44.2. Associates

PKO Bank Polski S.A. is a significant investor – it holds 25% plus 10 votes at the Company’s shareholders’ meeting. Poczta Polska S.A. is the other shareholder. Through its representatives on the Supervisory Board and the Company’s Shareholders’ Meeting, the Bank participates in the policymaking process, including decisions on dividends and other ways of profit distribution.

PKO Bank Polski S.A. holds 33.33% votes at the Company’s Shareholders’ Meeting. The Bank has two representatives on the Company’s Supervisory Board which consists of 4 people. Other shareholders have one representative each on the Supervisory Board. Through its representatives on the Supervisory Board and the Company’s Shareholders’ Meeting, the Bank participates in the policymaking process, including decisions on dividends and other ways of profit distribution.

PKO Bank Polski S.A. holds shares in the company carrying 21.1% of the votes at the Shareholders’ Meeting. The remaining shares are held by: Alior Bank S.A. (8.08% of shares), Bank Polska Kasa Opieki S.A. (14.74% of shares), Bank Millenium S.A. (8.51% of shares), BNP Paribas Bank Polska S.A. (9.44% of shares), ING Bank Śląski S.A. (13.01% of shares), mBank S.A. (12.19% of shares), Santander Bank Polska S.A. (12.91% of shares).

In accordance with the Company’s Articles of Association:

1. key operational and financial decisions must be approved by the General Meeting, including, but not limited to, the following matters: granting of aid, granting of support, admission of a new bank to the protection scheme, making additional contributions to the aid fund, appointment and removal of the President of the Management Board, dissolution of the Company, cancellation of the liability for aid granted or any other act having such effect;
2. the number of members of the Supervisory Board corresponds to the number of shareholders of the company,

The impairment test performed as at 31 December 2022 and 31 December 2021 maintained the carrying amount of Bank Pocztowy as at 31 December 2022 at the previous level, i.e. PLN 0.

As at 31 December 2022, and as at 31 December 2021, the parent entity did not have any share in contingent liabilities of associates acquired together with another investor.

A summary of the financial data separately for each associate of the Group was presented below. The amounts presented are derived from the financial statements of the individual entities prepared in accordance with the IFRSs or the Polish Accounting Standards (PAS). In the case of companies which have subsidiaries, the presented data is derived from the consolidated financial statements of these companies. The figures for 2021 are derived from audited financial statements.

The figures for System Ochrony Banków Komercyjnych sp. z o.o. are below PLN 1 million.