Legal11 bit studios
Resolutions Adopted by the Ordinary General Meeting of 11 bit studios S.A. on June 6, 2024
6 Jun 202436 pages~40 min full read
11 bit studios S.A. reported a 2023 net profit of 525,609 PLN and total assets of 258.3 million PLN, with the entirety of the profit allocated to supplementary capital.
See it on page 6The company approved a new Remuneration Policy that caps Management Board bonuses at five times the fixed salary, contingent on net profit performance.
See it on page 26Management bonuses are structured to pay 6% of net profit during earnings growth and 3% during decline, with no bonuses awarded if the company reports a loss.
See it on page 27Shareholders approved amendments to the Articles of Association to diversify the company's business scope into real estate management, technical publishing, education, and telecommunication equipment maintenance.
See it on page 33While financial statements were passed unanimously at the June 6, 2024, meeting, the new remuneration resolutions faced opposition from approximately 16% to 17% of represented shares.
See it on page 4The company strengthened its capital reserves by transferring 5.71 million PLN from a dissolved reserve fund, previously intended for management loans, into supplementary capital.
See it on page 32Shareholders representing 40.05% of the share capital granted full discharge to the Management and Supervisory Boards for their 2023 performance.
See it on page 8The Ordinary General Meeting of 11 bit studios S.A., held on June 6, 2024, formalized the company’s financial and operational standing following the 2023 fiscal year. Shareholders representing 40.05% of the share capital ratified financial statements showing a net profit of 525,609 PLN and total assets of 258.3 million PLN. This profit was allocated entirely to supplementary capital, alongside 5.71 million PLN from a dissolved reserve fund previously earmarked for management loans. The assembly granted full discharge to both Management and Supervisory Board members for their 2023 performance, signaling broad institutional confidence despite a modest year-over-year profit margin.
Executive compensation structures were a primary focus, with the adoption of an updated Remuneration Policy designed to link management incentives to long-term stability. Under this framework, Management Board bonuses are strictly performance-contingent, capped at five times the fixed salary and calculated as a percentage of net profit—specifically 6% if earnings grow and 3% if they decline, with no bonus issued in the event of a loss. While the financial reports passed unanimously, the remuneration-related resolutions faced notable opposition, receiving approximately 16% to 17% of "against" votes from the represented shares.
Strategic expansion was also codified through significant amendments to the company’s Articles of Association. The assembly approved a broadening of the corporate scope to include real estate management, technical publishing, educational activities, and the maintenance of telecommunication equipment. These changes, which will take effect upon registration in the National Court Register, suggest a diversification strategy beyond core game development into broader technical and administrative services. This evolution of the corporate statutes, combined with the strengthening of supplementary capital, positions the firm for a more complex operational footprint in the coming years.
