The shares of IMC S.A. (the “Company”) are traded on the main list of the Warsaw Stock Exchange (“WSE”) since 2011. As a Luxembourg société anonyme that is not listed on a stock exchange in Luxembourg, the Company is not required to adhere to the Luxembourg corporate governance principles issued by the Luxembourg Stock Exchange. The Company applies however the WSE corporate governance rules as included in the ““Best Practice of WSE Listed Companies 2021” (“DPSN2021”, “Best Practice”)” to the form and extent determined by the WSE Supervisory Board, by way of Resolution No. 13/1834/2021 of March 29th 2021 and available at the official website of the Warsaw Stock Exchange (https://www.gpw.pl/WSE_corporate_governance).
The Corporate Governance Rules of the WSE, which were adopted by the board of the WSE, are a set of corporate governance rules for public companies whose securities are listed on the WSE. The Corporate Governance Rules are aimed at enhancing transparency of listed companies, improving quality of communication between companies and investors, and strengthening protection of shareholders’ rights, including those not regulated by legislation, while refraining from imposing a burden on listed companies that may outweigh the benefits resulting from market needs.
However, certain Corporate Governance Rules can only apply to the extent permitted by mandatory Luxembourg corporate law as well as by the corporate structure (single board system).