Meeting stringent information governance requirements for public companies and fulfilling information needs of different groups of stakeholders, the Management Board of PZU undertakes various investor relations activities aimed at improving transparency in the company and procuring equal access to information. Therefore, PZU has consistently applied the “Principles for PZU to Conduct its Information Policy for Capital Market Participants”.
According to current reports regarding the percentage of share capital and votes held by shareholders at the shareholder meeting, the sole shareholder controlling more than 5% of PZU’s stock as of 31 December 2019 was the State Treasury of the Republic of Poland (34.2%). In July 2019 Nationale-Nederlanden Otwarty Fundusz Emerytalny and Nationale Nederlanden Dobrowolny Fundusz Emerytalny reported that they had dropped below 5% of share capital and votes at the PZU shareholder meeting PZU’S SHARE CAPITAL AND SHAREHOLDERS.
According to a survey1 carried out at the end of 2019, PZU’s shareholder structure was stable. The share of foreign investors increased 0.4 p.p. y/y to 35.4% at the expense of domestic investors, which was chiefly related to the decline in the share held by open-end pension funds (OFE). EQUITY AND BOND MARKET. The share held by retail investors remained at a similar level to the one seen in 2018, namely 7.5%.
Percentage of stocks held by North American investors continued to increase in 2019. At the end of 2019 it was 14.7%, i.e. up 1.5 p.p. y/y (vs. 5.1% in 2014).
Investors from the United Kingdom maintained the largest weight in PZU’s shareholders structure with a share of 18.1% of all stocks held by institutional investors (excluding the State Treasury of the Republic of Poland). Compared to 2018 funds from Norway and Sweden emerged in the community of investors with a shareholding of several percentage points.
In 2019, PZU continued to hold regular meetings attended by representatives of its Management Board during which it published its quarterly results. The strategy update was an additional event. All corporate events held with capital market participants in mind were transmitted live in the form of a webcast (with simultaneous translation into English). Recordings of these meetings are available on PZU’s website in the investor relations section at https://www.pzu.pl/relacje-inwestorskie/do-pobrania.
The most important events, achievements and plans were presented once again in the form of an online Annual Report at raportroczny2018.pzu.pl. Users have been provided with tools enabling a multi-directional analysis of corporate and macroeconomic events as well as financial results. This report includes interactive infographics, animations and video clips, which offer a succinct presentation of the PZU Group’s activity in 2018.
In 2019, PZU representatives participated in the following:
during which nearly 150 meetings with approximately 240 fund managers and analysts representing funds and asset management companies were held.
Moreover, in 2019 the number of face-to-face meetings and the number of investor meetings held with investors, especially international investors using remote means of communication in the company’s headquarters increased. PZU representatives took part in approximately 40 meetings and conference calls with more than 100 people representing asset management companies and in approximately 70 meetings and conference calls with analysts who issue recommendations for PZU’s stock.
In 2019, PZU engaged in active dialogue with retail investors providing them with reliable and up-to-date information on PZU’s business, the insurance industry and its financial results. In this respect, PZU implemented both communication projects (e.g. the online report, a newsletter, a factsheet, mass mailing) and took active steps to enable direct contact between investors and the Company's representatives, including, in particular:
Without interruption since 2012 PZU has also been participating in a program conducted by the Polish Association of Individual Investors called “10 of 10: Communicate Effectively. Its purpose is to promulgate high communication standards between public companies and retail investors.
PZU’s investor relations activities are highly regarded by investors, analysts and the media. In 2019, PZU received among others the following prizes and distinctions in this area:
The main objectives of PZU’s investor relations function in 2020:
1 Shareholder structure survey by IPREO.