Institution Theme Category Industry
  • BlackRock
  • Environmental
  • Climate
  • Utilities
Company Year Market Link
PGE Polska Grupa Energetyczna SA 2020 N/A

As a fiduciary on behalf of our clients, BIS has engaged with PGE over the past several years on a range of governance and material sustainability topics, including climate-related disclosures.
…PGE discusses climate related challenges in the company’s 2019 report on non-financial data but lacks some of the key features we would expect such as TCFD aligned reporting to further describe the governance around climate-related risks and opportunities, the impacts on the strategy and risk management, the business model’s resilience under different energy transition scenarios and relevant scope 1,2 & 3 metrics and targets. The current reporting provides some insights about the company’s operational carbon emissions and the management’s perspectives on the challenges of the European Union’s climate goals but is not aligned with the TCFD framework. Hence, these disclosures fall short of our expectations. Moreover, the existing carbon intensity target remains significantly higher than the average carbon intensity of power generation in Europe.
The company’s inadequate public disclosure is increasingly putting it at odds with its global peers regarding long-term climate adaption strategies and raises concerns about how PGE is managing climate risk and the transition to a lower-carbon economy. We expect greater action on target-setting and conveying the justification for company’s approach relative to its peers.
We are encouraged by the company’s indications that it intends to enhance its climate related disclosures and is considering spinning-off its coal assets (mining and power generation) and refocusing PGE on cleaner energies, supply and distribution. However, there is currently no clear timeframe for this. Depending on the recommendations of the Polish Government expected in the next few months, the spin-off could significantly change the structure and enhance the carbon profile of the company. We look forward to seeing the enhanced disclosures and commitments in the near future. However, the company’s limited progress in explicitly aligning its reporting with the TCFD recommendations and lack of public commitments to move towards TCFD-aligned reporting falls short of our expectations of large carbon emitters with a previous history of engagement with BIS on this topic.


  • Proponent
  • Management
  • Resolution
  • Approve Discharge of Anna Kowalik (Supervisory Board Chairman)
  • Vote
  • Rationale
  • N/A
  • Details
  • PGE is not an official TCFD supporter and has made no public commitment regarding the alignment of its disclosures with the recommendations of the TCFD. As discussed above, despite sections in the company’s 2019 annual and sustainability reports dedicated to GHG emissions and climate change, these climate-related disclosures do not demonstrate sufficient progress towards PGE aligning its reporting with the TCFD recommendations.
    In line with our approach of holding directors accountable when a company is not effectively addressing a material issue in the absence of a dedicated Supervisory board committee, we voted against the discharge of Anna Kowalik for lack of progress in relation to climate-risk reporting. Anna Kowalik is the Chair of the Supervisory Board and the most senior non-executive director responsible for the oversight of climate-related issues.