Source: https://www.bankier.pl/wiadomosc/KRKA-D-D-1-2019-Krka-tovarna-zdravil-d-d-Novo-mesto-Report-on-the-scope-of-compliance-with-the-Best-Practice-7654445.html
Timestamp: 2020-02-21 01:07:30
Document Index: 280955920

Matched Legal Cases: ['§ 1', '§ 6', '§ 2', '§ 3', '§ 2', '§ 3']

KRKA D.D. (1/2019) Krka, tovarna zdravil, d.d., Novo mesto Report on the scope of compliance with the Best Practice - Bankier.pl
Pursuant to Article 29.3 of the Rules of the Warsaw Stock Exchange, Krka, tovarna zdravil, d.d., Novo mesto presents the report on compliance with the detailed principles of the "Best Practice for GPW Listed Companies 2016"
I.Z.1.1. basic corporate documents, in particular the company’s articles of
I.Z.1.2. the full names of the members of its management board and supervisory
board and the professional CVs of the members of these bodies including
information on the fulfilment of the criteria of independence by members
Although the Management Board has adopted an internal division of responsibilities in order to organize work more efficiently, that does not represent a formal division of responsibilities. Hence, no chart showing the division of duties is available on the website. All Board members, except the Worker Director, have the same responsibilities towards representing the Company.
I.Z.1.4. the current structure of shareholders indicating those shareholders that
hold at least 5% of the total vote in the company according to information
provided to the company by shareholders under the applicable legislation;
I.Z.1.5. current and periodic reports, prospectuses and information memoranda
with annexes, published by the company at least in the last 5 years;
I.Z.1.7. information materials published by the company concerning the company’s
strategy and its financial results;
I.Z.1.8. selected financial data of the company for the last 5 years of business in a
format enabling the recipient to process such data;
I.Z.1.9. information about the planned dividend and the dividend paid out by the
company in the last 5 financial years, including the dividend record date,
the dividend payment date and the dividend amount, in aggregate and per
I.Z.1.10. financial projections, if the company has decided to publish them,
published at least in the last 5 years, including information about the
degree of their implementation;
I.Z.1.11. information about the content of the company’s internal rule of changing
The proposal to the Annual General Meeting is based on auditors’ references, their knowledge of the industry, quality of the audit team, and price. The Slovenian legislation and market practice, however, do not provide for any provisions which would require the rules on selecting auditors to be disclosed, thus the Company discloses them only at Annual General Meetings if needed.
I.Z.1.12. a statement on compliance with the corporate governance principles
contained in the last published annual report;
I.Z.1.13. a statement on the company’s compliance with the corporate governance
recommendations and principles contained herein, consistent with the
information that the company should report under the applicable
I.Z.1.15. information about the company’s diversity policy applicable to the
company’s governing bodies and key managers; the description should
The Company’s diversity policy is not specifically disclosed on the website. It is, however, disclosed in the Annual Report and is part of the public Corporate Governance Policy, which includes a commitment to prevent discrimination. According to the Policy, all Krka employees must have equal opportunities, regardless of gender, race, colour, age, medical condition or disability, religious, political or any other beliefs, trade union stewardship, national or social origin, family status, financial condition, sexual orientation, or other personal particulars. The company has not yet adopted any independent policies to govern additionally the management and supervisory body structures in terms of gender, age, level of education, or other personal particulars.
Not applicable due to non-compliance with IV.R.2.
I.Z.1.17. justification of draft resolutions of the general meeting concerning issues
and determinations which are relevant to or may give rise to doubts of
shareholders, within a timeframe enabling participants of the general
meeting to review them and pass the resolution with adequate
I.Z.1.18. information about the reasons for cancellation of a general meeting,
change of its date or agenda, and information about breaks in a general
meeting and the grounds of those breaks;
I.Z.1.19. shareholders’ questions asked to the management board pursuant to
Article 428 § 1 or § 6 of the Commercial Companies Code together with
answers of the management board to those questions, or a detailed
explanation of the reasons why no answer is provided, pursuant to
principle IV.Z.13;
Although Krka does not publish all shareholders' questions it does have a frequently-asked-questions section on its website to address common questions.
The Company uses many modern technologies to communicate with the investor community. However, the Company does not provide an audio or video recording of the General Meeting. The reason is that the General Meeting is considered to be a working meeting of shareholders that is not public. The Company does, however, release a public statement immediately after the General Meeting.
I.Z.1.21. contact details of the company’s investor relations officers including the
full name and e-mail address or telephone number.
The Company does have an investor relations e-mail and telephone number available on the web page. Three professionals within the company answer investor questions. Full names of the professionals and their contact details, however, are not published.
I.Z.2. A company whose shares participate in the exchange index WIG20 or mWIG40
should ensure that its website is also available in English, at least to the extent
described in principle I.Z.1. This principle should also be followed by companies not
participating in these indices if so required by the structure of their shareholders or
the nature and scope of their activity
II.Z.1. The internal division of responsibilities for individual areas of the company’s
a chart describing that division should be available on the company’s website.
Please refer to comment under I.Z.1.3.
II.Z.2. A company’s management board members may sit on the management board or
supervisory board of companies other than members of its group subject to the
approval of the supervisory board.
Comments of the Company on the mode of application of the principle.
All Supervisory Board members fulfil independence criteria of the Slovenian Directors' Association.
II.Z.5. Each supervisory board member should provide the other members of the
supervisory board as well as the company’s management board with a statement of meeting the independence criteria referred to in principle II.Z.4.
II.Z.6. The supervisory board should identify any relationships or circumstances which
may affect a supervisory board member’s fulfilment of the independence criteria.
An assessment of supervisory board members’ fulfilment of the independence
criteria should be presented by the supervisory board according to principle
All Supervisory Board committees members fulfil independence criteria of the Slovenian Directors' Association.
The chair of audit committee meets independence criteria.
- full names of the members of the supervisory board and its
- supervisory board members’ fulfilment of the independence
- number of meetings of the supervisory board and its committees
in the reporting period;
II.Z.10.4. an assessment of the rationality of the company’s policy referred to in
The referred policy is disclosed in the annual report. The annual report is assessed and confirmed by the Supervisory Board and presented on the regular general meeting for adoption.
III.Z.1. The company’s management board is responsible for the implementation and
periodically by the persons responsible for the functions and the company’s management board, and make an annual assessment of the efficiency of such
IV.Z.1. Companies should set the place and date of a general meeting so as to enable
the participation of the highest possible number of shareholders.
The general practice of Slovenian companies and of the Company is that only shareholders attend Annual General Meetings. Thus, the representatives of the media have been present as shareholders of the Company.
IV.Z.4. If the management board becomes aware a general meeting being convened
pursuant to Article 399 § 2 – 4 of the Commercial Companies Code, the
management board should immediately take steps which it is required to take in
order to organise and conduct the general meeting. The foregoing applies also
where a general meeting is convened under authority granted by the registration
court according to Article 400 § 3 of the Commercial Companies Code.
IV.Z.5. The rules of general meetings and the method of conducting the meeting and
adopting resolutions must not restrict the participation of shareholders in general meetings and the exercising of their rights. Amendments of the rules of the general meeting should take effect at the earliest as of the next general meeting.
IV.Z.6. Companies should strive to ensure that the cancellation of a general meeting,
change of its date or break in its proceedings do not prevent or limit the exercising of the shareholders’ rights to participate in the general meeting.
IV.Z.7. A break in the proceedings of the general meeting may only take place in special
cases, defined at each time in the justification of the resolution announcing the break, drafted on the basis of reasons provided by the shareholder requesting the break.
IV.Z.9. Companies should strive to ensure that draft resolutions of the general meeting
contain a justification, if it helps shareholders to pass a resolution with adequate
understanding. If a matter is put on the agenda of the general meeting at the
request of a shareholder or shareholders, the management board or the chair of the general meeting should request presentation of the justification of the proposed
resolution. In important matters and matters which may give rise to any doubt of shareholders, the company should provide a justification, unless it otherwise provides the shareholders with information necessary to pass a resolution with adequate understanding.
IV.Z.11. Members of the management board and the supervisory board should participate
in a general meeting as necessary to answer questions asked at the general
IV.Z.12. The management board should present to participants of an ordinary general
meeting the financial results of the company and other relevant information
contained in the financial statements to be approved by the general meeting.
IV.Z.13. If a shareholder request information about the company, the management board
of the company should provide an answer to the shareholder’s request within 30
days or inform the shareholder of its refusal to provide such information where the management board has made such decision pursuant to Article 428 § 2 or § 3 of the Commercial Companies Code
IV.Z.16. The dividend record date and the dividend payment date should be set so as to
ensure that the period between them is not longer than 15 business days. A
longer period between these dates requires a justification.
IV.Z.17. A resolution of the general meeting concerning a conditional dividend payment
may only contain such conditions whose potential fulfilment takes place before
the dividend record date.
IV.Z.18. A resolution of the general meeting to split the nominal value of shares should
not set the new nominal value of the shares below PLN 0.50, which could result in a very low unit market value of the shares, and which could consequently pose
a threat to the correct and reliable valuation of the company listed on the
V.Z.1. No shareholder should have preference over other shareholders in transactions
concluded by the company with shareholders or their related parties.
V.Z.2. Members of the management board or the supervisory board should notify the
management board or the supervisory board, respectively, of any conflict of
interest which has arisen or may arise, and should refrain from voting on a
resolution on the issue which may give rise to such a conflict of interest in their
V.Z.3. Members of the management board or the supervisory board must not accept any
benefits which might affect their impartiality and objectivism in making decisions or reflect unfavourably on the assessment of the independence of their opinions or judgements.
V.Z.4. Where a member of the management board or the supervisory board concludes
that a decision of the management board or the supervisory board, respectively, is in conflict with the interest of the company, he or she may request that the
minutes of the management board or the supervisory board meeting show his or
V.Z.5. Before the company concludes a significant agreement with a shareholder who holds at least 5% of the total vote in the company or with a related party, the management board should request the supervisory board’s approval of the transaction. Before giving its approval, the supervisory board should evaluate the impact of the transaction on the interest of the company. The foregoing does not
apply to typical transactions and transactions at arm’s-length made as part of the company’s operations between the company and members of its group. If the decision concerning the company’s significant agreement with a related party is made by the general meeting, the company should give all shareholders access to information necessary to assess the impact of the transaction on the interest of the company before the decision is made.
V.Z.6. In its internal regulations, the company should define the criteria and
circumstances under which a conflict of interest may arise in the company, as well as the rules of conduct where a conflict of interest has arisen or may arise. The company’s internal regulations should among others provide for ways to prevent, identify and resolve conflicts of interest, as well as rules of excluding members of
the management board or the supervisory board from participation in reviewing
matters subject to a conflict of interest which has arisen or may arise.
the level of remuneration of members of the company’s management board and
key managers to the actual long-term financial standing of the company and long-term shareholder value creation as well as the company’s stability.
to the company’s long-term business and financial goals, the period between the
allocation of options or other instruments linked to the company’s shares under the incentive scheme and their exercisability should be no less than two years.
The Company does not have options incentive scheme.
it be linked to the company’s results.
1) general information about the company’s remuneration system;
5) assessment of the implementation of the remuneration policy in terms of achievement of its goals, in particular long-term shareholder value creation
and the company’s stability.
The remuneration policy is disclosed in the Annual Report for 2018.
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2020-02-20 16:31:38