New corporate governance model of PGE Capital Group

Year 2014 was crucial for the entire PGE Capital Group in terms of organizational changes aimed at improving the business performance of its structures.

On July 3, 2014, the Management Board of PGE S.A. approved the PGE Group Code - a fundamental document defining a new corporate governance model. The new Group Code unifies and simplifies the structure of the Group.

On September 18, 2014 the Management Board signed the agreement concerning formation of the tax group which serves the objectives of the PGE Group Strategy for 2014-2020. New Tax Capital Group facilitates more effective Group management, including through the optimization of tax settlements of companies belonging to PGK as well as reduction of fiscal risks. PGK essence lies in the fact that companies from PGE Group are “jointly” taxed for corporate income tax purposes. The tax group comprises 32 companies from PGE Group. The tax group was launched on January 1, 2015 and will be in effect for the next 25 years.

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