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- strategy (insurance, health, investments, finances);
- sustainable development (sales, employees, social responsibility, natural environment and ethics).
In the Chapter
GRIs
In the Chapter
GRIs
In the Chapter
GRIs
In the Chapter
GRIs
In the Chapter
GRIs
In the Chapter
GRIs
In the Chapter
Operating model
Climate
Employee
Risk and ethics
Business
In the Chapter
Operating model
Climate
Employee
CSR
Risk and ethics
Market
Business
In the Chapter
Operating model
Employee
Risk and ethics
Business
In the Chapter
Operating model
Employee
Risk and ethics
Business
In the Chapter
Operating model
Climate
Employee
CSR
Risk and ethics
Corporate governance and risk management, considering ESG and climate factors
The PZU joint stock company was established on 23 December 1991, transformed from the state-owned Państwowy Zakład Ubezpieczeń. PZU conducts its operations under the Insurance and Reinsurance Activity Act of 11 September 2015 (Journal of Laws of 2017, item 1170, as amended). A milestone in the PZU Group development was the public offering of its shares on the Warsaw Stock Exchange. The public offering of PZU shares on the Warsaw Stock Exchange took place on 10 May 2010. PZU follows the Best Practices of Companies Listed on the WSE.
Until 31 December 2019, PZU had been included in the RESPECT Index - the first index of socially responsible companies in Central and Eastern Europe. Since early 2020, PZU, Bank Pekao and Alior Bank have become part of the new WIG-ESG index.
In PZU, ethical matters are managed by the Compliance Department - an independent organizational unit reporting to the President of the Management Board. The Compliance Department is responsible for system-based management of compliance risk and other quality-related risks. The Director of the Compliance Department is responsible for oversight over the key compliance function. The Managing Director for Regulations, overseeing the Compliance Department, as well as the Director of the Compliance Department, have direct access to the members of the Company’s Management Board and Supervisory Board, to whom the compliance function reports. The reporting proceeds in monthly and annual reports for the Management Board and quarterly risk reports to the Audit Committee of the Supervisory Board and the Supervisory Board itself, as well as in the form of ad hoc information provided to the members of the Company’s statutory bodies if need arises. At the same time, every year the PZU Management Board approves a Compliance Analysis Plan for a given year, which specifies additional areas to be subject to analysis, also including the ethical matters.
Bank Pekao, as well as Alior Bank, have designated an independent organizational unit reporting directly to the President of the Management Board. In Bank Pekao, ethical matters are managed within the Compliance Department; in Alior Bank, they are managed by the of Regulation Compliance Department. Each of those departments prepares and presents to the Management Board and the Audit Committee of the Supervisory Board (quarterly) reports of compliance risk monitoring, including information on the identified compliance risk level in the individual area and the recommendations made to mitigate or eliminate the identified risk. The annual action plans of the compliance units and an annual report on compliance risk management is submitted annually to the Management Board, the Audit Committee of the Supervisory Board and the Supervisory Board.
Compliance and ethical matters management structure:
PZU
Bank Pekao
Alior Bank
Operational risk -
The risk of suffering a loss resulting from improper or erroneous internal processes, human activities, system failures or external events.
Market risk -
The risk of a loss or an adverse change in the financial situation resulting, directly or indirectly, from fluctuations in the level and in the volatility of market prices of assets, credit 
Model risk -
The risk of incurring financial losses, incorrectly estimating data reported to the regulatory authority, taking incorrect decision or losing reputation as a result of errors in the development, implementation or application of models.
Liquidity risk -
The possibility of losing the capacity to settle, on an ongoing basis, the company’s liabilities to its clients or business partners. The aim of the liquidity risk management system is to maintain the capacity of fulfilling the company's liabilities on an ongoing basis. The company maintains the required level of liquidity of the investment portfolio.
Actuarial risk -
The likelihood of a loss or an adverse change in the value of liabilities under the existing insurance contracts and insurance guarantee agreements, due to inadequate assumptions regarding premium pricing and 
Credit risk -
The risk of loss or adverse change in the financial situation, resulting from fluctuations in the credit standing of issuers of securities, counterparties and any debtors, which materializes in the form of a counterparty’s default on a liability or an increase in credit 
Compliance risk -
The risk that the PZU Group may infringe on the law, internal regulations and adopted standards of conduct, including ethical standards, which results or may result in being subject to legal sanctions, or incurring financial loss or else loss of reputation or credibility.
Concentration risk -
The possibility of incurring loss stemming either from lack of diversification in the asset portfolio or from large exposure to default risk by a single issuer of securities or a group of related issuers.
