Shareholders and investors

PGE S.A. is a stock exchange listed company from 2009. PGE S.A. shares are listed in the main market of the Warsaw Stock Exchange, in the continuous trading system.

PGE has the biggest market capitalisation among the Polish power companies in the Warsaw Stock Exchange. PGE’s stock liquidity provides investors with the opportunity to freely buy and sell our securities.

Ownership structure

The PGE Group’s capital is divided into 1 869 760 829 stocks. Our main shareholder is the State Treasury represented by the Minister of State Assets, who holds 1 072 984 098 of the Company’s common stocks, representing 57.39% of the Company’s share capital and entitling to exercise the same number of votes at the General Meeting. The other part, i.e. 796 776 731 of shares, constituting 42.61% of ownership, is specified as shares in free float.

As of December 31, 2020

Pension Funds Number of shares (ths)  % share
AEGON 28,227 1.5%
ALLIANZ 17,327 0.9%
AVIVA 66,369 3.5%
AXA 21,121 1.1%
GENERALI 13,215 0.7%
METLIFE 33,420 1.8%
NN 71,227 3.8%
PKO BANKOWY 14,296 0.8%
POCZTYLION 3,987 0.2%
PZU 56,891 3.0%
Total 326,080 17.4%
As of December 31, 2020

Strategic Investor

According to an ordinance of the Prime Minister (document: Dziennik Ustaw of 2017 pos. 95), PGE Polska Grupa Energetyczna S.A. is included in the list of enterprises of special significance to the national economy. According to the act on rules for managing state property as of December 16, 2016 (document: Dziennik Ustaw of 2016 pos. 2259), PGE shares may not be sold by the State Treasury. This is a stabilising factor for the shareholding structure.

The State Treasury is a shareholding with special control rights. The Company’s articles of association provide special rights for the State Treasury in the following scope:

  • motion to convene a General Meeting,
  • influence over the General Meeting agenda,
  • appointment of a Supervisory Board member through a written statement, with no General Meeting resolution needed.

PGE share price in 2020

In 2020 PGE shares quotation were in range PLN 2.8050-8.2660. Average market capitalisation (value of all shares of the Company) in 2020 amounted to PLN 11.6 billion. Average trading volume amounted to 3.7 million shares per session and average trading amount reached approx. PLN 21 million.

Free float

According to the laws in Poland (Act on trade as of July 29, 2005:  Dziennik Ustaw of 2005 no. 183 pos. 1538), shareholder identities are publicly disclosed when the 5% threshold is exceeded. If a shareholder has less than a 5% stake, there is no requirement to disclose identity.

This means that precise identification of the shareholding structure is not possible. Participation in General Meetings is voluntary, whilst dividends are paid out through the National Depository of Securities and brokerage firms. In practice, as a listed company, we treat every investor as a potential shareholder. According to regulations and best practices, we ensure that all investors have equal access to information.

Open pension funds (OFE) are considered, as a rule of thumb, long-term investors – as a part of shareholder ID research, we identified OFE in PGE’s shareholding (as at the data for 2020) – details are presented on the diagram above.

On December 31, 2020, open-ended pension funds held a total of 326.1 million shares of PGE (i.e. 17.4%). According to data from December, NN OFE had the largest stake, with approx. 3.8%, followed by Aviva OFE with approx. 3.5%.

In aggregate, domestic pension funds and the State Treasury held approximately 75% of shares. Thus, the remaining 25% was divided between retail investors (presumably mostly domestic) and institutional investors – TFI investment funds and their foreign equivalents (mutual funds). Shares of PGE Polska Grupa Energetyczna are included in stock market indexes, such as WIG20 – which is why PGE Group’s shareholding structure also includes ETF funds, which replicate the index composition in their portfolios. Moreover, continuously since 2011, PGE S.A.’s shares were also listed in the RESPECT Index – index including Polish companies operating in compliance with best corporate governance, information governance and investors relations standards. As of January 1, 2020, the WSE stopped calculating and publishing the RESPECT Index. On September 3, 2019, the WSE started to publish the WIG-ESG (Environment, Social, Governance) index which includes companies from WIG20 and mWIG40 indices, who carry out socially responsible activities. Companies are assessed in terms of managing ESG (environmental, social, governance) factors, i.e. environmental factors, social responsibility and corporate governance, information governance and investors relations.

The company receives more and more inquiries from institutional investors regarding ESG issues. This only confirms our assumptions that non-financial factors will play an increasingly important role in financial markets and justifies our pursuit of a wider range of disclosures in this regard, in line with stakeholders’ expectations. Already in 2021, we took part in CDP surveys on climate change and water management, and our new PGE Group Strategy, presented in October 2020, pays a lot of attention to environmental topics – with the ultimate goal of achieving climate neutrality by 2050.


Lechosław Rojewski

Transparency and trust

The main objectives of PGE’s information policy are transparency and cooperation based on mutual trust.

Effective communication with investors and transparency are in the Company’s best interest and contribute to building value for its stockholders. The activities taken up by us in terms of investor relations are more than regulation requirements. These regulations oblige the Company to meet information duties in terms of periodical and on-going reporting with special consideration of inside information. In order to satisfy demanding stockholders and investors, we launched a series of additional tools, the aim of which is to eliminate the information asymmetry between the Company and the capital market. These tools are available on the Company’s website, in the Investor Relations’ section.

  • Presentation of “PGE Group’s strategy 2030 with 2050 perspective”, along with an one pager with summary of strategic objectives – it is a determinant of the directions of the group’s development for the next decades;
  • The Company has also prepared an editable xls file, which includes financial and operating data presented in the form of time series starting from the first quarter of 2011 until the latest reporting period.
  • In addition, the Company publishes preliminary estimated results in periods preceding quarterly reporting. These publications include key financial values, operating volumes and information on important one-offs.
  • For investors sensitive to social and environmental issues, who seek interactions between business, finances and the Company’s engagement for the benefit of its surroundings, we are publishing an online integrated report of PGE Capital Group from 2015 and this year, an online version of the non-financial report was additionally published

Long distance

Investors act based on various strategies and investment horizons and the capital market, in most cases, is functioning in a rhythm of quarterly results. But energy is an industry which is characterised by long-term planning. This is why the Management Board’s point of view is naturally aligned with long-term shareholders’ perspective.

Of course, in order to implement long-term plans, day-to-day care for the company’s finances is required, which is reflected in quarterly results. Quarterly results publications are an opportunity to monitor the company’s situation and progress in its development.

Over the next few years, PGE also intends to publish information on the progress in the implementation of particular elements of the multi-annual strategy. Assumed PGE Group’s objective is to balance all aspects of the business, maximizing the added value for stakeholders.

Search results