| Pursuant to Article 29.3 of the Rules of the Warsaw Stock Exchange, Astarta Holding N.V. presents information on Best Practice 2021 compliance DISCLOSURE POLICY, INVESTOR COMMUNICATIONS 1.1. Companies maintain efficient communications with capital market participants and provide fair information about matters that concern them. For that purpose, companies use diverse tools and forms of communication, including in particular the corporate website where they publish all information relevant for investors. The principle is applied. 1.2. Companies make available their financial results compiled in periodic reports as soon as possible after the end of each reporting period; should that not be feasible for substantial reasons, companies publish at least preliminary financial estimates as soon as possible. The principle is applied. 1.3. Companies integrate ESG factors in their business strategy, including in particular: 1.3.1. environmental factors, including measures and risks relating to climate change and sustainable development; The principle is applied. 1.3.2. social and employee factors, including among others actions taken and planned to ensure equal treatment of women and men, decent working conditions, respect for employees’ rights, dialogue with local communities, customer relations. The principle is applied. 1.4. To ensure quality communications with stakeholders, as a part of the business strategy, companies publish on their website information concerning the framework of the strategy, measurable goals, including in particular long-term goals, planned activities and their status, defined by measures, both financial and non-financial. ESG information concerning the strategy should among others: The principle is applied. 1.4.1. explain how the decision-making processes of the company and its group members integrate climate change, including the resulting risks; The principle is applied. 1.4.2. present the equal pay index for employees, defined as the percentage difference between the average monthly pay (including bonuses, awards and other benefits) of women and men in the last year, and present information about actions taken to eliminate any pay gaps, including a presentation of related risks and the time horizon of the equality target. The principle is applied. 1.5. Companies disclose at least on an annual basis the amounts expensed by the company and its group in support of culture, sports, charities, the media, social organisations, trade unions, etc. If the company or its group pay such expenses in the reporting year, the disclosure presents a list of such expenses. The principle is applied. 1.6. Companies participating in the WIG20, mWIG40 or sWIG80 index hold on a quarterly basis and other companies hold at least on an annual basis a meeting with investors to which they invite in particular shareholders, analysts, industry experts and the media. At such meetings, the management board of the company presents and comments on the strategy and its implementation, the financial results of the company and its group, and the key events impacting the business of the company and its group, their results and outlook. At such meetings, the management board of the company publicly provides answers and explanations to questions raised. The principle is applied. 1.7. If an investor requests any information about a company, the company replies immediately and in any case no later than within 14 days. The principle is applied. MANAGEMENT BOARD, SUPERVISORY BOARD 2.1. Companies should have in place a diversity policy applicable to the management board and the supervisory board, approved by the supervisory board and the general meeting, respectively. The diversity policy defines diversity goals and criteria, among others including gender, education, expertise, age, professional experience, and specifies the target dates and the monitoring systems for such goals. With regard to gender diversity of corporate bodies, the participation of the minority group in each body should be at least 30%. The Company does not apply this principle. The Company does not have Diversity policy, as the separate document, however since 2007 year the Company has adopted Rules of the Board of Directors, which include Profile of the Board of Directors, Resignation schedule for members of the Board of Directors and other documents regulating the Board of Directors’ composition, decision making process, working method, allocation of powers and general functioning. Corporate documents of the Company don’t contain the information with respect to gender or age requirements to members of the Board of Directors as the main principles in engagement of Directors are their qualifications, experience and compliance with the independence criteria and principles of their past and current activity in other companies. The Company has consistently applied a policy whereby governing and managerial positions are filled by competent, creative individuals possessing the necessary experience and education. 2.2. Decisions to elect members of the management board or the supervisory board of companies should ensure that the composition of those bodies is diverse by appointing persons ensuring diversity, among others in order to achieve the target minimum participation of the minority group of at least 30% according to the goals of the established diversity policy referred to in principle 2.1. The Company does not apply this principle. See the detailed explanation enclosed in p2.1 above 2.3. At least two members of the supervisory board meet the criteria of being independent referred to in the Act of 11 May 2017 on Auditors, Audit Firms and Public Supervision, and have no actual and material relations with any shareholder who holds at least 5% of the total vote in the company. The principle is applied. Comments of the Company on the mode of application of the principle. The Company has a one-tier board structure, managerial and supervisory duties are joined by the Board of Directors consisting of Executive and Non-Executive Directors. Non-Executive Directors perform supervising duties. Subject to Rules of the Board of Directors, at least fifty per cent (50%) of the total number of Non-Executive Directors shall be independent in the meaning provided in the Articles of Association of the Company. Currently there are two independent Non-Executive Directors in the Board of Directors. 2.4. The supervisory board and the management board vote in an open ballot unless otherwise required by law. The principle is applied. 2.5. Members of the supervisory board and members of the management board who vote against a resolution may have their dissenting vote recorded in the minutes. The principle is applied. 2.6. Functions on the management board of a company are the main area of the professional activity of management board members. Management board members should not engage in additional professional activities if the time devoted to such activities prevents their proper performance in the company. The principle is applied. 2.7. A company’s management board members may sit on corporate bodies of companies other than members of its group subject to the approval of the supervisory board. The Company does not apply this principle. Since the Company has a one-tier board structure the provision regardinf approval of the supervisory board is not applicable. In addition, members of the Board of Directors are not required to obtain prior approval for occupation of any managerial positions in corporate bodies of other companies (not connected by controller relations to the Company). 2.8. Supervisory board members should be able to devote the time necessary to perform their duties. The Company does not apply this principle. The Company has a one-tier board structure, managerial and supervisory duties are joined by the Board of Directors consisting of Executive and Non-Executive Directors. Non-Executive Directors perform supervising duties. Subject to Rules of the Board of Directors, at least fifty per cent (50%) of the total number of Non-Executive Directors shall be independent in the meaning provided in the Articles of Association of the Company. 2.9. The chair of the supervisory board should not combine this function with that of chair of the audit committee of the supervisory board. The Company does not apply this principle. The Company has a one-tier board structure, managerial and supervisory duties are joined by the Board of Directors consisting of Executive and Non-Executive Directors. Non-Executive Directors perform supervising duties. Subject to Rules of the Board of Directors, at least fifty per cent (50%) of the total number of Non-Executive Directors shall be independent in the meaning provided in the Articles of Association of the Company. In addition, please, be informed that the Chairman of the Board of Directors does not combine this functio with that of Chairman of the Audit Committee 2.10. Companies allocate administrative and financial resources necessary to ensure efficient functioning of the supervisory board in a manner adequate to their size and financial standing. The Company does not apply this principle. Please be informed that the Company does not have a supervisory board, however it allocates administrative and financial resources necessary to ensure efficient functioning of the Board of Directors. 2.11. In addition to its responsibilities laid down in the legislation, the supervisory board prepares and presents an annual report to the annual general meeting once per year. Such report includes at least the following: 2.11.1. information about the members of the supervisory board and its committees, including indication of those supervisory board members who fulfil the criteria of being independent referred to in the Act of 11 May 2017 on Auditors, Audit Firms and Public Supervision and those supervisory board members who have no actual and material relations with any shareholder who holds at least 5% of the total vote in the company, and information about the members of the supervisory board in the context of diversity; The principle is applied. Comments of the Company on the mode of application of the principle. This principle is applied, though the Company does not have a supervisory board 2.11.2. summary of the activity of the supervisory board and its committees; The principle is applied. Comments of the Company on the mode of application of the principle. This principle is applied, though the Company does not have a supervisory board 2.11.3. assessment of the company’s standing on a consolidated basis, including assessment of the internal control, risk management and compliance systems and the internal audit function, and information about measures taken by the supervisory board to perform such assessment; such assessment should cover all significant controls, in particular reporting and operational controls; The principle is applied. Comments of the Company on the mode of application of the principle. This principle is applied, though the Company does not have a supervisory board 2.11.4. assessment of the company’s compliance with the corporate governance principles and the manner of compliance with the disclosure obligations concerning compliance with the corporate governance principles defined in the Exchange Rules and the regulations on current and periodic reports published by issuers of securities, and information about measures taken by the supervisory board to perform such assessment; The principle is applied. 2.11.5. assessment of the rationality of expenses referred to in principle 1.5; The principle is applied. 2.11.6. information regarding the degree of implementation of the diversity policy applicable to the management board and the supervisory board, including the achievement of goals referred to in principle 2.1. The principle is applied. Comments of the Company on the mode of application of the principle. The Company has consistently applied a policy whereby governing and managerial positions are filled by competent, creative individuals possessing the necessary experience and education. INTERNAL SYSTEMS AND FUNCTIONS 3.1. Listed companies maintain efficient internal control, risk management and compliance systems and an efficient internal audit function adequate to the size of the company and the type and scale of its activity; the management board is responsible for their functioning. The principle is applied. 3.2. Companies’ organisation includes units responsible for the tasks of individual systems and functions unless it is not reasonable due to the size of the company or the type of its activity. The principle is applied. 3.3. Companies participating in the WIG20, mWIG40 or sWIG80 index appoint an internal auditor to head the internal audit function in compliance with generally accepted international standards for the professional practice of internal auditing. In other companies which do not appoint an internal auditor who meets such requirements, the audit committee (or the supervisory board if it performs the functions of the audit committee) assesses on an annual basis whether such person should be appointed. The principle is applied. 3.4. The remuneration of persons responsible for risk and compliance management and of the head of internal audit should depend on the performance of delegated tasks rather than short-term results of the company. The principle is applied. 3.5. Persons responsible for risk and compliance management report directly to the president or other member of the management board. The principle is applied. 3.6. The head of internal audit reports organisationally to the president of the management board and functionally to the chair of the audit committee or the chair of the supervisory board if the supervisory board performs the functions of the audit committee. The principle is applied. 3.7. Principles 3.4 to 3.6 apply also to members of the company’s group which are material to its activity if they appoint persons to perform such tasks. The principle is applied. 3.8. The person responsible for internal audit or the management board if such function is not performed separately in the company reports to the supervisory board at least once per year with their assessment of the efficiency of the systems and functions referred to in principle 3.1 and tables a relevant report. The principle is applied. 3.9. The supervisory board monitors the efficiency of the systems and functions referred to in principle 3.1 among others on the basis of reports provided periodically by the persons responsible for the functions and the company’s management board, and makes annual assessment of the efficiency of such systems and functions according to principle 2.11.3. Where the company has an audit committee, the audit committee monitors the efficiency of the systems and functions referred to in principle 3.1, which however does not release the supervisory board from the annual assessment of the efficiency of such systems and functions. The principle is applied. Comments of the Company on the mode of application of the principle. This principle is applied, though the Company does not have a supervisory board 3.10. Companies participating in the WIG20, mWIG40 or sWIG80 index have the internal audit function reviewed at least once every five years by an independent auditor appointed with the participation of the audit committee. The principle is applied. GENERAL MEETING, SHAREHOLDER RELATIONS 4.1. Companies should enable their shareholders to participate in a general meeting by means of electronic communication (e-meeting) if justified by the expectations of shareholders notified to the company, provided that the company is in a position to provide the technical infrastructure necessary for such general meeting to proceed. The principle is applied. Comments of the Company on the mode of application of the principle. The corporate documents of the Company provide that all the meetings take place where the company’s registered office is situated, in the municipality Haarlemmermeer (Shiphol) or any other place within the Netherlands agreed upon by the Board of Directors. In a meeting held elsewhere, valid resolutions can only be taken if the entire issued capital is represented. The Company however supports its shareholders to exercise their voting rights by authorizing the company’s proxies who are bound by instruction or a third party 4.2. Companies set the place and date and the form of a general meeting so as to enable the participation of the highest possible number of shareholders. For that purpose, companies strive to ensure that the cancellation of a general meeting, change of its date or break in its proceedings take place only if justified and do not prevent or limit the exercising of the shareholders’ rights to participate in the general meeting. The principle is applied. 4.3. Companies provide a public real-life broadcast of the general meeting. The Company does not apply this principle. Not applicable, since such procedure is not prescribed by the effective Articles of Association of the Company 4.4. Presence of representatives of the media is allowed at general meetings. The Company does not apply this principle. Not applicable, since such procedure is not prescribed by the effective Articles of Association of the Company 4.5. If the management board becomes aware a general meeting being convened pursuant to Article 399 § 2 – 4 of the Commercial Companies Code, the management board immediately takes steps which it is required to take in order to organise and conduct the general meeting. The foregoing applies also where a general meeting is convened under authority granted by the registration court according to Article 400 § 3 of the Commercial Companies Code. The Company does not apply this principle. Principle is not applied since the Company is registered in the Netherlands and the effective Dutch legislation is applied with respect to convocation of the general meeting of shareholders. 4.6. To help shareholders participating in a general meeting to vote on resolutions with adequate understanding, draft resolutions of the general meeting concerning matters and decisions other than points of order should contain a justification, unless it follows from documentation tabled to the general meeting. If a matter is put on the agenda of the general meeting at the request of a shareholder or shareholders, the management board requests presentation of the justification of the proposed resolution, unless previously presented by such shareholder or shareholders. The principle is applied. 4.7. The supervisory board issues opinions on draft resolutions put by the management board on the agenda of the general meeting. The Company does not apply this principle. The principle is not applied since the Company does not have a supervisory board 4.8. Draft resolutions of the general meeting on matters put on the agenda of the general meeting should be tabled by shareholders no later than three days before the general meeting. The principle is applied. Comments of the Company on the mode of application of the principle. Dates for the Board Meetings in 2020 were decided well in advance and communicated to the Directors. The Agenda along with the explanatory notes were sent in advance to the Directors. The Chairman of the Board of Directors took all steps to ensure that the necessary time is allowed for an effective discussion of the items on the agenda during the meetings, and to take point of view from every Director who wished to put it forward. In order to make the meeting more effective the Company invited persons directly responsible for the areas related to the Board’s agenda. 4.9. If the general meeting is to appoint members of the supervisory board or members of the supervisory board for a new term of office: 4.9.1. candidates for members of the supervisory board should be nominated with a notice necessary for shareholders present at the general meeting to make an informed decision and in any case no later than three days before the general meeting; the names of candidates and all related documents should be immediately published on the company’s website; The Company does not apply this principle. The principle is not applied due to the absence of the supervisory board 4.9.2. candidates for members of the supervisory board make a declaration concerning fulfilment of the requirements for members of the audit committee referred to in the Act of 11 May 2017 on Auditors, Audit Firms and Public Supervision and having actual and material relations with any shareholder who holds at least 5% of the total vote in the company. The Company does not apply this principle. The principle is not applied due to the absence of the supervisory board 4.10. Any exercise of the rights of shareholders or the way in which they exercise their rights must not hinder the proper functioning of the governing bodies of the company. The principle is applied. 4.11. Members of the management board and members of the supervisory board participate in a general meeting, at the location of the meeting or via means of bilateral real-time electronic communication, as necessary to speak on matters discussed by the general meeting and answer questions asked at the general meeting. The management board presents to participants of an annual general meeting the financial results of the company and other relevant information, including non-financial information, contained in the financial statements to be approved by the general meeting. The management board presents key events of the last financial year, compares presented data with previous years, and presents the degree of implementation of the plans for the last year. The principle is applied. 4.12. Resolutions of the general meeting concerning an issue of shares with subscription rights should specify the issue price or the mechanism of setting the price or authorise the competent body to set the price prior to the subscription right record date within a timeframe necessary for investors to make decisions. The principle is applied. Comments of the Company on the mode of application of the principle. However, since the Company's incorporation it did not adopt any resolutions concerning a new isuue of shares. 4.13. Resolutions concerning a new issue of shares with the exclusion of subscription rights which grant pre-emptive rights for new issue shares to selected shareholders or other entities may pass subject at least to the following three criteria: a) the company has a rational, economically justified need to urgently raise capital or the share issue is related to rational, economically justified transactions, among others such as a merger with or the take-over of another company, or the shares are to be taken up under an incentive scheme established by the company; b) the persons granted the pre-emptive right are to be selected according to objective general criteria; c) the purchase price of the shares is in a rational relation with the current share price of the company or is to be determined in book-building on the market. The principle is applied. Comments of the Company on the mode of application of the principle. However, since the Company's incorporation it did not adopt any resolutions concerning a new isuue of shares. 4.14. Companies should strive to distribute their profits by paying out dividends. Companies may retain all their earnings subject to any of the following criteria: a) the earnings are minimal and consequently the dividend would be immaterial in relation to the value of the shares; b) the company reports uncovered losses from previous years and the earnings are used to reduce such losses; c) the company can demonstrate that investment of the earnings will generate tangible benefits for the shareholders; d) the company generates insufficient cash flows to pay out dividends; e) a dividend payment would substantially increase the risk to covenants under the company’s binding credit facilities or terms of bond issue; f) retention of the company’s earnings follows recommendations of the authority which supervises the company by virtue of its business activity. The principle is applied. Comments of the Company on the mode of application of the principle. The Company’s policy is to pay dividends at a level consistent with the Group’s growth and development plans, while maintaining a reasonable level of liquidity. The dividend policy will, however, be reviewed from time to time and payment of any future dividends will be effectively at the discretion of the General Meeting of Shareholders by recommendation of the Board of Directors and after taking into account various factors including business prospects, future earnings, cash requirements, financial position, expansion plans and requirements of Dutch law. In addition, payment of future dividends may be made only if shareholders’ equity exceeds the sum of the paid-in share capital plus the reserves required to be maintained by law and by the Articles of Association. CONFLICT OF INTEREST, RELATED PARTY TRANSACTIONS 5.1. Members of the management board and members of the supervisory board notify the management board or the supervisory board, respectively, of any conflict of interest which has arisen or may arise, and refrain from discussions on the issue which may give rise to such a conflict of interest in their case. The principle is applied. Comments of the Company on the mode of application of the principle. There has not been conflict of interest situations between the Directors and the Company during financial year 2020. The Board of Directors would like to confirm that if there had been such situations, that it would have complied with best practice provisions II.3.2 and II.3.3 of the Dutch Corporate Governance Code. This means that the Board of Directors would have been immediately informed of any such conflict of interest or potential conflict of interest being of material significance to the Company and/or to such Director, to the Non-Executive Directors and to other members of the Board of Directors. Any discussion or decision-making with regard to the conflicted transaction, including any decision to determine whether there is an actual conflict of interest, would have been taken without the conflicted Director being present. 5.2. Where a member of the management board or a member of the supervisory board concludes that a decision of the management board or the supervisory board, respectively, is in conflict with the interest of the company, he or she should request that the minutes of the management board or supervisory board meeting show his or her dissenting opinion. The principle is applied. 5.3. No shareholder should have preference over other shareholders in related party transactions. The foregoing also concerns transactions concluded by the company’s shareholders with members of the company’s group. The principle is applied. 5.4. Companies may buy back their own shares only in a procedure which respects the rights of all shareholders. The principle is applied. 5.5. If a transaction concluded by a company with its related party requires the consent of the supervisory board, before giving its consent the supervisory board assesses whether to ask a prior opinion of a third party which can provide valuation of the transaction and review its economic impact. The principle is applied. Comments of the Company on the mode of application of the principle. Since the Company does not have a Supervisory Board this function is performed by the Board of Directors 5.6. If a related party transaction requires the consent of the general meeting, the supervisory board issues an opinion on the rationale of such transaction. In that case, the supervisory board assesses whether to ask a prior opinion of a third party referred to in principle 5.5. The Company does not apply this principle. This principle is not applied, however in accordance with articles association and rules of the board of directors of the Company , the decisions regarding related party transactions requires the consnt of the Board of Directors and a Director with a direct or indirect personal interest that conflicts with the Company’s interest may not take part in the deliberations or decision-making. If no resolutions can be adopted by the Board of Directors as a result thereof, such resolution must be adopted by the General Meeting or by a legal body as appointed by the General Meeting for that purpose, which corporate body may also be the Board of Directors. 5.7. If a decision concerning the company’s significant transaction with a related party is made by the general meeting, the company should give all shareholders access to information necessary to assess the impact of the transaction on the interest of the company before the decision is made, including an opinion of the supervisory board referred to in principle 5.6. The Company does not apply this principle. This principle is not applied, however in accordance with articles association and rules of the board of directors of the Company , the decisions regarding related party transactions requires the consnt of the Board of Directors and a Director with a direct or indirect personal interest that conflicts with the Company’s interest may not take part in the deliberations or decision-making. If no resolutions can be adopted by the Board of Directors as a result thereof, such resolution must be adopted by the General Meeting or by a legal body as appointed by the General Meeting for that purpose, which corporate body may also be the Board of Directors. REMUNERATION 6.1. The remuneration of members of the management board and members of the supervisory board and key managers should be sufficient to attract, retain and motivate persons with skills necessary for proper management and supervision of the company. The level of remuneration should be adequate to the tasks and responsibilities delegated to individuals and their resulting accountability. The principle is applied. Comments of the Company on the mode of application of the principle. The Remuneration Policy indicates the principal objectives for the amount and structure of the remuneration of the members of the Board of Directors are that (i) qualified members can be retained and motivated; (ii) the smooth and effective management of the Company is ensured, and (iii) the remuneration package is aligned with shareholder’s interests over both the short and long term. Individual-specific responsibilities are taken into consideration in respect of the determination and differentiation of the remuneration of the members of the Board of Directors. The Company has committed itself to provide a total remuneration that is competitive, comparable to and consistent with the practice in the agri-industry on a comparable market and is reasonable in relation to the Company’s operating results and size. 6.2. Incentive schemes should be constructed in a way necessary among others to tie the level of remuneration of members of the company’s management board and key managers to the actual long-term standing of the company measured by its financial and non-financial results as well as long-term shareholder value creation, sustainable development and the company’s stability. The principle is applied. 6.3. If companies’ incentive schemes include a stock option programme for managers, the implementation of the stock option programme should depend on the beneficiaries’ achievement, over a period of at least three years, of pre-defined, realistic financial and non-financial targets and sustainable development goals adequate to the company, and the share price or option exercise price for the beneficiaries cannot differ from the value of the shares at the time when such programme was approved. The principle is applied. 6.4. As the supervisory board performs its responsibilities on a continuous basis, the remuneration of supervisory board members cannot depend on the number of meetings held. The remuneration of members of committees, in particular the audit committee, should take into account additional workload on the committee. The principle is applied. 6.5. The level of remuneration of supervisory board members should not depend on the company’s short-term results. The principle is applied. Comments of the Company on the mode of application of the principle. This principle is applied, though the Company does not have a supervisory board |
| PL_GPW_dobre_praktyki_ASTARTA_HOLDING.pdf |
| EN_GPW_dobre_praktyki_ASTARTA_HOLDING.pdf |
| Data | Imię i Nazwisko | Stanowisko | Podpis | ||
| 2021-08-13 14:02:31 | Viktor Ivanchyk | CEO, Executive Director A | |||
| 2021-08-13 14:02:31 | Marcus Van Campen | CCO, Executive Director B |
PL_GPW_dobre_praktyki_ASTARTA_HOLDING.pdf
EN_GPW_dobre_praktyki_ASTARTA_HOLDING.pdf
