Morawiecki announces shuffling of PZU, Grupa Azoty

Minister of Finance and Development, Mateusz Morawiecki, stated that Poland’s largest chemical company, as well as its largest public insurer, will move from the Treasury to be placed under the supervision of the Ministry of Development, the Polish press reported on Friday morning. The minister also speculated on the fate of some other state-owned companies. “In many cases, there are already concrete decisions. PZU will go to the Ministry of Development, NDS to the Ministry of Finance, Grupa Azoty to the Ministry of Development, Totalizator Sportowy to the Ministry of Finance, Polfa to the Ministry of Development, LOT probably too,” he said. With respect to the company’s functioning on the WSE, he did not indicate which decisions regarding corporate governance had been finalized. PZU and Grupa Azoty are among Poland’s most profitable businesses and its largest single job providers, cumulatively employing 31,000 people. In 2015, they had net incomes of PLN 260 million and PLN 692 million respectively.