Remuneration policy

As at 31 December 2023, the Company applied the Remuneration Policy for Members of the Management Board and Supervisory Board of Fabryka Farb i Lakierów "Śnieżka" S.A. ("Remuneration Policy"), which was developed on the basis of the act on public offering, conditions governing the introduction of financial instruments to organized trading, and public companies. The purpose of its development was to ensure corporate transparency and supervision over the remuneration of members of the management board and supervisory board of the Company.

The Remuneration Policy was adopted by Resolution of the General Meeting of the Company of June 16, 2020. The Remuneration Policy takes into account the experience of applying the solutions currently in force in the Company, relating to the establishment and payment of remuneration to members of the management board and supervisory board, which – as shown by the increase in the value of the Company and its harmonious and stable development – are part of the Company’s business strategy, whose foundation is a long-term leading position in the segment of decorative paint markets of Central and Eastern Europe.  The Remuneration Policy is also in line with its long-term interests, objectives and values.

The principles of determining and paying remuneration implemented in the Company will allow to adjust the personal goals of persons acting as members of the management board and supervisory board with the long-term interests of FFiL Śnieżka SA.  The remuneration principles encourage members of the management board and supervisory board to take actions focused on long-term objectives and results as well as the sustainable development of the Company and the entire Śnieżka Group, while ensuring the stability of the Company’s operations.

  • The Remuneration Policy

    considering the organizational values indicated in the HR Policy of Śnieżka Group – is an integral part of building high commitment in the Company.  It enables to align the common interests of the Company, members of the management board and the supervisory board while maintaining an appropriate relationship between these interests, ensuring the avoidance of conflicts of interest and contributing to the long-term success of FFiL Śnieżka SA.

The Company published the Remuneration Policy and the resolution on it (along with the date of its adoption and voting results) on its website.

Remuneration of members of the management board

The remuneration of management board members may consist of fixed and variable components.  They may receive additional non-cash benefits related to their function or position.  The general meeting of the Company is responsible for establishing the principles of remunerating the board members.  The amount of fixed components of remuneration for members of the management board and the rules for calculating variable components of remuneration may be established by the supervisory board on the basis of the general meeting’s authorization.

In order to stimulate the development of the Company, take into account the short-term objectives of the Company and maintain the stability of employment in key management positions, the remuneration of management board members may include variable remuneration components, including an annual bonus and awards for special achievements.  The president of the management board may be entitled to apply to the supervisory board for bonuses and awards for members of the management board resulting from additional tasks, special achievements or jubilees.

Variable remuneration components

  • financial criterion – the financial results achieved by the Company or the Group in the period the variable remuneration component is awarded for;
  • loyalty criterion – the period of performing the function of a management board member;
  • social involvement criterion – considering social interests in the activities of the Company or the Group;
  • environmental criterion – considering in the operations of the Company or the Group its contribution to environmental protection;
  • CSR criterion – supporting the implementation activities undertaken by the Company or the Group in the area of corporate social responsibility of the Company or the Group;
  • criterion – individual, covering individual qualifying elements of a management board member, including special achievements, additional tasks or professional jubilees.

Variable remuneration components in the form of a financial instrument for members of the management board may also be awarded under incentive programs.  In addition to the awarded remuneration, members of the management board may be entitled to other cash and non-cash benefits, which include in particular:

  • the option of taking advantage of the benefits specified in the Regulations of the Company Social Benefit Fund;
  • the option of taking advantage of MyBenefit program;
  • the option of joining the pension scheme operating in the Company on the terms provided for the Company’s employees;
  • defrayal of premium costs for third party liability insurance of persons holding managerial positions (the so-called D&O); life and health as well as lost remuneration due to incapacity for work due to illness or accident;
  • the right to take advantage of training to improve professional qualifications indicated for the performance of the function of a management board member;
  • the option of taking advantage of a company vehicle for private purposes;
  • any other non-wage benefits that are available to employees (or associates) of the Company according to the basis of employment;
  • any other benefits resulting from the labour code and due to members of the management board on the basis of employment based on an employment contract;
  • any other benefits resulting from other mandatory provisions of law.

  • The sum of the variable remuneration components

    – including bonuses and other cash and non-cash benefits (including in the form of financial instruments) paid in a calendar year – ought to be in the range from 0 to 9 times the sum of the fixed components of the remuneration of the management board member.
    The maximum proportion is taken taking into account the potential level of payments that would include the results „higher than target ones.”

Remuneration amount

Remuneration of Members of the Management Board of FFiL Śnieżka SA in 2022 and 2023

Remuneration of Members of the Management Board of FFiL Śnieżka SA in 2022 and 2023

Remuneration and bonuses 2023 Income earned in subsidiaries 2023 Remuneration and bonuses 2022 Income earned in subsidiaries 2022
Piotr Mikrut 1 428.8 – 596.5 –
Witold Waśko 1 432.9 – 681.8 –
Joanna Wróbel-Lipa 1 199.2 235.2 373.1 240.0
Zdzisław Czerwiec 1 444.6 – 615.4
Total 5 505.5 235.2 2 266.8 240.0

 

As at 31 December 2023, members of the management board did not have any debts due to loans granted by the Company.

In 2023, the Company did not have any liabilities arising from pensions and similar benefits for former management, supervisory or former members of administrative bodies as well as liabilities incurred in connection with these pensions.

Remuneration of members of the supervisory board

Remuneration of members of the supervisory board may only be composed of fixed components.  This solution is a measure to implement the strategy of the long-term objectives of the Company, separating substantially the remuneration of supervisory board members from the short-term objectives of the Company.

Supervisory board members do not receive any additional non-cash benefits related to the performance of their functions.  They are not entitled to bonuses or other additional cash or non-cash benefits.
The general meeting is responsible for establishing the detailed principles of remunerating the supervisory board members.

Remuneration amount

Remuneration of Members of the Supervisory Board of FFiL Śnieżka SA in 2022 and 2023

Remuneration and bonuses 2023 Income earned in subsidiaries 2023 Remuneration and bonuses 2022 Income earned in subsidiaries 2022
Stanisław Cymbor 417.9 373.2 –
Jerzy Pater 417.9 373.2 –
Jarosław Wojdyła – 62.2 –
Zbigniew Łapiński 169.7 151.5 –
Rafał Mikrut 167.2 149.3 –
Dariusz Orłowski 169.5 149.3 –
Ewa Hałucha 55.7 87.5 –
Piotr Kaczmarek 169.7 88.4 –
Anna Sobocka 113.3 – –
Total 1 680.9 1 434.8 –

 

As at 31 December 2023, supervisory bodies did not have any debts due to loans granted by the Company. In addition, in 2023, the Company did not have any liabilities arising from pensions and similar benefits for former management, supervisory or former members of administrative bodies as well as liabilities incurred in connection with these pensions.

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