Integrated Annual Report 2014

Powers of the Supervisory Board

The Supervisory Board of Grupa LOTOS exercises ongoing supervision of the Company’s business, across all areas of its operations. It performs its duties collectively, but may also set up ad hoc or standing committees to exercise supervision of specific areas of the Company’s activities. Standing committees of the Supervisory Board include the Audit Committee, Strategy and Development Committee, and Organization and Management Committee. The Supervisory Board may delegate its members to individually perform certain tasks or functions. 

The procedures followed by the Supervisory Board of Grupa LOTOS are defined in the Company’s Articles of Association and Rules of Procedure for the Supervisory Board.

Members of the Supervisory Board of Grupa LOTOS should perform their duties to a professional standard of care. Pursuant to the Rules of Procedure for the General Meeting and the ‘Code of Best Practice for WSE Listed Companies’, members of the Supervisory Board should also possess appropriate expertise and experience, and be able to devote the time necessary to perform their duties.