LegalPCF Group
Sprawozdanie Rady Nadzorczej oraz Komitetu Audytu Rady Nadzorczej z Działalności w 2020 Roku: Wraz z ocenami
26 May 20219 pages~18 min full read
PCF Group S.A. expanded its Supervisory Board from three to five members in June 2020 to incorporate independent directors and formally established an Audit Committee.
The company transitioned from external accounting firms to an internal finance and accounting department in December 2020 to manage its books and financial reporting.
The Supervisory Board held four formal meetings and passed 13 resolutions during 2020, achieving a 100% attendance rate.
The Supervisory Board deemed the company’s internal control and risk management systems effective, despite the absence of a formalized internal audit unit during the 2020 fiscal year.
The company successfully fulfilled all corporate governance transparency requirements as outlined in the Best Practice for GPW Listed Companies 2016 during its transition to a public entity.
PCF Group S.A. did not engage in any sponsoring or charitable activities throughout the 2020 calendar year.
This report details the activities and oversight functions of the PCF Group S.A. Supervisory Board and Audit Committee for the 2020 financial year. The primary purpose of the document is to provide an official account of corporate governance, board composition changes, and the evaluation of internal control systems in compliance with the Best Practice for GPW Listed Companies 2016.
The scope of the report covers the 2020 calendar year, a period of significant transition for the company as it prepared for its initial public offering on the Warsaw Stock Exchange. Key organizational milestones included expanding the Supervisory Board from three to five members in June 2020 to include independent directors and the formal establishment of an Audit Committee. The board held four formal meetings and passed 13 resolutions during the year, maintaining a 100% attendance rate. A significant operational shift occurred in December 2020 when the company transitioned from using external accounting firms to an internal finance and accounting department to manage its books and financial reporting.
The Supervisory Board concluded that the company’s internal control and risk management systems were adequate and effective. While a formalized internal audit unit did not exist in 2020 due to the company's specific operational scale, the board noted that the Management Board would consider establishing such a function or outsourcing it as the business model evolves. The report also confirms that the company did not engage in any sponsoring or charitable activities during the period and successfully fulfilled all corporate governance transparency requirements. The findings are based on internal board reviews, management reports, and consultations with external auditors regarding the 2019 and 2020 financial statements.
