Letter from the Chairman of the Exchange Supervisory Board

Leszek PawłowiczLadies and Gentlemen,

The Warsaw Stock Exchange has for several years been the fastest growing European exchange. The Exchange has successfully pursued a strategy of internationalisation aiming to create a capital market hub of Central and Eastern Europe around the Warsaw Stock Exchange as the leading entity of the hub.

It is a priority for the Exchange Supervisory Board and the Exchange Management Board to pursue the mission of the Exchange: to develop a sustainable, mature capital market in Poland, an attractive trading floor for local and international investors, and a valuable source of capital for issuers.

We would like the capital market to strengthen the economic growth of the country, among others by rationalising the allocation of capital, mobilising savings, and facilitating corporate privatisation projects. We would also like the activity aimed at further growth of the capital market in Poland to tie in with value creation for the shareholders of the Warsaw Stock Exchange, which is a public listed company since 9 November 2010. This objective is not easy to achieve.

The Warsaw Stock Exchange pursues this complex objective under conditions which increasingly require top professional competences. These conditions include in particular the following:

  • responsibility of the WSE as a listed company for representing the highest standards and best practice of corporate governance, reporting obligations, and investor relations;
  • focus on continuous improvement of operating effectiveness – responsibility for many markets in financial instruments and commodity instruments;
  • shared responsibility for the quality of relations with many stakeholder groups in the exchange markets in view of the increasing opening of the Polish capital markets to global capital flows.

The challenges faced and pursued so far will certainly stay with us in the coming years. I present to you the Annual Report 2011 which describes how the Warsaw Stock Exchange rose up to these main challenges in the past year.

Leszek Pawłowicz

Chairman of the Exchange Supervisory Board