Code of Ethics of PGE Capital Group

Employees’ values and key principles of conduct in their daily work are set out in the PGE Group Code of Ethics. The Vice President of the Management Board of PGE S.A. for Support and Development, as the officer responsible in the the Management Board for the Compliance area, is involved in promoting the provisions of the Code and implementing them into the everyday functioning of the organisation.

The PGE Group Code of Ethics promotes honesty, commitment to duty, attention to quality, innovation and professionalism, open communication, respect for others and cooperation regardless of position or diversity. It is a fundamental document in terms of ethics and compliance. It constitutes the overarching declaration and basis for other internal regulations. The Code of Ethics introduces a standard for relations within the company as well as between PGE and its stakeholders with a view to ensuring the PGE Group’s transparent, honest and ethical operations. All employees and other persons, at every level, in every situation in which they act on behalf of the company, are required to act in accordance with the values and principles described in the Code of Ethics. The Code provides a benchmark for decision-making, as well as a set of standards and behaviours. It draws attention to human rights obligations by, among other things, emphasising openness to diversity, understood in terms of origin, gender, sexual orientation, culture, age and marital status, as well as religious or political beliefs, or membership or non-membership of social and professional organisations. The Code of Ethics emphasises that no forms of discrimination are tolerated in the PGE Group.

Ensuring that employees and other persons performing work for and on behalf of PGE Group companies have access to information about the PGE Capital Group Code of Ethics, including the values and common principles contained therein, is an important element of the compliance system.

Values and principles of the PGE Group

The values of the PGE Group: Partnership, Development, Responsibility. The core ethical values presented and described in the Code of Ethics were selected by management representatives in 2016 and subsequently adopted at the top management level, together with the entire Code of Ethics, by resolutions of the management boards of the individual companies.

Our values

Partnership

For us, it is identification with the PGE Capital Group and the resulting cooperation; it is effective and creative cooperation, leading to a synergy effect, in every area of our activity – for the benefit of customers, owners, employees and business partners; resulting from good cooperation among companies and segments, as well as among individual employees and their teams. PARTNERSHIP is a relationship based on respect.

Development

For us, it is the continuous improvement of people, organisation, processes and technology; it is creating conditions for innovation, actively seeking new solutions. Development requires the courage to introduce changes and create a new reality.

Responsibility

For us, it means taking care of the country’s energy security and the development of the Polish economy, of the sustainable development of our company, of the company as a good place to work and the maintenance of the highest standards of occupational health and safety; it means reliability of both the organisation and each of us. Responsibility means honesty in every action we take.

Besides the values, the Code of Ethics describes – in the form of practical principles – the PGE Group’s standards of conduct that the organisation declares to pursue and expects to be applied by all employees and other persons performing work for and on behalf of PGE Group companies.

The twelve principles of the Code of Ethics can be divided into four thematic blocks:

Translating the values and principles of the Code into the practical language of attitudes and behaviour in specific situations is one of the due diligence tools for the actual application of the Code of Ethics and other compliance policies in the organisation. Examples of appropriate behaviour and attitudes are systematically and consistently introduced into the records of internal regulations, training in operational areas, communications of the Management Board and executives with employees or internal messages.

Among the qualitative results of the introduction and application of the Code of Ethics are an increase in employees’ and stakeholders’ awareness of the benefits of acting with integrity and more attention paid to the relevance of ethical issues.

Conducted in December 2022, a survey called “Knowledge of the Values and Principles of the PGE Group Code of Ethics”, whose results were published in January 2023, showed that

Another such survey is planned for early 2025.