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Remuneration of the members of Group’s bodies

Employment contracts concluded with the Chairman and the members of the Management Board, approved by resolution of the Supervisory Board, do not include compensation for resignation or dismissal from their positions without a valid reason, or if the dismissal results from a business combination through an acquisition of the issuer.

Separate non-competition agreements regulate among others refraining from post-employment competition with PZU in exchange for damages. In 2013-2014, PZU Group companies included in consolidation did not grant any loans or similar benefits to members of their management boards, higher level managers or members of their supervisory boards.

Rules of granting annual bonuses to the Members of the Management Board

The bonuses of the Management Board’s Members are dependent on their performance for the financial year. They are awarded by the Supervisory Board after the approval of the financial statements for the year. 

The bonus amount depends on the performance of the business area supervised by the given Member of the Management Board, however, the areas that affect business results have much greater impact on remuneration than the support areas.

 1 January – 31
December 2014
1 January – 31 December 2013
Compensation and other short-therm employee benefits paid by PZU (PLN 000) including bonuses and special prizes: including bonuses:
Management Board, including: 8,226 2,812 9,503 3,024
Andrzej Klesyk 2,714 914 2,780 980
Przemysław Dąbrowski 1,054 313 1,135 336
Dariusz Krzewina 1,314 534 642 -
Barbara Smalska1 1,088 399 593 -
Tomasz Tarkowski 891 228 1,102 336
Ryszard Trepczyński 1,165 424 1,535 736
Bogusław Skuza2 - - 1,716 636
Contracts concluded with high level managers – High level management (Directors of PZU Group), including: 3,717 1,193 3,263 1,122
Rafał Grodzicki 936 312 874 250
Przemysław Henschke 936 312 804 180
Dariusz Krzewina3 - - 291 180
Sławomir Niemierka 860 199 863 200
Barbara Smalska3 - - 4314 3125
Tobiasz Bury 985 3706 - -
Supervisory Board, including: 1,221 - 1,224 -
Aleksandra Magaczewska 97 - - -
Waldemar Maj 90 - 192 -
Zbigniew Ćwiąkalski 168 - 168 -
Tomasz Zganiacz 144 - 144 -
Dariusz Daniluk 57 - 120 -
Zbigniew Derdziuk 120 - 120 -
Dariusz Filar 120 - 120 -
Dariusz Kacprzyk 64 - - -
Jakub Karnowski 64 - - -
Włodzimierz Kiciński 57 - 120 -
Alojzy Nowak 120 - 120 -
Maciej Piotrowski 120 - 120 -

1) On 06 October 2014, Barbara Smalska resigned from the position as at 31 December 2014
2) Bogusław Skuza on 27 December 2013 resigned with effective date on 31 December 2013
3) On 12 March 2013, the Supervisory Board of PZU appointed Dariusz Krzewina and Barbara Smalska to the position of Members of the Management Board effective from 15 March 2013. (additionally Dariusz Krzewina and Barbara Smalska were Directors of PZU Group respectively till 14 March 2013 and from 5 January 2013 till 14 March 2013)
4) The aforementioned amount includes a bonus for 2012 as well as remuneration for performance of other functions at PZU and PZU Życie until the date of appointment as the Group’s Director
5) Amount representing the value of benefits for 2012 granted during the term of office in PZU and PZU Życie
6) Amount representing the value of benefits for 2013 granted during the term of office in PZU and PZU Życie.

 1 January – 31 December 20141 January – 31 December 2013
Compensation and other short-therm employee benefits paid by other entities of PZU (PLN thousands) including bonuses: including bonuses:
Management Board, including: 2,942 996 3,826 1,224
Andrzej Klesyk - - 320 -
Przemysław Dąbrowski 599 200 654 255
Dariusz Krzewina 553 133 1.121 561
Barbara Smalska1 596 225 327 -
Tomasz Tarkowski 536 179 510 153
Ryszard Trepczyński 658 259 654 255
Bogusław Skuza2 - - 240 -
High level management (Directors of PZU Group), including: 1,844 478 2,235 1,071
Rafał Grodzicki 455 119 742 357
Przemysław Henschke 455 119 742 357
Sławomir Niemierka 427 70 751 357
Tobiasz Bury 507 1703 - -

1) On 06 October 2014, Barbara Smalska resigned from the position as at 31 December 2014
2) Bogusław Skuza on 27 December 2013 resigned with effective date on 31 December 2013
3) Amount representing the value of benefits for 2013 granted during the term of office in PZU and PZU Życie. 

Total estimated valued of benefits in kind allocated by PZU and its subsidiaries (PLN thousands)1 January – 31 December 20141 January – 31 December 2013
Management Board, including: 1,307 1,343
Andrzej Klesyk 282 251
Przemysław Dąbrowski 186 167
Dariusz Krzewina3 217 214
Barbara Smalska1,3 205 151
Tomasz Tarkowski 191 181
Ryszard Trepczyński 226 166
Bogusław Skuza2 - 213
Management Board, including: 908 401
Rafał Grodzicki 170 183
Przemysław Henschke 203 55
Sławomir Niemierka 358 163
Tobiasz Bury 177 -

1) On 06 October 2014, Barbara Smalska resigned from the position as at 31 December 2014
2) Bogusław Skuza on 27 December 2013 resigned with effective date on 31 December 2013
3) On 12 March 2013, the Supervisory Board of PZU appointed Dariusz Krzewina and Barbara Smalska to the position of Members of the Management Board effective from 15 March 2013. (additionally Dariusz Krzewina and Barbara Smalska were Directors of PZU Group respectively till 14 March 2013 and from 5 January 2013 till 14 March 2013)

Group Directors

Positions of PZU Group Directors were established in relation to the implementation of the management model, according to which members of the Management Board of PZU Życie as Group Directors are in charge of the same business areas and functions in PZU and PZU Życie. The positions of Group Directors are established based on Organizational Regulations of PZU (paragraph 20, item 3).

As at 1st January 2014, Group Directors of PZU Capital Group were the following:

  • Rafał Grodzicki;
  • Przemysław Henschke;
  • Sławomir Niemierka.

On 16th February 2014 the Management Board of PZU appointed Tobiasz Bury Director in PZU Group. On 16th January 2014 Tobiasz Bury was appointed a Member of the Management Board of PZU Życie.

As at 31st December 2014, Group Directors of PZU Capital Group were the following:

  • Tobiasz Bury;
  • Rafał Grodzicki;
  • Przemysław Henschke;
  • Sławomir Niemierka.