Commitment to sustainable development
The Supervisory Board is an important element of the system assessing the performance, opportunities and risks of Grupa LOTOS, and ensuring that the Company’s activities in the area of sustainability remain transparent.
In 2013, the Supervisory Board reviewed the core issues and areas of the Company's operations, both in the context of natural resources, as well as the Company’s social and environmental impact. In the year, the Supervisory Board met seven times and adopted 43 resolutions.
Key matters pertaining to the Company’s performance, opportunities and risks in the area of sustainable development brought under discussion by the Supervisory Board in 2013 included:
- implementation of the 2013−2015 Effective and Rising Programme, which aims to expand and restructure the LOTOS Group,
- exploration and production operations,
- investment activities and the overhaul shutdown of the refinery,
- current financial performance, spending under the 2013 budget, and preparation of a new budget for 2014,
- refinancing of the Company's inventories,
- financing of CSR projects by Grupa LOTOS,
- Company sponsorship activities.
In 2013, the committees of the Supervisory Board, viewing sustainability as an essential process for the Company and appreciating the importance of a responsible approach to business, brought the following matters under discussion:
- implementation of the LOTOS Group’s strategy,
- results of the audit and review of the LOTOS Group’s financial statements,
- the budget for 2014,
- debt servicing forecasts and liquidity management plan,
- the management of current assets,
- hedge accounting,
- the Company's internal audit function,
- organizational maturity assessment,
- risk management.
The activities of the Supervisory Board are evaluated by the General Meeting, which has the authority to grant discharge to members of the Supervisory Board in respect of performance of their duties. The basis for the granting of such discharge is a report containing an assessment of the Company’s standing, covering the sustainable development issues detailed above, presented annually by the Supervisory Board pursuant to the Rules of Procedure for the Supervisory Board and the Code of Best Practice for WSE Listed Companies.