Since 2010, the PZU Group’s practice in terms of its corporate governance model and collaboration among its various entities has been for representatives of PZU and PZU Życie to sit on the supervisory boards of the Group’s companies. This solution ensures a uniform approach to governance standards in the key areas of the PZU Group’s functioning.
Representatives of PZU and PZU Życie in subsidiaries:
- President of the PZU Management Board Beata KozłowskaChyła, Ph.D. Hab., is also Chair of the Supervisory Board of the PZU Życie and Chair of the Bank Pekao Supervisory Board;
- Małgorzata Sadurska, PZU Management Board Member, is Deputy Chair of Bank Pekao Supervisory Board, Member of the Link4 TU Supervisory Board and Chair of the TUW PZUW Supervisory Board;
- Bartłomiej Litwińczuk, Member of the PZU Życie Management Board and PZU Group Director, is also the Chair of the LINK4 Supervisory Board;
- Piotr Nowak, Member of the PZU Management Board, is also the Chair of the TFI PZU Supervisory Board;
- Maciej Rapkiewicz, Member of the PZU Management Board and Member of the PZU Życie Management Board, is also the Chair of the PTE PZU Supervisory Board and Member of the Link4 TU Supervisory Board;
- Krzysztof Kozłowski, Member of the PZU Management Board, is also the Chair of the PZU Zdrowie Supervisory Board;
- Andrzej Jaworski, Member of the PZU Życie Management Board, is Member of the PTE PZU Supervisory Board and also President of the PZU Zdrowie Management Board;
- Ernest Bejda, Member of the PZU Management Board and Member of the PZU Życie Management Board, is also the Chair of the PTE Centrum Operacji Supervisory Board and Deputy Chair of the Alior Bank Supervisory Board.
Agreement on Cooperation
Efficient cooperation between companies; the PZU parent company and PZU Group subsidiaries entered a cooperation agreement on 21 March 2017.
Included units – 27 entities of the PZU Group: PZU, PZU Życie , Towarzystwo Funduszy Inwestycyjnych PZU, PZU Zdrowie, PZU Centrum Operacji, PZU Pomoc, Towarzystwo Ubezpieczeń Wzajemnych Polski Zakład Ubezpieczeń Wzajemnych, Powszechne Towarzystwo Emerytalne PZU, LINK4 TU, Ogrodowa – Inwestycje, PZU LAB, Tower Inwestycje, PZU Cash, PZU Finanse , Armatura Kraków, PZU Projekt 01, Tulare Investments, Omicron BIS, Ipsilon , PrJSC IC PZU Ukraine with its registered office in Kiev, PrJSC IC PZU Ukraine Life Insurance with its registered office in Kiev, LLC SOS Services Ukraine with its registered office in Kiev, UAB PZU Lietuva Gyvybes Draudimas with its registered office in Vilnius, Lietuvos Draudimas AB with its registered office in Vilnius, PZU Finance AB in liquidation (publ) with its registered office in Stockholm, AAS BALTA with its registered office in Riga, PZU Corporate Member Ltd. with its registered office in London.
Cooperation based on adopted policies in the areas of: procurement, risk management, IT management, internal audit, strategy, projects, marketing and brand management, consulting and legal assistance, security management, human resources management, corporate communication, tax policy, corporate governance, actuarial services, accounting, planning and controlling, compliance, reinsurance, customer experience management, claims and benefits handling, sustainable business development (ESG), tariff-related actuarial services, analysis of insurance evolution and tariffs, development of sales technology, sales tools and and nonmotor underwriting of business insurance products.
Corporate governance – banks
For the purpose of cooperating with banks, separate agreements were adopted to lay down the rules of cooperation and exchange of information, among others, on reporting duties and accounting, planning and controlling, compliance and internal control, internal audit, risk, strategy, corporate governance and security:
- Agreement on Cooperation and Exchange of Information of 28 September 2017 (amended on 2 April 2020 and 3 July 2020) between PZU and Bank Pekao.
- Agreement on Cooperation and Exchange of Information of 19 June 2019 (amended on 25 September 2020) between PZU and Alior Bank.
Annexes will be signed in 2023 to expand areas of cooperation to include ESG aspects.
Within the PZU organizational structure, in units responsible for business processes, the rules of the so-called Chinese walls apply. This serves to keep legally protected secrets of both businesses and limit the possibility of exchanging sensitive information on business activity between banks in the PZU Group. This also ensures the separation of the flow of information obtained from PZU as the entity heading up the PZU Group, to procure compliance with the legal regulations pertaining to information subject to banking secrecy and other legally protected secrets.
Having regard for the different business nature of the banking entities and the insurance entities, and their sectoral regulations, the direct application in the banks of the risk management system functioning in the insurance companies was impossible. The challenge was to align the process so that the attainment of the PZU Group’s objectives in risk management would transpire while respecting the banking sector’s regulations, the independence of the entities within the understanding of the Commercial Company Code and equal access to information among all the shareholders of the banks. This alignment was crafted in full cooperation with both banks. Risk appetite and Recovery Plans in Bank Pekao and Alior Bank are consulted with the PZU Group’s parent company and the subject matter of opinions issued by the PZU Group Risk Committee. The aim is to ensure consistency between the activities carried out by the banks and the strategic plans and business objectives of the PZU Group as a whole and maintain an acceptable level of risk at the Group level. Thus agreed Risk Appetite and recovery plans are also approved by Supervisory Boards of banks.