Table 1.
State-owned companies listed on the Warsaw Stock Exchange
| No. | Company | Sector | Share of state or state-controlled entity in share capital (%) |
|---|---|---|---|
| 1. | Alior Bank S.A. | financial | 31.91a |
| 2. | Enea S.A. | energy | 51.50 |
| 3. | Giełda Papierów Wartościowych w Warszawie S.A. | financial | 35.01 |
| 4. | Energa S.A. | energy | 90.92b |
| 5. | Jastrzębska Spółka Węglowa S.A. | mining | 54.80 |
| 6. | Kogeneracja S.A. | energy | 58.07c |
| 7. | Grupa LOTOS S.A. | fuel | 53.19 |
| 8. | LW Bogdanka S.A. | mining | 65.99d |
| 9. | Pekao S.A. | financial | 32.80e |
| 10. | PGE Polska Grupa Energetyczna S.A. | energy | 57.39 |
| 11. | Polskie Górnictwo Naftowe i Gazownictwo S.A. | mining | 71.88 |
| 12. | Polski Holding Nieruchomości S.A. | real estate | 72.17 |
| 13. | PKP Cargo S.A. | transportation | 33.01 f |
| 14. | Polimex Mostostal S.A. | construction | 65.14g |
| 15. | Grupa Azoty S.A. | chemical | 33.79 |
| 16. | KGHM Polska Miedź S.A. | mining | 31.79 |
| 17. | Polski Koncern Naftowy ORLEN S.A. | fuel | 27.52 |
| 18. | Powszechna Kasa Oszczędności Bank Polski S.A. | financial | 29.43 |
| 19. | Powszechny Zakład Ubezpieczeń S.A. | financial | 34.19 |
| 20. | TAURON Polska Energia S.A. | energy | 30.06 |
| 21. | Grupa Azoty Zakłady Chemiczne „Police” S.A. | chemical | 62.85 + 7.46h |
| 22. | Grupa Azoty Zakłady Azotowe „Puławy” S.A. | chemical | 95.98 + 0.000005i |
1 c) 58.07% of the share capital is held by the PGE Energia Ciepła S.A. – a company indirectly controlled by the state,
1 e) 32.80% of the share capital is held by PZU S.A. and PFR S.A., which are controlled by the state.
1 g) 65.14% of the share capital is held jointly by ENEA S.A., ENERGA S.A., PGE S.A. and PGNiG S.A.- companies controlled by the state.
1 h) The majority shareholder (62.86%) is Grupa Azoty S.A., - a company controlled by the state. In addition, the state holds 7.47% in the shareholding of Grupa Azoty Zakłady Chemiczne „Police” S.A..
Figure 1:
Control-enhancing mechanisms most frequently used in the statutes of the investigated companies. Source: Own work.
Table 2.
Control-enhancing mechanisms in state-owned companies listed on the WSE.
| Companies with minority state ownership | Companies with majority state ownership | |||||||||||||||||||||
| Type of mechanism | PKN ORLEN S.A. (27.52 %) | PKO BP S.A. (29.43 %) | TAURON PE S.A. (30.06 %) | KGHM Polska Miedź S.A. (31.79 %) | Alior Bank S.A. (31.91%) | Pekao S.A. (32.80 %) | PKP Cargo S.A (33.01%) | Grupa Azoty S.A (33.79%) | PZU S.A. (34.19 %) | GWP S.A. (35.01%) | Enea S.A. (51.50%) | Grupa LOTOS S.A. (53.19 %) | JSW S.A. (54.8 %) | PGE S.A. (57.39 %) | .Kogeneracja S.A. (58.07 %) | Polimex Mostostal S.A. (65.14 %) | LW Bogdanka S.A. (65.99 %) | PGNiG S.A. (71.88 %) | PHN S.A. (72.17 %) | Energa S.A. (90.92 %) | Grupa Azoty Police S.A. (62.85% %) | Grupa Azoty Puławy SA (95.98 %) |
| A | █ | █ | █ | █ | █ | █ | █ | █ | █ | █ | █ | |||||||||||
| B | █ | █ | ||||||||||||||||||||
| C | █ | █ | █ | █ | █ | █ | █ | █ | █ | █ | █ | |||||||||||
| D | █ | █ | █ | █ | █ | █ | █ | █ | █ | █ | █ | █ | █ | █ | █ | █ | █ | |||||
| E | █ | █ | ||||||||||||||||||||
| F | █ | █ | █ | █ | █ | █ | █ | █ | █ | █ | ||||||||||||
| G | █ | █ | █ | █ | █ | █ | █ | █ | █ | █ | █ | █ | █ | █ | █ | █ | █ | █ | █ | █ | █ | █ |
1 A - The right to convene a general assembly and place certain matters on the agenda.
B - Multiple voting right shares (1 share = 2 votes).
C - Limitation of the voting rights of other shareholders to 10% or 20% of the total number of votes of the company.
D - Personal right to designate the chairman or members of the supervisory board.
E - Personal right to nominate candidates for chairman of the board or member of the board.
F - Higher majority thresholds at general assembly required for certain categories of issues.
G - Dominant shareholder.
Source: Own work based on the statutes of listed companies published on those companies’ websites.