Grupa LOTOS S.A. - Integrated Annual Report 2012
Remuneration of the Supervisory Board members is subject to limitations and conditions prescribed under the Act on Remunerating Persons Who Manage Certain Legal Entities of March 3rd 2000 (Dz. U. of 2000 No 26, item 306, as amended). Acting in accordance with the Act, in 2000 the Extraordinary General Meeting defined a remuneration policy for the Supervisory Board members, which provides as follows:
- Supervisory Board members receive monthly remuneration equal to the average monthly salary in the non-financial corporate sector, net of bonuses paid from profit in the fourth quarter of the preceding year, as announced by the President of the GUS (Central Statistics Office),
- the remuneration is payable irrespective of the frequency of Supervisory Board meetings. This, however, does not apply if in a given month a member of the Supervisory Board is absent from all meetings held in that month without a valid reason,
- if a Supervisory Board member is appointed or removed from office during a calendar month, the remuneration amount is calculated according to the number of days in office,
- the Company covers all costs and expenses incurred in the performance of duties by members of the Supervisory Board and, acting pursuant to the Act on Personal Income Tax, it assesses and withholds tax payments on their remuneration income.
In line with an amendment to the said Act, in 2012 the Supervisory Board members were entitled to receive monthly remuneration calculated on the basis of the average monthly salary in the non-financial corporate sector net of bonuses paid from profit in the fourth quarter of 2009.
Remuneration of the Supervisory Board members in 2012
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