News
10.05.2012 The Supervisory Board of PGNiG SA supports the Management Board's decision concerning dividend for 2011
On May 9th 2012, the Supervisory Board of PGNiG SA adopted a resolution approving the Management Board's proposal to the General Meeting to transfer the 2011 balance-sheet profit of PLN 1.6bn to the Company's statutory reserve funds. The PGNiG Supervisory Board also endorsed the proposal to allocate retained earnings of PLN 72.5m to the Company's statutory reserve funds.
The Management Board's proposal stems from the fact that the gas import cost incurred by the Company in the fourth quarter of 2011 and the first quarter of 2012 was not reflected in the URE-approved gas fuel tariff. Dividend distribution to shareholders could hinder the execution of the Company's planned investment projects.PGNiG SA has been running, for another consecutive year, an extensive investment programme which, upon completion, is expected to substantially enhance the Company value for shareholders. The projects to be delivered under the programme are also key to ensuring Poland's energy security.
Joanna Zakrzewska
Press Officer
