Organisational structure of KGHM Polska Miedź S.A.
The Parent Entity of the KGHM Polska Miedź S.A. Group – KGHM Polska Miedź S.A. with its registered office in Lubin at ul. M. Skłodowskiej-Curie 48, – is a joint-stock company entered in the register of commercial undertakings kept by the District Court in Wrocław-Fabryczna, 9th Commercial Division of the National Court Register under file number KRS 23302.
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In 2020, the multi-divisional enterprise operating as KGHM Polska Miedź S.A. consisted of the Head Office and 10 Divisions, as shown in the following diagram:
Organizational structure of KGHM Polska Miedź S.A. as at 31 December 2019
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Changes in the Company’s basic governance principles in 2020:
- In connection with the Resolution adopted by the Ordinary General Meeting of KGHM Polska Miedź S.A., on 19 June 2020 an amendment was made to the Company’s Articles of Association in respect to resolutions adopted by the Management Board in matters exceeding the scope of ordinary management.
- In connection with an entry made on 12 August 2020 in the register of commercial undertakings of the National Court Register, the Management Board amended the Management Board Bylaws, which were approved by the Supervisory Board on 21 January 2021.
Organisational structure of the KGHM Polska Miedź S.A. Group, including KGHM INTERNATIONAL LTD., and the position of KGHM Polska Miedź S.A. as the Parent Entity and its stakes in each company
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The following diagram presents the significant production assets and projects implemented in the following reporting segments: KGHM Polska Miedź S.A., KGHM INTERNATIONAL LTD., Sierra Gorda S.C.M. and Other segments:
Reporting segments of the KGHM Polska Miedź S.A. Group
The following companies were not included in any of the aforementioned segments:
- Future 1 Sp. z o.o., which acts as a holding company of the KGHM INTERNATIONAL LTD. Group,
- Future 2 Sp. z o.o., Future 3 Sp. z o.o., Future 4 Sp. z o.o., Future 5 Sp. z o.o., Future 6 Sp. z o.o. in liquidation, Future 7 Sp. z o.o. in liquidation, which operate within a structure associated with the establishment of a Tax Group.
These companies do not carry out any operating activities affecting the performance of the individual segments, therefore adding them could affect the data presented in this part of the consolidated financial statements, because of the significant values of internal settlements with other Group entities.
KGHM Polska Miedź S.A., KGHM INTERNATIONAL LTD. and Sierra Gorda S.C.M. Segments have separate Management Boards, which report performance of its operations to the Parent Entity’s Management Board.
The KGHM Polska Miedź S.A. segment consists of the Parent Entity only and the Sierra Gorda S.C.M. segment consists of the Sierra Gorda joint venture only.
Changes in the main Group governance principles
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The Group’s governance model was not changed in 2020. Within the existing broadly defined governance principles, actions were taken to coordinate the processes occurring in the Group, among others in the commercial area, in order to maintain continuity and security of the core production business. Activities associated with the COVID-19 pandemic were some of the more important aspects in this area. Coordination of activities at the Parent Entity level was aimed at mitigating the impact of negative effects of the pandemic on the activity of Group entities.
