20.1 Share capital

All of the Company’s shares are paid up.

After the reporting date and before the date on which these financial statements were prepared, there had been no changes in the value of the Company’s share capital.

The Company is a member of the PGE Capital Group, with respect to which the State Treasury holds special rights as long as it remains its shareholder.

The State Treasury’s special rights which may be exercised with respect to the companies belonging to the PGE Capital Group are specified in the Act of March 18, 2010 on special rights of a minister competent for energy affairs and their exercise with respect to certain capital companies or capital groups conducting business activities in the electricity, petrol, and gaseous fuels sectors (the consolidated text: Journal of Laws of 2020, item 2173). The Act specifies special rights held by the minister competent for state assets with respect to capital companies or capital groups conducting business activities in the electricity, petrol, and gaseous fuels sectors whose assets are disclosed in the standardised specification of facilities, installations, equipment and services included in the composition of the critical infrastructure.

On the basis of the provisions in question, the minister responsible for state assets may object to a resolution adopted by the Management Board or any other legal action carried out by the Management Board, the object of which is the disposal of an asset posing a threat to the functioning, continuity of operation and integrity of critical infrastructure. An objection could also be filed against the Company governing bodies’ resolutions concerning the following issues:

• the dissolution of the Company,
• changes in the use of, or refusal to use, an asset constituting a component of the critical infrastructure,
• changes in the objects of the Company,
• the disposal or lease of an enterprise or its organised part, or the establishment of a limited property right thereon,
• the adoption of a material and financial plan, a capital expenditures plan, or a long-term strategic plan,
• the transfer of the Company’s registered office abroad,

if the implementation of such a resolution could constitute a real threat to the functioning, operational continuity, and integrity of the critical infrastructure. An objection of the minister in charge of state assets is expressed – after consultation with the minister responsible for energy affairs – in the form of an administrative decision.