Good morning, ladies and gentlemen. Apologies for a slight delay. It's 11:06, but it's due to technical reasons, let's say. Apologies one more time. My name is Tadeusz Kocowski. I am the Chairperson of the Supervisory Board, and I have the pleasure of presiding the first initial part of our Ordinary General Meeting, hereinafter OGM. My role will last until we select the Chairperson of the Ordinary General Meeting of KGHM Polska Miedź. This is, we can say, the most important point related to the beginning of our meeting. Before we proceed to this point of the agenda, let me traditionally welcome everyone, all the shareholders and stockholders that join us at our meeting personally, proxies of the stockholders, the Supervisory Board, and the composition of the Supervisory Board that joined us today.
I wanted to welcome Professor Marian Noga, Professor Józef Czyczerski, and Mr. Przemysław Darowski. I also wanted to welcome the Management Board of the company, the President of the Management Board, Mr. Andrzej Szydło, and Deputy Presidents of the Management Board, Anna Sobieraj-Kozakiewicz, Deputy for International Assets, then Mr. Piotr Stryczek, Deputy for Corporate Affairs, Mirosław Laskowski, Deputy for Manufacturing, and Mr. Zbigniew Bryja, Deputy for Development. Representatives of media, welcome those of you who joined us yesterday, tomorrow, today, that convey so important information to the public. That you're joining us on all the general meetings and you're reporting on our company's activities in general. Thank you very much for that. I also wanted to welcome representatives of, or employees of the company that are with us today. Welcome. Let me inform everyone that the protocol from today's OGM is going to be performed by Mr. Radosław Pąt. Welcome.
To today's meeting.
notary public.
Without further ado, let's proceed with the most important part in the first section of our meeting. Election of the chairperson of today's ordinary general meeting. First, let's appoint those who would like to be the candidates for this position, but maybe after, and then we will introduce the technical procedure of the meeting. The representative of the company that manages our meeting, please inform us about the operations of the equipment that we will use for the voting procedure. You can see the screens around us. They will present the information. Let's then proceed to election of the chairperson of the ordinary general meeting. I would like to ask for the candidates. Welcome, Andrzej Leganowicz, a stockholder, with one chair.
I hereby appoint myself as a candidate for today's ordinary general meeting, and I declare that if I am selected, I will take the position. Thank you very much. Any other candidates? I do not see any. So we have only one candidate for the chairman of the OGM. Right now, I would ask a representative of the programmer company that manages our voting procedure to tell us about the voting process. Ladies and gentlemen, during the registration, you got three tags: green, which is for; red, against; and yellow, abstain. Once the voting starts, you wait for the blue screen on your screens, and then you put the proper tag to the NFC reader, and then you will be informed if the vote was cast or the decision. If it is an open ballot, you will see the decision.
If it's a secret ballot, you will just see a ballot, you will just see that you have cast your vote. First, let's do a trial vote to see if everything works. Remember, the chairman starts and finishes the vote. We will start the vote now, a trial vote. Check if your tags work. [ Foreign language] ? Have you all cast your vote? I close the vote then.
[Foreign language]
Unfortunately, we can't hear the speaker without the microphone.
[ Foreign language]
[ Foreign language] mam [ Foreign language]
Should I repeat?
I will.
I hereby start the secret vote on electing the chairman of the ordinary general meeting of KGHM Polska Miedź. We are voting for Mr. Andrzej Leganowicz to be the chairman of today's OGM. I hereby open the vote.
[Foreign language] ?
Have you finished?
We will wait.
[Foreign language] ?
Is this the moment, good moment to close the ballot? Okay, I close the vote and, please give us the results. We will see it on the paper first, and then the results are going to be displayed on the screens. Counting is ongoing. Even the machine takes some time to count. Ladies and gentlemen, a total amount of 122,708,071 votes were cast. All the votes were valid, and the vote was unanimous: 122,708,071 votes for. Congratulations! I would like to invite the Chairman to take his function and continue with the proceedings.
[Foreign language]
Welcome, ladies and gentlemen, and thank you very much for entrusting me with the function of the chairman of today's OGM. First, I will sign the attendance list.
[Foreign language]
The attendance list signed by the chairman was presented for public viewing. If you would like to preview this document, you have the chance by the end of today's OGM. By selecting the chairman of the OGM, we have completed point two of the agenda. Point three is certifying the correctness of today's calling of this OGM and its ability to accept resolutions. This OGM was presented in line with the current legal regulations. The announcement was published to KGHM Polska Miedź at the website address kghm.com on the 22nd of May 2025, and it was kept on this website until today.
The contents of the announcement is in line with the code of commercial companies, and the report was sent by the company on the 22nd of May 2025 in line with the regulations on a public offer within the, and the correct, relevant article of the Commercial Companies Act. This was the 15/2025 report. The report 16/2025 of the same day, the company sent the proposed resolutions on today's OGM, and the agenda published on the 22nd of May takes into account the order sent to the company by the State Treasury to include in the agenda matters related to changes in the remuneration of the board and members of the Supervisory Board. This would be matters of 14 and 15 in the first, and the first and the report.
The changes were presented in report, in document 19/2025 on the change of the agenda. The information on the agenda was published on the company's website, kghm.com, and is kept there up until today. Let me inform you that the State Treasury stockholder on the 30th of May, sorry, the company informed about it on that day, and the stockholder filed another request to change the agenda on changing the statutes of the company, and that was published as document 17/2025, and that was published on the company's website, kghm.com, on the 30th of May 2025, published as in the form of the amended agenda and the amended draft proposal, resolution proposals and all the other documents, including the new agenda.
The list of those entitled to participate in today's OGM has been started, has been created according to the relevant articles of the Code of Commercial Companies. Let me inform everyone that in line with the company statutes, the OGM may adopt resolutions if at least one fourth of the company capital is represented. Currently, in the room, we have 504 stockholders present or represented, and the number of shares, 122,708,072, is the amount of votes they have, and then the present company capital would be PLN 1,220,227,080.720 out of 2 billion lots, and this contributes to 61.3% of the capital. The state of the attendance is monitored electronically. If you would like to leave our meeting without resuming the meeting, please note that on the attendance list, and secondly, please report that to the technical staff.
Let me inform you that today's OGM was appointed without any possibility of joining remotely. The regulations of such general meetings of the company do not provide for the correspondence mode participation. The meeting is broadcasted and the quorum is represented. Therefore, I state that today's OGM is valid and authorized to adopt resolution within, of course, the published agenda. We have representatives of the media here, so I would kindly ask you to present yourself. Lubin 24 portal.
Master TV [ Foreign language] website. I'm a union member of [ Foreign language] . I'm from [ Foreign language].
Thank you very much. Would any of the stockholders authorized to participate in today's OGM would like to refer their complaints about the presence of the media representatives in the room? I don't see any complaints about that.
Let's move to point four of our agenda, which is acceptance of the agenda of today's OGM of KGHM Polska Miedź. The agenda was published in the announcement in the first version and then modified on the 30th of May 2025 by adding matters, with number 17 on the agenda. In general, the agenda is comprised of 18 points, and point number 18 is closing today's OGM. Would you, would any of you like to formulate statements about the agenda or formulate any suggestions about the manner it is performed? If there are any opinions or statements about it, please do so now.
[ Foreign language]
Okay, is there any necessity to read the agenda in full? I don't see that requirement, so I assume that the agenda is well known to all shareholders.
Now I would like to offer the next number of the resolution of KGHM Polska Miedź with the head office in Lubin, dated 18 June 2025, regarding acceptance of the agenda of the ordinary general meeting of KGHM Polska Miedź S.A. The ordinary general meeting KGHM Polska Miedź S.A. resolves the following. The following agenda of the ordinary general meeting of the KGHM Polska Miedź S.A. is hereby accepted, and here we have the agenda, which is known to all shareholders. It has 18 points. In paragraph two, we read that this resolution comes into force upon its adoption. Do you have any remarks to the text, to the content of the agenda? No remarks, no comments, so we are ready to proceed. Let's vote, open ballot, about adopting the ordinary general meeting agenda. Has everyone cast a vote? We're still pending vote.
I'm closing the voting, and let's see the results. I would like to inform you that in total, 122,708,071 votes were cast. All votes cast in this vote were for adopting the resolution, so this resolution on the acceptance of the agenda of the ordinary general meeting has been adopted. Now point number five and number six is about review of annual reports. I would like to now offer you that point five and six are discussed at once in one discussion, and the introduction to the discussion will be the presentation of the Management Board that's going to happen soon, but during the discussion, all parties interested in the point five, to review of the annual reports regarding the separate financial statement for the financial year ended 31 December 2024, would be able to speak. Do you accept this formula of proceeding?
The main focus of discussion of today's ordinary general meeting will be point five and six, and now I would like to ask the Management Board to take their seats and to present their main thesis in report and in the conclusion about separation of the remuneration. Allocation of profit for 2024, I would.
[ Foreign language]
On the 25th of March 2025, the board adopted a series of resolutions and in turn consolidated the financial report for the fiscal year finished on the 31st of December 2024. Then on the 26th of March, with periodic reports, the results were published. On the 27th of March, there was a result conference on which we broadly presented the results of 2024.
[ Foreign language]
KGHM as a mining company. KGHM is on the metal stock market.
Its results are mainly reflected by the macroeconomic situation and both in terms of metals and the currency exchange. How did it look like in 2024 in relation to 2023? The copper rose by 8%, and the final result was $9,147 per ton of copper. Silver price $28.27 per ounce, which is an increase of 21% compared to 2023. The exchange rate between USD and PLN was lower by 5%. That contributed to a copper price higher by 2% year- on- year. In terms of silver, 15%. The basic result indicators that were published and discussed on the 27th of March. Let me start from the units. Revenues were higher by 3% and adjusted EBITDA, as you can see, 4.463, and that was 25% higher than last year.
Then the net result to 1,786. For the group, the revenues 6% higher, the adjusted EBITDA, the results were higher by 58%. I think here I would comment that these results are very positive and the board has submitted these results to the supervisory board and the supervisory board included it to adoption and for the review. I think this is one more slide that we need to show. KGHM in 2024 devoted PLN 4.9 billion, out of which PLN 3 billion was devoted to mining, which is not surprising. PLN 740 million, these were the investment spendings in smelting operation. What's important? 38%. What's important, 38% would be the investment for reconstruction and 36% for maintenance. 25% would be the development. Then [audio distortion]
The proportion needs to change in the view of the board and should change. [ audio distortion]. With the greatest investment funds spent on development. Of course, with retaining certain amounts, of course, maybe not percentage-wise, but for maintenance. We need to spend more on development. Maybe we can speak more about it when the questions are then, when there are some specific questions about it, we are ready, willing to answer. I think that would be it for me today. Okay, I am opening the discussion about point five and six of the agenda. Are there any people interested in formulating a statement or a question in the, in line of this discussion?
I don't see any, so I then understand that the reports mentioned in point number five and then the request of the board, of the management, or proposal of the Management Board on allocation of profit was then discussed in full. First we were presented with the report and then we reviewed it. Point number seven, which is about approval of the board, presentation of the report of the Management Board on the representation expenses, expenses incurred on legal services, marketing services, public relations services, social communication services, and advisory service associated with management in 2024. Let's assume first and foremost that it was presented to the OGM. If you would like to refer to the contents of this document, please do so now. Is there anyone interested in formulating a statement? If not, then I assume that this was presented.
Point number eight, which is approval of the report of review of the report of the supervisory board on the results of the evaluation of the separate financial statements of KGHM Polska Miedź S.A. for the financial year ended on 31st of December 2024, the consolidated financial statements of the KGHM Polska Miedź S.A. for the financial year ended on 31st December 2024, and the management board's report on the activities of KGHM Polska Miedź S.A. and the KGHM Polska Miedź S.A. group in 2024 as to their consistency with the accounts, documents, and factual state. The document mentioned in point eight was published, and all the interested parties had the chance to learn of its contents.
First, referring to the publication of the company, let's assume that it was presented to the OGM, and then the review that is mentioned here should be done in the form of discussion. Are there any persons interested in formulating a statement here in this point of the agenda? I don't see any, so I hereby accept that the report mentioned in point eight of the agenda was presented to the OGM and reviewed by the OGM. Point nine is the review of the report of the Supervisory Board on the results of its evaluation of the proposal of the Management Board of KGHM Polska Miedź S.A. on allocation of profit for 2024. The document that is mentioned here in this point was also published, so I would propose that we assume that this document was presented to the OGM because it was previously presented.
Is there anyone interested in formulating a statement in this point of the agenda? I don't see any, so I assume, I accept that the document mentioned in point nine of the agenda was presented to the OGM and reviewed properly by the OGM. Point number ten is the presentation by the Supervisory Board of A, an assessment of the company's standing with the evaluation of the adequacy and effectiveness of the internal control, risk management, and compliance system applied in the company with standards of applicable practices and of the internal audit function. B, a report of the Supervisory Board of KGHM Polska Miedź S.A. for 2024, and C, a report on the remuneration of the Management Board and Supervisory Board of KGHM Polska Miedź S.A. for 2024.
The documents that were mentioned in point ten of the agenda were presented and published before, so I first suggest that we assume that these documents were presented to the OGM. Is there anyone who would like to formulate a statement to this point of the agenda? If not, I assume that this documentation referred to in point ten of the agenda was presented to the OGM.
Punkt jeden. Point eleven, adoption of resolutions. Point A, there will be approval of the separate financial statements of KGHM Polska Miedź S.A. for the financial year ended 31 December 2024. Is there any necessity to read out this resolution? If you see this necessity, please raise your hand. I see no hands, so I assume that approval of the separate financial statement of KGHM Polska Miedź S.A. for the financial year ended 31 December 2024 is well known to present shareholders.
Would you like to refer to the content of this point? I see no hands, so let's vote about that, about approval of the separate financial statement of KGHM Polska Miedź S.A. for the financial year ended December 31, 2024. Please cast your votes.
[ Foreign language]
Have you all cast your votes? I hereby close the voting. Please see the result. A total of 122,708,071 votes were cast. The number of votes for adoption of the resolution is 121,232,806 votes, against 774,067 votes. Abstained 700,648 votes. I hereby confirm that the resolution has been adopted. Point eleven, point B, approval of the consolidated financial statement of the KGHM Polska Miedź S.A. group for the financial year ended on December 31, 2024. Is there any necessity to read aloud this resolution presented by the Management Board?
If not, I assume that the text of the approval of the Management Board's report on the activities of KGHM Polska Miedź S.A. and the KGHM Polska Miedź S.A. group in 2024, the financial year ended on December 31, 2024, is well known to you. Would you like to refer to the text of this statement? If not, let's vote. I would ask you kindly to cast your votes. We are voting on approval of the consolidated financial statements of the KGHM Polska Miedź S.A. group for the financial year that ended on December 31, 2024. Czy wszystkie Have you all cast your votes in this voting? If yes, I'm closing the voting. Let's see the result. A total of 122,708,071 votes were cast. The number of votes for adoption of the resolution: 121,915,041 votes, against 92,382 votes, abstained 700,648 votes.
I hereby declare that the resolution has been adopted in the open ballot. Point C, approval of the management board's report on the activities of KGHM Polska Miedź S.A. and the KGHM Polska Miedź S.A. group in year 2024. It is presented as follows: In paragraph one, general meeting approves this ordinary general meeting of KGHM Polska Miedź S.A. with due regard begins, approves the management board's report on the activities of KGHM Polska Miedź S.A. and the KGHM Polska Miedź S.A. group in 2024. Do you have any remarks to the text of this resolution? No comments, so please let's vote. Czy wszystkie osoby Have you all cast your votes? If yes, I'm closing the voting. A total of 122,708,071 votes were cast. The number of votes for 121,983,044 votes, against 23,977 votes, abstained 700,648 votes. I hereby declare that the resolution has been adopted.
Next point on the agenda, point eleven, the allocation of profit of KGHM Polska Miedź S.A. for year 2024. The ordinary general meeting of KGHM Polska Miedź S.A. hereby resolves to transfer the company's profit for 2024 in the amount of PLN 2,787,596,997.52 in its entirety to the company's reserve capital. Section number two, this resolution comes into force upon its adoption. Do you have or would you like to comment on that? There are no comments, no remarks, so let's vote. I would like to ask ordinary general meeting to cast your votes. Have all persons authorized to cast their votes? If yes, I'm closing the voting. Let's see the result. A total of 122,708,071 valid votes were cast. Votes that were for resolution: 111,120,621 votes, against 450 votes, abstained 11,587,000 votes.
So I hereby declare that the resolution has been adopted by the ordinary general meeting. Next point, point eleven, approval of the report of the supervisory board of KGHM Polska Miedź S.A. for 2024. The ordinary general meeting of KGHM Polska Miedź S.A. resolves the following: The ordinary general meeting of KGHM Polska Miedź S.A. approves the report of the supervisory board of KGHM Polska Miedź S.A. for the year 2024. Section number two, the resolution comes into force upon its adoption. Are there any remarks or comments to the proposed resolution? If not, please let's vote. Please cast your votes.
[ Foreign language]
Have all authorized shareholders cast their votes? If yes, I'm hereby closing the voting. Please see the results. A total of 122,708,071 valid votes were cast. The number of votes for the adoption of the resolution: 122,704,423 votes, no votes against, abstained votes 700,648.
The resolution has been adopted. Another point, point eleven F, it's about the opinion of the ordinary general meeting of KGHM Polska Miedź S.A. on the report on the remuneration of the management board and supervisory board of KGHM Polska Miedź S.A. for the year 2024. Should I read this resolution? If not, I assume that you all well know the text of the proposed resolution. Would you like to speak on that matter? Are there any remarks or comments to the proposed text of the resolution? If not, please vote. Let's vote about the opinion of the ordinary general meeting of KGHM Polska Miedź S.A. on the report on the remuneration of the management board and supervisory board of KGHM Polska Miedź S.A. for the year 2024. I would kindly ask you to vote. Has everyone voted? I hereby close the voting.
A total of valid votes: 122,708,071 votes were cast. For the adoption of the resolution, 88,898,232 votes were cast, against 33,809,839 votes, abstained zero. I hereby declare that the adoption has been adopted. That was point eleven. Now points twelve and thirteen. This is the adoption of resolution on the performance of duties of members of the Management Board of the company and adoption of resolutions of the performance of duties of members of the Supervisory Board of companies for 2024. Shareholders cannot individually or by proxy do it, but they can in public company vote for among others to adopt the resolution on the performance of duties of the members of the board of the company. If this is possible, I would like to ask technical staff to exclude from voting people who fulfill the condition I've mentioned.
The second information is that the voting will be secret due to the personal matter of the issue. It's for the Management Board and for Supervisory Board as well. First of all, let's vote for the performance of duties for the member of the Management Board of KGHM Polska Miedź S.A. The first point is about the performance of duties for 2024 of Zbigniew Bryja. In this Ordinary General Meeting of KGHM Polska Miedź S.A., hereby approves the performance of duties for 2024 of Zbigniew Bryja, a member of the Management Board of KGHM Polska Miedź S.A. Section number two, the resolution comes into force upon its adoption. Please vote. Secret ballot on such resolution.
[ Foreign language]
Have all of you cast the vote? If so, I close it. In total, 122,708,071 votes were cast. The votes for 115,347,699 votes, against 6,595,348, abstained 765,024.
I hereby consider the OGM adopting the resolution.
The next resolution on approving the performance of duties for 2024 of Mirosław Kidon. Section one, the ordinary general meeting of KGHM Polska Miedź S.A. hereby does not approve the performance of duties for 2024 of Mirosław Kidon, a member of the management board of KGHM Polska Miedź S.A. Section two, the resolution comes into force upon its adoption. I open the secret ballot on that resolution.
[ Foreign language]
Have you managed to cast your vote? If so, I close the vote. A total number of votes cast: 122,708,071 votes, for 93,199,246 votes, against 6,595,348, abstained 22,913,477. I hereby announce that the resolution was adopted. The next point of the agenda is on the adoption on performance of duties for 2024 of Piotr Krzyżewski.
Section one, the ordinary general meeting of KGHM Polska Miedź S.A. hereby approves the performance of duties for 2024 of Piotr Krzyżewski, a member of the management board of KGHM Polska Miedź S.A. Section two, the resolution comes into force upon its adoption. I hereby start a secret ballot on that resolution.
[ Foreign language]
Have you managed to cast your votes? Yes. I close the vote. W głosowaniu oddano łącznie 122. A total of 122,708,071 votes were cast. Votes for the resolution: 115,347,699 votes, against 6,595,348, abstained 765,024. I hereby announce the resolution is adopted. The next resolution is about granting the performance of duties for 2024 of Mirosław Laskowski.
Section one of the draft, the ordinary general meeting of KGHM Polska Miedź S.A. hereby approves the performance of duties for 2024 of Mirosław Laskowski, a member of the Management Board of KGHM Polska Miedź S.A. Section two, the resolution comes into force upon its adoption. I open the vote. Secret ballot again. Have all of you managed to cast your vote? If so, I close the vote. A total of 122,708,071 votes were cast. Votes for the resolution: 115,347,699 votes, against 6,595,348, and votes abstained 765,024. I hereby consider the resolution adopted by today's OGM. The next resolution draft is about granting the performance of adopting the performance of duties for 2024 of Iga Dorota Lis.
Section one, the Ordinary General Meeting of KGHM Polska Miedź S.A. hereby approves the performance of duties for 2024 of Iga Dorota Lis, a member of the Management Board of KGHM Polska Miedź S.A. Section two, this resolution comes into force upon its adoption. I hereby open a secret ballot on that resolution.
[ Foreign language]
Have you managed to cast your vote? If so, I close the vote. Ladies and gentlemen, a total of 122,708,071 votes were cast. The number of votes for 115,347,699, the votes against 6,595,348, the votes abstained 765,024. I hereby consider the resolution as adopted by today's OGM. The next resolution draft is about granting the performance of duties for 2024 of Marek Pietrzak.
Section one, the ordinary general meeting of KGHM Polska Miedź S.A. hereby does not approve the performance of duties for 2024 of Marek Pietrzak, a member of the management board of KGHM Polska Miedź S.A. Section two, the resolution comes into force upon its adoption. I hereby open a secret ballot on this resolution.
[ Foreign language]
Have all of you managed to cast your vote? If so, no, not yet, okay. Okay, I close the vote now.
[ Foreign language]
I don't know, I didn't know how to read your gesture. A total of 122,708,071 votes were cast. The votes for the resolution: 93,199,246, the votes against 6,595,348, and the votes abstained 22,913,477. I hereby consider the resolution adopted by the OGM. The next resolution about granting the adoption of performance of duties for 2024 of Piotr Stryczek.
Section one, the ordinary general meeting of KGHM Polska Miedź S.A. hereby approves the performance of duties for 2024 of Piotr Stryczek, a member of the Management Board for the for of KGHM Polska Miedź S.A. Section two, the resolution comes into force upon its adoption. I hereby open a secret ballot on that resolution. Czy wszystkie. Have you managed to cast your vote? If so, I close the vote.
A total of 122,708,071 valid votes were cast. For 115,347,699 votes, against 6,595,348 votes, abstained 765,024 votes. I hereby declare that the resolution has been adopted. Another resolution is about performance of duties for 2024 of Andrzej Szydło, a member of the Management Board. The ordinary general meeting of KGHM Polska Miedź S.A. hereby approves the performance of duties for 2024 of Andrzej Szydło, a member of the Management Board of KGHM Polska Miedź S.A.
Section number two reads as follows: The resolution comes into force upon its adoption. Please let's vote in the secret ballot.
[ Foreign language]
Have all authorized people cast their votes? If yes, I'm closing the voting. A total of 122,708,071 votes were cast. For 115,347,699 votes, against 6,595,348 votes, abstained 765,024 votes. I hereby declare that the resolution has been adopted by the ordinary general meeting. The next part is the performance of duties for 2024 of Marek Świder. We can read in the first section: The ordinary general meeting of KGHM Polska Miedź S.A. hereby does not approve the performance of duties for 2024 of Marek Świder, a member of the management board of KGHM Polska Miedź S.A. Section two reads as follows: The resolution comes into force upon its adoption. Please vote now in the secret ballot.
[Foreign language]
Have everyone authorized to cast their votes? If yes, I'm hereby closing the voting. A total of 122,708,071 valid votes were cast. For 93,199,246 votes, against 6,595,348 votes, abstained 22,913,047 votes. I hereby declare that the resolution in the secret ballot has been adopted. Next point: Performance of duties for 2024 of Mateusz Wodejko. The ordinary general meeting of KGHM Polska Miedź S.A. hereby does not approve the performance of duties for 2024 of Mateusz Wodejko, a member of the management board of KGHM Polska Miedź S.A. Section number two reads as follows: The resolution comes into force upon its adoption. Please vote in the secret ballot.
[ Foreign language]
Have all authorized people cast their votes? If yes, I'm hereby closing the voting. The results: A total of 122,708,071 valid votes were cast. For 93,199,246 votes, against 6,595,348 votes, abstained 22,913,477 votes.
I hereby declare that the resolution in the secret ballot has been adopted. Another point: Performance of duties for 2024 of Tomasz Dzikot. Section number one: The ordinary general meeting of KGHM Polska Miedź S.A. hereby does not approve the performance of duties for 2024 of Tomasz Dzikot, a member of the management board of KGHM Polska Miedź S.A. Section number two reads as follows: The resolution comes into force upon its adoption. Please vote in the secret ballot. [ Foreign language] Have you all managed to cast your votes? I hereby close the voting. A total of 122,708,071 valid votes were cast. For the resolution: 93,199,246 votes, against 6,595,348 votes, abstained 22,913,477 votes. I hereby declare that the resolution has been adopted by the OGM.
In terms of the performance of duties for 2024 of the member of the Management Board, all persons that were present were included in this voting. I hereby would like to have a 10-minute break. Let's have a coffee break. It's just for technical purposes. Thank you.
[ Foreign language]
Please inform everyone outside that we are going to resume our meeting, or OGM.
[ Foreign language]
I kindly ask you to take your seats. In a second, we are going to resume the OGM.
[ Foreign language]
I hereby resume the OGM of KGHM Polska Miedź S.A. We are having point 12 of the agenda. Acting as the shareholder of KGHM Polska Miedź S.A. under Article 401(5) of the Commercial Code Act, I hereby would like to provide four points.
These are four drafts of the resolution about performance of duties for 2015 of Herbert Wirt, Mr. Jarosław Romanowski, Mr. Marcin Chmielewski, and Mr. Wojciech Kędzia. Project each time has a standard shape and form, and in paragraph 1, they read identic in an article when except for name and surname of the person. So I hereby read section 1. The Ordinary General Meeting of KGHM Polska Miedź S.A. hereby approves the performance of duties for, and here is the name and surname of the person, a member of the for 2015, and the resolution comes into force upon its adoption. As the justification, we can read as follows.
In my assessment, voting for that matter due to the manner of assuming the point in the agenda, predicting resolution only for year 2015, it has an important issue of organizing the agenda for the Management Board of the company that were then having function in the Management Board of the company of KGHM Polska Miedź S.A. Therefore, I would like to vote for next draft of the resolution for performance of duties for 2015 of Mirosław Laskowski, a member of the Management Board of KGHM Polska Miedź S.A., and four other drafts that I presented before. Are the proxies of the funds here, or do you need the time out to consult the manner of voting? If you need a break, how much of the break? Let's assume we are having a 15-minute break. If you require to prolong the break, please tell me. I'm here flexible.
So now it's 12:43. Let's assume at 1:00 P.M. we will resume the meeting. Now let's have a break.
[Foreign language]
Please take your seats and kindly inform those who remain outside that we are about to resume. Wznawiam obrady zwyczajne. Okay, let me resume the proceedings of the ordinary general meeting. We're at point 12 of the agenda. Question to the proxies of the funds: was it enough for you to establish, yes, the voting strategy? Okay, so we are about to start a series of votes on the performance of duties for 2015 of members of the board, management board back then. The first draft, the first resolution is for Mr. Mirosław Laskowski. Section 1, the ordinary general meeting of KGHM Polska Miedź S.A.
hereby approves the performance of duties for 2015 of Mirosław Laskowski, a member of the management board of KGHM Polska Miedź S.A. Section 2, the resolution comes into force upon its adoption. Let me start the secret ballot on that resolution.
[Foreign language]
Have you finished? If so, I close the vote. Please provide me with the results. In total, 122,708,071 votes were cast. Votes for the resolution: 115,128,968; votes against: 6,595,348; and votes abstained: 983,755. The resolution is hereby adopted. The next resolution that is going to be voted regarding performance of duties for 2015 of Herbert Wirt. Section 1, the ordinary general meeting of KGHM Polska Miedź S.A. hereby approves the performance of duties for 2015 of Herbert Wirt, member of the management board of KGHM Polska Miedź S.A. Section 2, the resolution comes into force upon its adoption.
I hereby start the vote, secret ballot again.
[ Foreign language] .
I can hear that the voting is ongoing.
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I close the vote.
[ Foreign language] .
The number of total votes cast: 121,075,758. Votes for the proposed resolution: 94,764,740. Against: 0. Abstained: 26,311,018. The resolution is hereby adopted. The next resolution about granting performance of duties for 2015 for Jarosław Romanowski, a member of the management board. The ordinary general meeting of KGHM Polska Miedź S.A. hereby approves the performance of duties for 2015. Mr. Jarosław Romanowski, a member of the management board of KGHM Polska Miedź S.A. Section 2, the resolution comes into force upon its adoption. I start the secret ballot on that resolution.
[ Foreign language]
Have you finished? If so, I close the vote. In total, 121,075,758 votes were cast.
Votes for the resolution: 94,764,740; votes against: 0; and abstained: 26,311,018. Therefore, the resolution was adopted. The next is regarding the performance of duties for Marcin Chmielewski. Section 1, the ordinary general meeting of KGHM Polska Miedź S.A. hereby approves the performance of duties for 2015 of Mr. Marcin Chmielewski, a member of the management board of KGHM Polska Miedź S.A. Section 2, the resolution comes into force upon its adoption. I'm starting the vote now.
[ Foreign language]
Have you finished? If so, I'm closing the vote. Łącznie. In total, 121,075,758 votes were cast. The votes for the resolution: 94,764,740; votes against: 0; votes abstained: 26,311,018. The resolution has been then adopted in the secret ballot. The next resolution about granting the performance of duties to Mr. Wojciech Kędzia. Section 1, the ordinary general meeting of KGHM Polska Miedź S.A.
hereby approves the performance of duties for 2015 of Mr. Wojciech Kędzia, a member of the management board of KGHM Polska Miedź S.A. Section 2, this resolution comes into force upon its adoption. Here, before we start the vote, let me just add a small correction to add after Wojciech Kędzia to add his name with not inflected, since this is the draft of the resolution that was presented by me. That is why I am hereby requesting that kind of adding that wording to the content. Now I open the vote.
[ Foreign language]
Have you finished?
[ Foreign language]
The results are as follows.
The total number of votes that were cast: 121,075,758. Votes for the resolution: 94,764,740. Votes against: 0. Votes abstained: 26,311,018. The resolution is therefore adopted by the OGM within the secret ballot. That's it in terms of point 12 of the agenda. Point 13 is granting the performance of duties for the Supervisory Board members, and the organizational matters were discussed already. The first resolution that we're going to vote on in the cycle of Supervisory Board performance of duties is for Mr. Zbigniew Bryja, and the Supervisory Board is for the performance of duties for 2024 as the member of the Supervisory Board. I'm hereby opening a secret ballot on that matter and that resolution.
[ Foreign language] ?
Have everyone cast their votes? I hereby close the voting. A total of 122,708,071 valid votes were cast. For: 113,784,782. Votes against: 7,990,163. Abstained: 933,126 votes.
I hereby declare that the resolution has been adopted by the OGM. The next draft, performance of duties for 2024 of Mr. Aleksander Cieśliński, a member of the supervisory board of KGHM Polska Miedź S.A. The ordinary general meeting of KGHM Polska Miedź S.A. hereby approved the performance of duties for 2024. Let's vote in the secret ballot. Have you all cast your votes? I hereby close the voting. A total of 122,708,071 valid votes were cast. For the resolution: 113,784,782 votes. Against: 7,990,163 votes. Abstained: 933,126 votes. The resolution has been adopted in the secret ballot. The next part, performance of duties for 2024 of Mr. Józef Czyczerski, a member of the supervisory board of KGHM Polska Miedź S.A. Let's vote in the secret ballot. Czy wszystkie osoby. Have you all managed to cast your vote?
I hereby close the voting. A total of 122,708,071 valid votes were cast. The number of votes for: 113,784,782; votes against: 7,990,163; and abstained: 933,126. I hereby declare that the resolution has been adopted by the OGM in the secret ballot. Next, performance of duties for 2024 of Mr. Przemysław Darowski, a member of the supervisory board of KGHM Polska Miedź S.A. Now please vote in the secret ballot on this resolution. I understand that we can close the voting. I hereby close the secret ballot. Let's see the result. A total of 122,708,071 valid votes were cast. For: 113,784,782; votes against: 7,990,163; abstained: 933,126. I hereby declare that the resolution in the secret ballot has been adopted. Another point, performance of duties for 2024 of Mr.
Zbysław Dobrowolski, a member of the supervisory board of KGHM Polska Miedź S.A. So I hereby ask you to vote in the secret ballot on that resolution.
[ Foreign language] ?
Have you all managed to cast your vote? I hereby close the voting. A total of 122,708,071 valid votes were cast. The number of votes for the resolution: 113,784,782 votes; against: 7,990,163 votes; abstained: 933,126 votes. I hereby declare that the resolution has been in the secret ballot adopted by the OGM. Another point, performance of duties for 2024 of Mr. Dominik Januszewski, a member of the supervisory board of KGHM Polska Miedź S.A. Let's vote in the secret ballot on this resolution.
[ Foreign language] ?
Have you all managed to cast your votes? Yes, I'm hereby closing the voting. A total of 122,708,071 valid votes were cast.
The number of votes for the resolution: 113,784,782 votes against: 7,990,163 votes. Abstained: 933,126 votes. I hereby declare that the OGM has adopted the resolution in the secret ballot. The next point, performance of duties for 2024 of Mr. Andrzej Kisielewicz, a member of the supervisory board of KGHM Polska Miedź S.A. I hereby open the voting in the secret ballot.
[ Foreign language] ?
Have you all managed to cast your votes? I hereby close the voting. A total of 122,708,071 valid votes were cast. Votes for resolution: 113,784,782 votes against: 7,990,163 votes. Abstained: 933,126 votes. I hereby declare that the OGM has adopted the resolution in the secret ballot. Next point, performance of duties for 2024 of Mr. Tadeusz Kocowski, a member of the supervisory board of KGHM Polska Miedź S.A. Let's vote in the secret ballot.
[ Foreign language] ?
Have you all managed to cast your votes? I hereby close the voting.
[ Foreign language] .
A total number of valid votes: 59,180,171. For 50,194,882 votes against: abstained: 933,126. I hereby declare that the resolution has been adopted in the secret ballot. As I well understand, the voting reflects the actual decisions of shareholders. Katarzyna Witkowska, proxy of the State Treasury, can you repeat the vote because my vote was not registered? Can we explain this technical issue with technical staff? To jest prośba do obsługi. This is a request to the technical staff. Is it a—there is a question if the terminal of the proxy of the State Treasury is working well or has registered the vote or not.
[ Foreign language] .
Okay, we need to repeat the voting.
[ Foreign language]
[ Foreign language]
[ Foreign language]
[ Foreign language]
I would like to repeat it. There is a reason for that, the votes cast by the State Treasury were not taken into account in the secret ballot. They were due to technical issues. That is why there is a reason to verify that. Let's have a testing vote and repeat the voting for the performance of duties of Mr. Kocowski. Let's now have a testing voting. Please vote. No matter how you vote, but use all your chips. Zamykam to głosowanie. I hereby close the voting. Please let's see the result. A total of 122,708,071 votes were cast, which is correct. Okay, let's repeat the secret ballot on the performance of duties for 2024 of Mr.
Tadeusz Kocowski, a member of the Supervisory Board. Please vote now in the secret ballot. To jest ten.
[ Foreign language]
Have you all managed to cast your votes? I hereby close the voting. A total of 122,708,071 valid votes were cast. For: 113,784,782 votes; against: 7,990,163 votes; abstained: 933,126 votes. I hereby declare that the resolution has been adopted by the OGM in the secret ballot. Next point, performance of duties for 2024 of Ms. Katarzyna Krupa, a member of the Supervisory Board of KGHM Polska Miedź S.A. Let's vote in the secret ballot on that resolution.
[ Foreign language]
Have you all managed to cast your votes? If yes, I hereby close the voting. A total of 122,708,071 valid votes were cast. For the resolution: 113,784,782 votes; against: 7,990,163 votes; abstained: 933,126 votes.
I hereby declare that the resolution has been adopted by the OGM in the secret ballot. Next point, performance of duties for 2024 of Mr. Marian Noga, a member of the Supervisory Board of KGHM Polska Miedź S.A. I hereby open the secret ballot on that resolution.
[ Foreign language]
Have you all managed to cast your votes? I hereby close the voting. A total of 122,708,071 valid votes were cast. For the resolution: 113,784,782 votes; against: 7,990,163 votes; abstained: 933,126 votes. I hereby declare that the resolution has been adopted by the OGM in the secret ballot. The next point, about performance of duties for 2024 of Mr. Piotr Prugar, a member of the Supervisory Board of KGHM Polska Miedź S.A. I hereby open the secret ballot on the resolution.
[ Foreign language]
Have you all managed to cast your votes?
If yes, I hereby close the voting. A total of 122,708,071 valid votes were cast. For the resolution: 130,784,782 votes. Against: 7,990,163 votes. Abstained: 933,126 votes. I hereby declare that the resolution has been adopted in the secret ballot. Next point, performance of duties for 2024 of Mr. Bogusław Szarek, a member of the Supervisory Board of KGHM Polska Miedź S.A. I hereby open the secret ballot on that resolution.
[ Foreign language]
Have you all managed to cast your votes? If yes, I'm closing the voting. A total number of valid votes: 122,708,071 votes. For the resolution: 113,784,782 votes. Against: 7,990,163 votes. Abstained: 933,126 votes. I hereby declare that the resolution in the secret ballot has been adopted by the OGM.
Due to the fact that the results of the voting are presented, as we can see on the screens, I will read out only the numbers which actually affect the result of the voting. For example, if voting is adopted with a simple majority, it's about only votes for and against. I think that it will make our events more dynamic, meaning faster. Next point, performance of duties for 2024 of Ms. Agnieszka Winnik-Kalemba, a member of the Supervisory Board of KGHM Polska Miedź S.A. I hereby open the secret ballot on the resolution in that matter.
[ Foreign language]
Have you all managed to cast your votes? If yes, I hereby close the voting. A total of the votes cast that were for the resolution: 113,784,782 votes; against: 7,990,163 votes. I hereby declare that the resolution has been adopted in the secret ballot.
Next point, performance of duties for 2024 of Mr. Marek Wojtków, a member of the Supervisory Board of KGHM Polska Miedź S.A. I hereby open the secret ballot on the resolution in that matter.
[ Foreign language]
Have you all managed to cast your vote? If yes, I'm closing the voting. Votes that were for the resolution: 113,784,782 votes against: 7,990,163 votes. I hereby declare that the resolution has been adopted by the OGM in the secret ballot. Next point, performance of duties for 2024 of Mr. Wojciech Zarzycki, a member of the Supervisory Board of KGHM Polska Miedź S.A. I hereby open the secret ballot on that matter.
[ Foreign language]
Have you all managed to cast your votes? If yes, I'm closing the voting. A number of votes for the resolution: 113,784,782 votes against: 7,990,163 votes.
So I hereby declare that the resolution has been adopted by the OGM in the secret ballot. Next point, performance of duties for 2024 of Mr. Radosław Zimros, a member of the supervisory board of KGHM Polska Miedź S.A. I hereby open the secret ballot on that matter. Please cast your votes. Have you all managed to cast your votes? If yes, I hereby close the voting. The number of votes for the resolution: 113,784 votes; 7,990,163 votes. I hereby declare that the resolution has been adopted in the secret ballot. The last point is about performance of duties for 2024 of Mr. Piotr Żubroniewicz, a member of the supervisory board of KGHM Polska Miedź S.A. Please vote in the secret ballot on that matter.
[ Foreign language]
Have you finished? If so, I close the voting.
The amount of votes for: 113,784,782 votes against: 7,990,163 votes. The resolution was adopted by the OGM. I think that concludes the members of the Supervisory Board operating in the Supervisory Board in 2024. Let's move on to point 14 of the agenda regarding amending the Act on 33 of the OGM of the 7th of June 2019 on the rules of remuneration policy for the members of the Management Board. This is the matter introduced to the agenda by the State Treasury. No draft of the resolution was presented. Is there any initiative? Katarzyna Witkowska, proxy of the State Treasury. I wanted to present on behalf of the State Treasury a resolution draft on changing the Act 33/2019 of the OGM of the 7th of June 2019. I'm transferring you the draft with the kind request to read it out.
[ Foreign language]
Section 1, we are changing Act 33/2019 of the OGM of KGHM Polska Miedź S.A. in Lubin on 7 June 2019 on the rules of remuneration policy for the members of the management board. Point 1, the monthly remuneration for the board members is within the amount between 7 times and 15 times of the base of the remuneration mentioned in the relevant article of the Act of 2016 on the remuneration policy for those who manage particular companies. The wording is as follows: the amount is included in the amount between the 7 times and 15 times of the basis understood as the arithmetic mean of the average remuneration in the industry without the bonuses and awards announced by the General Statistical Office out of the 12 quarters from the 3 previous years before the fiscal year was presented.
Point 2, 3.3.A, the following wording: shaping and settling the rules of the management authorities and supervisory authorities and subsidiaries referring to the Act gets a new wording: the shaping and using of remunerating the management and supervisory entities and of subsidiaries and in the understanding of the article 4.3 of the Act of 16 February 2007 on the protection of consumers and competition and referring to the Act regarding the provisions modifying the provisions on particular statements on the Budgetary Act. Section 2, the Supervisory Board of the company is obliged to define the stable amount and changing the agreements on providing management services in accordance with the Act 33/2019 of the OGM of the 7th of June 2019 regarding the terms of setting the remuneration of members of the Management Board in the sounding of the Act within three months from this act.
Section 3, the resolution comes into force on the date of its adoption. Justification says this is due to the competencies of the Management Board. In the resolution draft, the 4.3.4 regulation was used of the act that states that the rules for settling remuneration of the Management Boards may provide a different part of the varied aspect than the 4.2 of the act if there are special circumstances following that for the company or the market it operates on. Taking into account that KGHM Polska Miedź S.A. has a very strong position on the global market of metals, being one of the most important producers of silver, copper, and other rare and noble metals of strategic importance for the energy transition and technology transition to the world. Copper is a key resource for modern technologies, energy, sustainable energy, electromobility, and electronics.
The company fulfills those remarks mentioned above, and the proposed mechanism for settling the fixed part was preceded by the comparison of board members of KGHM Polska Miedź S.A. with other management board members of similar scale and activity. Is there anyone who would like to take the floor here and discuss that?
[ Foreign language]
I would, of course, ask for a break. I fully understand that, and yes, a technical break would not be a problem. However, before we take a break, I would like to ask you if you would like to refer to the contents of the act. Yes, the President of the Board of KGHM, I think I will express the opinion of not only myself but also the board, and it's important that before the break we do that.
KGHM is a company with a great scope of management activities, but also with a very flat structure of the management staff. The company is going to be facing huge challenges related to key investment decisions key to the company and then resulting in the long term of 15-30, maybe longer years, resulting in major consequences. I will allow myself to have a couple of observations here. Such a draft of resolution to the OGM makes for actually a lowering of remuneration of the management board in the company of the board, but also management board and the supervisory board.
I might be moving forward too much because we didn't get to the point, but with that specificity of management that we have in the company, the board will have to take further efforts, unplanned efforts, to shape the remuneration relations in the company that would guarantee at least a minimum differentiation between different levels of management. KGHM in its structure, apart from the managerial level, HQ level, also has its departments. Already the differences between the level of the HQ management and department management are small. If we wanted to shape the remuneration in line with, let's say, healthy rules of differences between different managerial levels, that would be a huge challenge for us. Secondly, KGHM as a company, let's say, heavy-duty company in Polish economy, that is about to face huge challenges also related to resource security of Europe.
Despite its scale of operation and challenges that it faces and the decisions that are to be done by the management, it is not in line, let's say, with the level of remuneration of top 100 of the public companies, state companies in Poland. The President of the Board of KGHM is, I think, around 150 or even lower in terms of the remuneration levels in Poland. These changes are not motivating. I will speak for myself. I can't work for 80% of my efficiency. I always work on 100% of efficiency. Obviously, that adjusting the level of motivation will not be in line with lowered remuneration. I will not work less because of that, because I'm paid less.
However, in the scale of PLN 35 billion of revenues of the company, the financial results achieved by the company, I don't think that this is in any relation with what's happening because using purely the mathematics of costs, the changes will be minuscule to the company's expenses. In light of shaping further relations between different managerial levels, between the levels of remuneration, that can have influence, of course. It doesn't have to, but can have influence, not necessarily positive, not necessarily motivating. Dzisiaj został na posiedzeniu tego zespołu. Today on the meeting of this general meeting, there was a number of decisions that took place that referred to many years ago, and I will comment on that.
In 2015, when I was director of Głogów Smelter, and we were in a key moment for the Głogów Smelter, not KGHM group itself, but a very important division of it. We needed to take a number of decisions related to the final stage of the biggest investment project in KGHM, so building a new, introducing a new technology to the smelter. The adoption of performance of duties for 2015 board members were very satisfactory to me, let's say, and I remember great support, and I remember that whatever the board did in terms of finalizing the project that eventually resulted in starting the smelter's operations in 2016 with great success and its successful operation up until today. I am very, very happy that the OGM granted the performance of duties approval for those board members.
I'm saying it because the results of some decisions might be assessed only years after, and that's it. That's what I wanted to say. Thank you. Anyone else? Piotr Stryczek, Vice President of the Board, a request to the State Treasury to justify the regulatory discrepancies between the level of remuneration for KGHM and the capital group or KGHM group because you're obliging us to introduce regulations within the capital group. As far as I understood, after reading the project by the Chairman here, the basis for calculating the remuneration is to be, since you talk about taking into account the Budgetary Act or acts, I would like to know the justification for lowering the remuneration by 50%, almost 50% in the capital group. Is there any possibility of referring to that request? Can a proxy express their justification here?
The instruction does not oblige me to provide an answer here. After a technical break, if I get such an answer and such an approval, we will refer to that request. Are there any other comments that you would like to voice, statements you would like to voice right now before the technical break? About the contents, of course. Marcin Nowak, the proxy of Allianz Insurance Association. I would like the State Treasury proxy to also share with us the contents of the resolution draft. Do you have an appropriate amount of printouts? Yes, we do. Another question from the notary. Is there a chance for an electronic version of that document? To give us a file. Yes, there is. Okay, the matter is resolved then. I will then refer to the contents of the project in point 14 of the agenda. Any more discussions?
Maybe one more. Maybe this is to all the stockholders to remind them of one thing. The remuneration on the managerial level of KGHM, lowering them actually, will potentially in the nearest perspective in line with the draft. This is not the first lowering of our remuneration, but another one taking into account the period of 10 or 15 years. The relative level of remuneration is again getting lower again. This is not the first time that the remuneration is to be adjusted in a demotivating way. Thank you very much. Ladies and gentlemen, if there are no more statements here to the point 14 of the agenda, I would then order a technical break, 15 minutes. Hopefully that's enough. If it's not, please let me know. We can prolong that.
During the break, I would like the proxy of the State Treasury to show or present the proposed resolution and the contents of the proposed resolution for point 15. I think that would shorten the amount of breaks we will have. That is it. Thank you very much. I will see you in 15 minutes, which is quarter past two.
[audio distortion] Godzina 14. Half past two, so I hereby resume the OGM, today's OGM. We are at the point 14 of our agenda. Maksymalny skok państwa. The State Treasury reported the draft of the resolution of the resolution 33/2019 of the Ordinary General Meeting dated 7 June 2019 regarding the terms of setting the remuneration of members of the Management Board. The draft of the resolution was read out according, well, with the justification the discussion was also done. Are we ready to start the vote? Nie widzę za. I can see nodding.
Let me start the vote on the resolution on adopting the amendments to resolution number 33/2019 of the Ordinary General Meeting of KGHM Polska Miedź dated 7 June 2019 regarding the terms of setting the remuneration of members of the Management Board.
[Foreign language]
Please start the vote.
[Foreign language]
Have you finished? If so, I'm closing the vote, and please provide the results.
[Foreign language]
The number of votes for the resolution: 66,384,345 votes against: 26,200,553. The resolution was adopted by the OGM. The next point of the agenda, point 15, adoption of a resolution on amendments to resolution number 34/2019 of the Ordinary General Meeting dated 7 June 2019 regarding the terms of setting the remuneration of members of the Supervisory Board. Sprawa odniesiona również. The matter again was brought into the agenda by the State Treasury.
I również nie przedstawiała formalnie. Again, there was no draft presented. Is there any initiative? Mój głos przedstawiciel państwa. Yes, I'm the proxy of the State Treasury, so I hereby present the draft of the resolution of the Ordinary General Meeting on amending the resolution number 34/2019 of the Ordinary General Meeting of KGHM Polska Miedź dated 7 June 2019 on establishing the principles of setting the remuneration of members of the Supervisory Board. I hereby present it to the Chairman with a request to read it out. Should you need a copy, it is available on my table, so you can view it. Zatem przechodząc do. Then moving on to the contents.
Section 1, resolution 34/19 of the Ordinary General Meeting of KGHM Polska Miedź with its registered head office in Lubin dated 7 June 2019 regarding establishing the principles for setting the remuneration of members of the Supervisory Board is amended in the following matter. Point 1, the existing wording of 1.1 is: The monthly remuneration of members of the Supervisory Board is established as the product of the basis of calculation referred to in article 1.3.11 of the Act of 9 June 2016 on the principles of shaping the remuneration of persons managing certain companies and the following multiplier A: for the Chairman of the Supervisory Board minus 2.2, and B: for the other members of the Supervisory Board minus 2.0.
It receives the following new wording: The monthly remuneration of members of the Supervisory Board is established in the amount of 2.75 times the basis of assessment referred to in article 1.3.11 of the Act of 9 June 2016 on the principles of shaping the remuneration of persons managing certain companies, taking into account other legal acts, changing or modifying the basis of assessment, including the provisions of laws and on special solutions aimed at the implementation of the budget act for a given year. Point 2, after section 1.1, paragraphs 1A to 1C are added as follows: 1A. For the Chairman of the Supervisory Board, the monthly remuneration specified in section 1.1 is increased by 10%. 1B. For the Vice Chairman of the Supervisory Board, the monthly remuneration specified in section 1 is increased by 9%. 1C.
The Secretary of the Supervisory Board, the monthly salary specified in section 1 is increased by 8%. The resolution enters into force upon its adoption. Justification to the resolution draft: Determining the rules for the remuneration of members of the Supervisory Board derives from the powers of the General Meeting and is used to exercise the shareholders' right to determine the remuneration of the company's bodies. Would you like to comment on the content of the draft? Pytanie do Komisji. Question to the proxies. As far as I understand, during the break, you were able to consult both the previous draft and this draft, right? Can I assume that we are ready to start the vote? Yes, there are no statements. I will then start a vote on this resolution draft.
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Have you managed to cast your votes? Dwa głosowania. I think it's still ongoing. No. Everyone has finished. Good. I'm closing the vote now. Liczba głosów oddanych. The amount of votes for: 95,807,807,286, votes against: 26,200,103. I hereby consider the resolution as adopted. Next point. 16. Adoption of a resolution on amendments to the remuneration policy for the members of the Management and Supervisory Boards of KGHM Polska Miedź. As far as I know, starting, adopting these two resolutions, 14 and 15, creates the need to amend this policy. Yes, I would like to present the draft on changing or amending the remuneration policy for the members of the Management and Supervisory Board of KGHM Polska Miedź, complemented by the two previous resolutions adopted by the previous two resolutions and adopted by the Ordinary General Meeting.
[ Foreign language]
I assume this is the unified text of the remuneration policy, including the amendments. Yes.
Okej, it's a very broad text of the act. I would encourage everyone interested in its contents who would need to view its contents to have one copy of that act. Just take one.
[ Foreign language]
As far as I understand, there is a need of having another technical break. Five minutes of a break. Take a copy, please, and it's 2:40 P.M. I hereby order a technical break till 2:50 P.M.
[ Foreign language]
I hereby resume the proceedings of our Ordinary General Meeting. This is point 16 of the agenda regarding amendments to the remuneration policy for the members of the Management and Supervisory Boards of KGHM Polska Miedź S.A.
The resolution draft presented by the Board in the context of two previous points of the agenda, 14 and 15, and adopting resolutions amending the resolutions 33/ and 34/ 2019. The project of the Board stops being updated. The State Treasury has included the resolution draft on changing the remuneration policy of Board members, both for Management Board and Supervisory Board. That includes the changes previously, and then that was added to the updated text, unified text of the Board project, and the copy of that resolution presented by the State Treasury is available at the table. As I saw, all the interested parties have taken a copy. I assume that the contents of the resolution are known to those who are entitled to vote. Would anyone like to take the floor referring to the contents of the resolution?
If not, I would then suggest to start the vote on that resolution if there are no statements or comments. Let's start the vote. Please cast your vote. Resolution by point 16 on amending the remuneration policy for the members of the Management and Supervisory Board of KGHM Polska Miedź. The draft includes the two previous resolutions that we adopted. Czy wszystkie osoby? Have you managed to cast your vote? Yes, I closed the vote then, and please present the results. The results are as follows: votes for 77,084,532, votes against 20,828,448. The resolution is hereby adopted by the OGM. Now, next point in the agenda: 17, adoption of resolutions regarding amendments to the statutes of KGHM Polska Miedź of a clarifying editorial and organizational nature as regards to the general provisions and those relating to the company's bodies.
All the amendments filed by the stockholder were divided into three blocks and divided into three resolutions. The first one pertains to the general provisions and editorial change amendments. The second relates to provisions for the Management and Supervisory Boards. The third draft or third resolution relates to the OGM. Kind request to have a 15-minute technical break. We have 5- 3. We will have a technical break till 3:10 P.M. then. Walnego zgromadzenia KGHM Polska. I hereby resume the proceedings of our OGM. This is point 17 of the agenda introduced by the State Treasury. The proxy of the State Treasury, we take the floor. Just an autocorrection about the resolution regarding amendments of the OGM. Yes, the third draft of the resolution to change of the statutes.
The autocorrection would relate to removing the notification of proposal 26 of the statutes, point 1, 26.1, removing that. All the other matters would be unchanged. To sum up, the third resolution that we propose about changing in terms of amending the statutes, the amendments related to the general meeting, this is point 2 of changing section 26.2. The sounding, the wording is that the meetings of the ordinary meeting need to have the majority instead of plurality that is currently ongoing. Section 1.2 would be deleted, and then all the other provisions would be then changed accordingly. There will be a total of six amendments and the authorization to the Supervisory Board of the Supervisory Board to introduce editorial changes to the statutes that are mentioned in the section 2 of the resolution. We understand.
You are looking at me with, let's say, a curious look, so I wanted to make sure that you understand everything. Okay, so let's start the vote on the first resolution out of three regarding amendments to the statutes of KGHM Polska Miedź. First resolution is about general and editorial amendments. This resolution is not modified, includes 21 amendments and authorization of the Supervisory Board to introduce editorial changes in the statutes or to the statutes. Question, would you like to produce a statement? I guess there is no need to read out that resolution. We assume that it is known, it was published along with other materials. Prawie pierwszego. So would you have any comments to this first resolution of editorial and general matters? Jak widzę, nie przypominał. If not, let me say that this changing that requires three quarters of votes.
All the votes, including the abstained votes, would be counted here. If we are ready, I would open the vote on the first resolution on changing, amending the statutes on introducing general and editorial changes.
[ Foreign language]
Have you finished counting, casting your votes? Zamykam głosowanie. If so, I am closing the vote. Please present the results. Wynik głosowania? Results are as follows: the amount of votes cast in total, 122,708,071; votes for, 98,997,370; votes against, 15,435,839; votes abstained, 8,274,862. The amount of votes for is over 80% of the general amount of votes cast. That means that the resolution was adopted by today's OGM. The second resolution about amending the statutes relates to introducing amendments related to the boards, Management Board and Supervisory Board. That resolution is also not modified in relation to the previously published resolution draft.
Would anyone like to take the floor or would you like me to read out the resolution? If not, I assume then it is known to you. No comments, no questions. I assume that we can start the vote. I am opening the vote. It is an open vote. As again, three quarters of votes for are needed to adopt the resolution.
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Have you managed to finish the casting of votes? If so, I will close the voting. The votes in total: 122,708,071 votes for, 97,297,737 votes against, 17,135,472 votes abstained, 8,274,862. The amount of votes for constitutes over 79% of total amount of votes valid that were cast. The resolution is then adopted by today's OGM.
Then the third resolution regarding amendments to the statutes of KGHM Polska Miedź on ordinary general meetings that was modified, autocorrected actually, and modified by the party presenting the resolution. Section 1.2 that talks about changing section 26 is deleted. The remaining subsections would be appropriately numbered. The resolution would introduce six amendments instead of the previously planned seven amendments. Section two stays as it was. The Supervisory Board may introduce editorial amendments to the statutes. There is a request to have a technical break of five minutes. We will reconvene at 3:25 P.M.
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On behalf of the potentially of one of the fund was to prolong this break to half past three. No, sorry, to 25 to 4. 3:35 P.M., we are resuming our meeting. Uprzejma prośba o.
Please take your seats. We are going to resume the meeting. Jeśli pełnomocnicy. If the proxies of the funds are ready. Jeszcze nie było. One person, one representative is missing, so we are still waiting.
[ Foreign language]
Maybe this person is outside. Can we inform the person about resuming the meeting? Wznawiam obrady zwyczajne. I hereby resume the ordinary general meeting of KGHM Polska Miedź S.A. We are at point 17. We have already had two votings for changing the statute. Now we are going to vote for the third project. The third project has been amended so that the petitioner in section one of the statute removed point two, and the following points in this paragraph are now renumbered. Paragraph one includes six different proposals of the amendments instead of seven.
In the second paragraph, the change editorial to provide editorial changes in the text of the statute. Are we ready to vote for this resolution? I hereby open the ballot. This is an open ballot, and we are voting in terms of majority of votes.
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Have you all cast your vote? Have you managed to do so? If yes, we are closing the ballot. A total of valid votes for the resolution: 83,085,847 against 11,198,970, abstained 26,790,941. In total, 121,075,758 valid votes were cast. It is 68.623% of all votes cast in this voting. The majority necessary to change the statute of the company in this voting has not been reached. That is why this resolution has not been adopted by the OGM. We have finished the agenda. We are finishing. Point 18 is the closing of the ordinary general meeting.
I hereby declare that on my behalf, I would like to thank all of you for your participation, patience, perseverance, and your preparation. Thank you very much. See you next time.