The Bank’s activities are conducted based on good ESG (Environmental, Social, Governance) practices. The Bank observes corporate governance principles, is a long-standing member of the Respect Index and reports on corporate social responsibility issues.
Best corporate governance practices
The Bank as a public company satisfies all the corporate governance principles described in the document Best Practices for WSE Listed Companies prepared by the Warsaw Stock Exchange. The principal standard included in that document is the comply or explain rule. It means that a violation of any of the principles described in Best Practices should be publicly announced by the company without delay, in the form of a relevant report.
In 2014 the Bank observed the corporate governance principles set forth in the Best Practices for WSE Listed Companies. The only exception was the absence of two-way real-time communication during the Shareholder Meeting, which the Bank reported in the relevant communication. In the Bank's opinion, observation of this principle would entail technical and legal risks, which could prevent a proper and efficient course of the shareholder meeting. In the Bank's opinion, avoidance of these risks was of greater value to the Shareholders. Nevertheless, the Bank does not rule out a possibility of providing two-way real-time communication to shareholders during the course of a shareholder meeting when the circumstances or the legal environment change.
Bank Millennium in the RESPECT Index
The year 2014 was Bank Millennium's seventh consecutive year as part of the RESPECT Index – the index of socially responsible companies. RESPECT Index includes Polish companies from the Main Market of Warsaw Stock Exchange that operate in accordance with the highest management standards of corporate governance, information governance and investor relations and it also takes into account the environmental, social and employee-related factors. Companies in the RESPECT index have passed a three-tier review conducted by the Warsaw Stock Exchange and the Association of Stock Exchange Issuers in the areas mentioned above and an audit conducted by the project's partner, Deloitte.
Reporting on ESG issues
Bank Millennium was included in the list of the public companies with the best ESG (Environmental, Social, Governance) reporting in 2014. The Bank was classified as one of top 3 reporting companies in the Polish public companies in the WIG50 index category. The winners were selected in the third edition of the educational project ESG Analysis of companies in Poland organized by the Association of Stock Exchange Issuers, GES and Crido Business Consulting.
The analysis covered all the companies, whose shares were listed on the Warsaw Stock Exchange, including the NewConnect market, on 30 June 2014. The study was conducted using the GES Risk Rating method, which involves an evaluation of environmental protection, social responsibility and corporate governance management systems based on publicly available documents and information about the company.