Statement on corporate governance
EBI report no. 2/2011
Dated June 15 2011
The Board of Directors of WESTA ISIC S.A. (the "Company") informs that the Company does not comply with the following recommendations and best practices of the Best Practices of WSE Listed Companies:
• Recommendation I.1, regarding the composition and content of the Company’s website. The Company's website does not contain all recommended information as the corporate history of the Company is short and some information is not yet available or has not been posted yet. The Company intends to expand its website in line with development of its corporate structure and corporate events in order to meet the expectations of the investors and shareholders.
• Recommendation I.5, regarding remuneration policy. Currently, the Company does not have a remuneration policy adopted. The Company does not exclude that the remuneration policy will be adopted by the General Meeting in the future.
• Recommendation I.9, regarding balanced proportion of men and women in the Management Board and Supervisory Board. Currently, the Company does not comply with this recommendation. The Company supports this recommendation however the members of the Board of Directors are appointed by the General Meeting of Shareholders and therefore the compliance with this recommendation depends on the shareholders' future decisions.
• Best Practice II.1, 14), regarding internal rules of changing company authorised to audit financial statements. Currently, the Company has not adopted any rules regarding the issues described in this recommendation. The Company intends to disclose the rules when they are adopted.
• Best Practice III.6 regarding independent members of the Supervisory Board. Currently only one out of three members of the Board of Directors meets independence criteria. The number of independent members of the Board may be increased in the future upon shareholders' decision.
In addition, the rules that refer to the two-tier corporate structure are complied with accordingly, to the extent possible in one-tier corporate structure of the Company.
Legal grounds: § 29.3 of the Warsaw Stock Exchange Rules
Date Name Signature
15-06-2011 Viktor Ostapenko Viktor Ostapenko