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KGHM Polska Miedź – former members of the management board may not be granted discharge

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The Supervisory Board of KGHM Polska Miedź requested the Ordinary General Meeting to refuse to grant discharge for the previous year to five former members of the Management Board – the company informs. The lack of discharge does not automatically produce legal consequences, but may be the starting point for the company to file claims for damages.

As reported, these are: Mirosław Kidoń, Marek Pietrzak, Marek Świder, Mateusz Wodejka and Tomasz Zdzikot, who sat on the management board of KGHM throughout 2023.

Zdzikot, Wodejko and Pietrzak stayed on February 13 this year. dismissed from the positions of president, vice president for finance and vice president for corporate affairs, respectively. Świder resigned on January 9 this year, and Kidoń – on March 29 this year.

Application against former members of the management board

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Tomasz Zdzikot has been a member of the management board of KGHM since August 31, 2022, and from November 4, 2022, he has been the president. Previously, he was Secretary of State at the Ministry of National Defense and plenipotentiary of the Minister of National Defense for cyberspace security. He was also secretary and undersecretary of state at the Ministry of Interior and Administration and government representative for the preparation of state administration bodies for cooperation with the Schengen Information System and the Visa Information System.

Tomasz Zdzikottvn24

Marek Pietrzak joined the management board of KGHM on October 25, 2021, Marek Świder – on March 14, 2022, Mirosław Kidoń – from November 24, 2022, and Mateusz Wodejko – from December 21, 2022.

KGHM Polska Miedź SA is engaged in the extraction and processing of natural raw materials, including: copper and silver. The company listed on the Warsaw Stock Exchange has assets in Europe and both Americas. In total, it employs over 34,000 people. The largest shareholder of KGHM is the Polish State Treasury, which owns 31.79 percent. company shares.

What are the consequences of refusing to grant discharge?

Granting discharge to members of the company's management board is a mandatory agenda of the annual shareholders' meeting of capital companies. It is carried out after the partners receive the company's financial report as well as the report on the company's activities.

Refusal to grant discharge does not automatically produce any legal effects. However, it constitutes a negative verification of actions taken by members of the management board. It may therefore constitute grounds for dismissing selected persons. Failure to grant a discharge may also be a starting point for the company to file a lawsuit compensation claims.

Main photo source: KGHM press materials

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