On September 4 2002 the Warsaw Stock Exchange adopted a new corporate governance code entitled "Good Practices in Publicly Held Companies in 2002".

The Rules of the Warsaw Stock Exchange were amended to incorporate some of the code’s principles. The new code encourages the setting of high standards for the conduct of corporate entities in Poland and provides greater certainty to the law. Recently, the Commercial Company Code has been criticized for being unnecessarily convoluted, and a number of attempted hostile takeovers, and disputes between minority shareholders and management boards have caused controversy.

For further information on this topic please contact Tomasz Dabrowski at SALANS D. Oleszczuk Kancelaria Prawnicza Sp.k. by telephone (+48 22 520 6300) or by fax (+48 22 520 6400) or by email ([email protected]).