Polish state-run companies set for another management cull

By bne IntelliNews October 7, 2016

Management changes in a number of state-controlled companies in Poland are certain to happen, a government official said on October 7. 

The cull - which would be second in under a year - follows an earlier decision to liquidate the treasury ministry, which currently oversees most of the firms, many of which are listed. Companies will be moved under the supervision of ministries relevant to their business.

Treasury Minister Dawid Jackiewicz was dismissed on September 15, reportedly for going overboard in handing lucrative posts in state-controlled companies to his circle. Now, a wave of new nominees is expected at several of the firms, Henryk Kowalczyk, head of the Prime Minister’s office, confirmed.

Changes will come once the anti-graft police CBA has finished an audit of the companies. CBA is probing the past two years operations - including the time they were under the supervision of Jackiewicz - looking for corruption or waste of public money.

“Results of the control, together with companies’ results, will give us information where changes in managements are necessary. We want to carry [the change] out by end of the year, before the treasury is [ultimately] liquidated,” Kowalczyk told PAP.

Speculation has been rife that Robert Pietryszyn, CEO of oil refiner Lotos, may be one of the first on the list for dismissal. Doubts also surround Wojciech Jasinski, at peer PKN Orlen. Remigiusz Nowakowski at power utility Tauron is another named as a likely target. All three were installed by Jackiewicz.

Kowalczyk also revealed that copper and silver miner KGHM will likely be supervised by the energy ministry. Insurer PZU will be controlled by the development ministry, while GPW - operator of the Warsaw Stock Exchange - will fall under the finance ministry.

The reform is connected with the promise of statist ruling party Law & Justice (PiS) to end privatisation. The party claims the previous government used the treasury to sell-off strategic companies in deals that were disadvantageous to the state. PiS has said it would like to increase the state’s role in important companies, especially in the energy, natural resource, and banking sectors, budgetary means permitting.

Related Articles

Poland signs up to LNG deliveries from US

PGNiG has signed a spot deal to buy LNG from the US, the Polish state-controlled gas company said on April 27. The purchase see US LNG arrive in Central & Eastern Europe for the first time, ... more

EU warns Hungary on rule of law and migrant quotas

The EU warned Hungary on April 12 that it may face legal action over Prime Minister Viktor Orban’s underminig of democracy and the rule of law. The EU’s left-liberal wing has long been ... more

Polish core inflation surprises with strong acceleration in March

Polish core inflation gained 0.6% y/y in March, the National Bank of Poland (NBP) announced on April 12. The reading is 0.1pp above market expectations and 0.3pp higher compared to February.   ... ... more

Register here to continue reading this article and 2 more for free or purchase 12 months full website access including the bne Magazine for just $119/year.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

To continue viewing our content you need to complete the registration process.

Please look for an email that was sent to with the subject line "Confirmation bne IntelliNews access". This email will have instructions on how to complete registration process. Please check in your "Junk" folder in case this communication was misdirected in your email system.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

If you have any questions please contact us at sales@intellinews.com

Subscribe to bne IntelliNews website and magazine

Subscribe to bne IntelliNews website and monthly magazine, the leading source of business, economic and financial news and commentary in emerging markets.

Your subscription includes:
  • Full access to the bne content daily news and features on the website
  • Newsletters direct to your mailbox
  • Print and digital subscription to the monthly bne magazine
  • Digital subscription to the weekly bne newspaper

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

bne IntelliNews
$119 per year

All prices are in US dollars net of applicable taxes.

If you have any questions please contact us at sales@intellinews.com

Register for free to read bne IntelliNews Magazine. You'll receive a free digital subscription.

Already a subscriber or registered - click here to recover access.

If you a IntelliNews Pro user - click here to login.

Thank you. Please complete your registration by confirming your email address.
A confirmation email has been sent to the email address you provided.

IntelliNews Pro offers daily news updates delivered to your inbox and in-depth data reports.
Get the emerging markets newswire that financial professionals trust.

"No day starts for my team without IntelliNews Pro" — UBS

Thank-you for requesting an IntelliNews Pro trial. Our team will be in contact with you shortly.

Dismiss