20.1 Share capital

All of the Company’s shares are paid up.
After the reporting date and until the date on which these financial statements were prepared, there were no changes in the value of the Company’s share capital.

Shareholder rights – State Treasury rights concerning the Company’s activities

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

Special rights of the State Treasury that are applicable to PGE Group entities derive from the Act of March 18, 2010 on special rights of the Minister of Energy and their performance in certain companies and groups operating in the electricity, oil and gaseous fuels sectors ( Official Journal from 2016, item 2012). The aforesaid Act specifies the particular rights entitled to the Minister of Energy related to companies and groups operating in the electricity, oil and gaseous fuels sectors whose property was disclosed within the register of buildings, installations, equipment and services included in critical infrastructure.

Based on this act the Minister of Energy has the right to object to any resolution or legal action of the Management Board that relates to the ability to dispose of a part of Company’s property, which may result in threat to functioning, continuity of operations and integrity of critical infrastructure. The objection can also be expressed against any resolution adopted that relates to:

• dissolution of company,
• changes of the use or discontinuance of exploitation of an asset that is a component of critical infrastructure,
• change in the Company’s principal business activity,
• sale or lease of, or creation of limited property rights in, the Company’s business or its organised part,
• adoption of a budget, plan of investment activities, or a long-term strategic plan,
• relocation of the Company’s registered office abroad,

if the implementation of any such resolution could constitute a material threat to the security, continuity or integrity of critical infrastructure operations. The objection is expressed in the form of an administrative decision.