Auditor

Appointment of an auditor to audit the Company’s financial statements falls within the competence of the Company’s Supervisory Board. The process of auditor’s appointment, including the division of tasks between the Supervisory Board, the Audit Committee, the Management Board and other persons employed with the Company is determined by the provisions of the Procedure on Auditor’s Appointment (in accordance with the Act on the Statutory Auditors, Audit Firms and Public Supervision dated May 11, 2017).

In particular, the Audit Committee establishes general guidelines necessary to draft tender documentation. The Audit Committee may also be involved in drafting the tender documentation and actions connected with conducting the tender on an ongoing basis. The Audit Committee issues its recommendation concerning the auditor’s appointment after consideration of the CFO’s report on evaluation of the submitted offers.

The procedure of the auditor’s appointment secures that the auditor shall be chosen in a manner guaranteeing its independence and excluding any conflict of interests. The regulations established within the Company are aimed to organize the tender in a manner providing transparency of the process, equal access to information, objectiveness during selection process as well as ethical approach of the entities interested in conclusion of the agreement with the Company.    

The agreement on the audit of the Company’s financial statements is concluded for a two-year period. The auditor is appointed before the end of the financial year preceding the year in which the audit commences.