PCF Group S.A. operates with a single-person Management Board, preventing the implementation of a functional division of responsibilities among board members.
The company lacks dedicated internal units for risk management, audit, and compliance, with these oversight functions currently performed directly by the Management Board.
Financial reporting is limited to less than five years of comparable data because the company transitioned from the Polish Accounting Act to International Financial Reporting Standards (IFRS) in 2018.
PCF Group S.A. does not maintain a formal diversity policy, prioritizing professional qualifications and experience over criteria such as age or gender to maintain operational flexibility.
The company does not provide real-time broadcasts or video recordings of shareholder meetings, citing high costs, lack of technical infrastructure, and low shareholder demand.
The nominal share value is set at 0.02 PLN, which is below the 0.50 PLN threshold recommended by the Best Practice for GPW Listed Companies 2016.
This corporate governance report, issued by PCF Group S.A. on December 17, 2020, outlines the specific principles of the Best Practice for GPW Listed Companies 2016 that the company does not fully apply. The document serves as a formal disclosure required by the Warsaw Stock Exchange regulations, providing transparency regarding the company’s internal management structures and operational deviations from standard governance norms during its transition to a publicly traded entity.
The scope of the report covers fifteen specific governance principles across various categories, including disclosure policies, board structures, and shareholder relations. Key findings reveal that several non-compliance issues stem from the company’s current organizational scale. For instance, the company cannot provide a functional division of responsibilities among board members because the Management Board currently consists of a single person. Similarly, the company lacks a formalized diversity policy, opting instead to prioritize professional qualifications and experience over non-meritocratic criteria like age or gender to maintain flexibility during its rapid growth phase.
Financial reporting and transparency represent another area of deviation. The company explains that it cannot provide five years of comparable financial data in a processable format because it transitioned from the Polish Accounting Act to International Financial Reporting Standards (IFRS) in 2018. Regarding shareholder meetings, the company does not provide universal real-time broadcasts or video recordings, citing a lack of technical infrastructure, high costs, and a lack of prior shareholder interest.
The report also notes structural absences, such as the lack of dedicated internal units for risk management, audit, and compliance, with these duties currently handled directly by the Management Board. While the company maintains a nominal share value of 0.02 PLN—below the recommended 0.50 PLN threshold—management concludes this does not threaten valuation reliability as the market price remains significantly higher. The tone is analytical and forward-looking, with the company declaring intentions to adopt several of these principles as its board expands or as shareholders express specific needs.
