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Orlen – remuneration for 2023. Daniel Obajtek without bonus

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The Orlen Orlen Orlen General Meeting did not grant discharge to former President Daniel Obajtek for the performance of his duties in the 2023 financial year. This means that Obajtek will not receive the variable part of the remuneration, i.e. the bonus, for 2023. The resolution also applies to members of the company's management board and supervisory board.

The Meeting did not grant discharge for the performance of duties in the financial year 2023 to President Daniel Obajtek and members of the management board: Armen Artwich, Adam Burak, Patrycja Klarecka, Michał Rog, Jan Szewczak, Józef Węgrecki, Piotr Sabat, Krzysztof Nowicki, Iwona Waksmundzka-Olejniczak and Robert Perkowski.

“In the absence of a discharge, the former president will not receive the variable part of the remuneration (bonus) due for 2023,” Orlen told the business editorial staff of tvn24.pl at the end of May.

From the company's report for 2023, from the table titled “bonuses potentially due to members of the Company's Management Board holding office in a given year to be paid in the following year”, we could learn that the former president of Orlen was entitled to PLN 1.254 million.

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A key decision

Granting discharge is important for former managers because – as explained by prof. Katarzyna Bilewska from the Faculty of Law and Administration of the University of Warsaw – “by granting discharge, the company declares that it will not pursue any claims for damages from a given person for his or her actions in the previous year.” However, she emphasized that this applies to disclosed events, i.e. those about which shareholders were informed.

– If it turns out that the company's management board made decisions that turned out to be harmful to the company, even in the case of people who received discharge, such exemption from liability for damages will not apply if the shareholders did not know about these events – she said.

A controversial presidency

Daniel Obajtek he took over as president of Orlen in February 2018. While he was managing a Polish oil company, there was a lot of controversy around him. They concerned, among others, the assets of the president of Orlen. Some also claimed that he lacked the appropriate competences to manage such a large state-owned company.

Obajtek has been managing Orlen since February 2018.Radek Pietruszka/PAP

Doubts were raised primarily by the merger of Orlen with Lotos, as a result of which the company had to sell, among others, shares in the Gdańsk Refinery. For the transaction, Orlen chose the oil giant, Saudi Aramco from Saudi Arabia.

The District Prosecutor's Office in Płock (Masovian Voivodeship) has initiated an investigation into the merger of Orlen with Grupa Lotos. This includes: on suspicion of abuse of powers and failure to fulfill duties by members of Orlen's management board and other persons, causing damage of not less than PLN 4 billion.

Another scandal concerns the loss that Orlen calculated on account of advance payments made for oil supplies. It was PLN 1.6 billion.

Daniel Obajtek talked about “hell”

Daniel Obajtek himself argued that managing Orlen was a difficult experience for him. – I thank God that I am no longer the president of Orlen. I endured in this hell for 6 years. You can write it: this is shit that has been stinking since the times of the WSI and all other services. No one went so deeply into the transactions in and around Orlen, because they either had no idea about them or were simply afraid, stressed Obajtek in an interview with Money.

Orlen's financial report shows that in 2023, Daniel Obajtek, as the company's president, received remuneration of approximately PLN 1.67 million. This is almost PLN 280,000 more than in 2022.

Dividend for 2023

During the meeting, the Orlen Orlen Orlen General Meeting also agreed to the company's management board's recommendation and decided that dividend in 2023 it will amount to PLN 4.15 per share.

In the resolution adopted by Orlen's shareholders, it was established that the profit for 2023 in the amount of PLN 21 billion, 215 million, 917 thousand PLN 147.93 PLN 4,817,909,000 will be allocated for dividend payment. PLN 503.35, which means PLN 4.15 per share, while the remaining PLN 16 billion, 398 million, PLN 7,000, PLN 644.58 will increase the company's reserve capital.

In the justification to the draft resolution on the distribution of profit for 2023 and the amount of Orlen's dividend, it was emphasized that taking into account the company's results for 2023 and its stable liquidity and financial situation “additionally secured by available financing lines”, the company's management board “recommends the payment of a dividend from profit achieved in 2023 in the amount of PLN 4.15 per share.

During Tuesday's Orlen Orlen AGM, shareholders also decided, which was also proposed by the management board, that the undistributed profit from previous years in the amount of PLN 12 billion 466 million 697 thousand PLN 131.73 should be allocated to the company's supplementary capital.

Data recently published by Orlen shows that the State Treasury holds 49.9 percent there. shares, Nationale-Nederlanden OFE – 5.76 percent, and other shareholders, including institutional and individual – 44.34 percent. shares.

Main photo source: Leszek Szymański/PAP



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