Polish clearing house KDPW appoints board

Source: KDPW

The Ordinary General Shareholders Meeting of the National Depository for Securities (KDPW SA) convened on 19 June 2012 appointed Dr Iwona Sroka as President of the KDPW Management Board for a new term.

Iwona Sroka was first appointed President of the KDPW Management Board on 30 July 2009. The General Meeting also adopted a decision concerning distribution of the 2011 net profit and changed the composition of the Supervisory Board of KDPW SA.

The Supervisory Board of KDPW also held a meeting on 19 June 2012. At the meeting, by motion of the President of the Management Board Dr Iwona Sroka, the Supervisory Board appointed to the Management Board of KDPW Sławomir Panasiuk as Deputy President of the Management Board and Michał Stępniewski as Management Board Member.

"It is with real professional satisfaction and a great honour that I welcome the decision of the shareholders who have put confidence in the previous Management Board and appointed it for the next term. In my opinion, it is best proof that the new strategy which we approved in 2009, very good financial results, and development projects implemented over the past three years have been acknowledged. As a proven effective team, this decision motivates us for further activities aiming to strengthen the infrastructure of the Polish capital market and harmonise it with the best global standards," said Iwona Sroka.

In the past three years, the National Depository has implemented many projects to improve the quality of offered services and facilitate the operations of KDPW participants including banks, brokers, issuers of financial instruments. The key achievements of the pursued strategy of KDPW include:
• implementation of the new depository-clearing system kdpw_stream;
• spin-off of the clearing house KDPW_CCP from the structure of KDPW and implementation of a new clearing guarantee model (based on the globally recognised SPAN methodology) using the own capital of the clearing house and the settlement agent function;
• creation of six new operational links with foreign securities depositories (Bulgaria, Canada, Lithuania, Latvia, Romania, Slovenia) supporting the dual listing of companies from those markets on the Warsaw Stock Exchange;
• implementation of new services for issuers: General Shareholder Meeting services offered by KDPW, electronic platform for corporate actions information exchange with KDPW;
• inception of the Exchange Clearing House which clears trading on the energy market;
• preparation of the market and KDPW for omnibus account services;
• system of anonymous securities lending on demand via KDPW;
• development of solutions enhancing the security of short selling;
• modifications to the Compensation Scheme;
• co-ordination of work of T2S NUG_PL, which is implementing the European project TARGET2-Securities on the Polish market and preparing decisions concerning co-operation with the system;
• migration of euro settlement to Target2.

The General Shareholders Meeting adopted a resolution concerning distribution of the net profit of the financial year 2011 in the amount of PLN 42.5 million. The Meeting decided to pay PLN 21.25 million as dividend, which represents 50 percent of the net profit generated in 2011. 

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