 31st of March 2010 titled “Good practices of the Companies listed on NewConnect” where there are taken into account the principles of proportionality that result from the scale, nature and complexity of the business activities. On the website, the Company has provided the information on applying the said Corporate Governance Principles (hereinafter: CGP) and the waiver of applying the relevant principles together with the appropriate justification which no comments have been made to.

Igoria Trade S.A. (hereinafter: the Company) informs that it fully applies the Rules of Corporate Governance dedicated to Supervised Institutions that were issued by the Polish Financial Supervision Authority on the 22nd of July 2014 with the restrictions as follows as below:

I. The following principles are applied by the Company in substance, taking into account the principle of proportionality, ie, the Company applies them in proportion to the scale and nature of its activities.
§ 25 point 1 Frequency of the Supervisory Board meetings: the Supervisory Board debates on meetings that are called as often as necessary, but no less than three times a financial year
II. The Company has decided not to apply the following principles because in the Company’s opinion, their use would be disproportionate to the scale and nature of the Company’s business and would be unduly burdensome and would generate additional costs. In particular, in the opinion of the Company, the existing composition of the management body ensures proper management and the Supervisory Board has independent control over the Company’s activities.
§ 13 item 1 Management body should be collegial
III. The following principles do not concern the Company’s business activities
§ 53 – § 57 Exercise of rights from assets acquired at the client’s risk – does not concern the Company’s activities