Shareholders and investors

As at December 31st 2020, the share capital of PGNiG was approximately PLN 5.78bn.

PGNiG is not aware of any agreements which could lead to future material changes in the equity interests held in the Company by its existing shareholders. In 2020, the Company did not acquire any of its own shares. For information on shares in PGNiG and its related companies held by members of the Management and Supervisory Boards, see here.

Shareholding structure comparison

Percentage of PGNiG share capital held by Polish institutional investors at year end 2020

Since September 23rd 2005, the PGNiG shares have been listed in the continuous trading system of the main market on the Warsaw Stock Exchange. The issue price per share in the Company’s public offering was PLN 2.98. In 2020, PGNiG shares were included in the following indices: WIG, WIG20, WIG30, WIG-Poland, WIG-ESG, WIGdiv, WIG-PALIWA sectoral index and WIG.MS-PET macrosectoral index.

PGNiG share price vs WIG20 and WIG-Paliwa

Source: WSE – Warsaw Stock Exchange.
* Rebased to PGNiG share price.

The Company held four public teleconferences (for analysts and investors) and press conferences following each release of its periodic reports. It also prepared an integrated report for 2019, presenting a wealth of information on the oil and gas market and the PGNiG Group growth initiatives. In 2020, representatives of PGNiG held close to 50 meetings with investors and stock analysts, mostly in the form of video conferences and investor conferences in Warsaw.

In October 2020 PGNiG received the 1st Grand Prize in „The Best Annual Report 2019” competition, distinctions for the Best Corporate Report in the “Manufacturers” category, as well as a distinction for the very strong progress in integrated reporting. As a result, the company joined the “Best of the Best” group of entities whose financial reporting is a benchmark and may serve as an example of good practices in communication with stakeholders. The competition was organised by the Institute of Accountancy and Taxes.

PGNiG was again recognised in the IR Excellence Programme – the PGNiG Investor Relations team received top marks in the survey organised by the Warsaw Stock Exchange.

The PGNiG Group’s Strategy for 2017–2022 provides for distribution of up to 50% of consolidated net profit as dividend, with the proviso that in recommending dividend payments the PGNiG Management Board must always take into account the PGNiG Group’s current financial condition and investment plans.

On June 24th 2020, the PGNiG General Meeting resolved to pay dividend for the financial year 2019, totalling PLN 520,048,337.13, i.e. PLN 0.09 per share. The dividend record date and the dividend payment date were set for July 20th 2020 and August 3rd 2020, respectively.

Since its IPO, PGNiG has paid a total dividend of PLN 1.08 per share. The absolute rate of return on the shares since the IPO, including dividends, was 122% as at the end of 2020.

The WIG-ESG index has been published since September 3, 2019, on the basis of the value of the portfolio of shares of companies considered socially responsible, i.e. those that comply with the principles of socially responsible business, in particular in the field of environmental (E) and social (E) issues. S – social / society) and corporate governance (G). WIG-ESG is a total return index, which means that its calculation takes into account both the prices of transactions concluded in it and dividend income.

WIG-ESG includes companies included in the WIG20 and mWIG40 indices, i.e. the largest companies listed on the WSE. The weights of companies in the index depend on the number of free float shares, adjusted on the basis of the ESG ranking and the assessment of the application of the principles of „Best Practices of WSE Listed Companies 2016”. Additionally, the share of one company in the index is limited to 10%, while the total share of companies, each of which exceeds 5%, is limited to 40%. Index information is provided every minute from session start to session end.

The ESG ranking of companies is one of the criteria for determining weights in the index, which is derived from the reports of Sustainalytics. Sustainalytics, an international company specializing in the provision of ESG services, determines company scoring based on publicly available information published by companies. Data such as: annual reports of companies, reports containing non-financial data, information provided on websites are analyzed. The Sustainalytics methodology assesses ESG risk, i.e. measures the industry’s exposure to specific risks related to ESG criteria and assesses how the company manages these risks.

Based on the above analyzes, 60 companies are divided into five groups. Each of them is assigned a different weight, the so-called ESG coefficient, which ranges from 0.6 to 1.0. The coefficient of application of environmental, social and corporate governance factors for PGNiG was estimated at 0.6.

The shares of companies in the index also depend on the level of compliance with the corporate governance rules contained in the „Best Practices of WSE Listed Companies 2016”. Based on the published declarations of the companies in this regard, the Warsaw Stock Exchange assigns to the companies weights depending on the number of applied rules and the quality of the published declarations, ranging from 0.85 to 1.0.