Supervisory Board

The Warsaw Stock Exchange (WSE) operates based on the Act on Trading in Financial Instruments of July 29, 2005 under the supervision of the Polish Financial Supervision Authority (www.knf.gov.pl).

Capital market traditions in Poland go back to 1817, when the Warsaw Mercantile Exchange was established. The Warsaw Stock Exchange began activity in its present form on April 16, 1991, starting from the very beginning with electronic paperless trading.

The Exchange is a joint-stock company founded by the State Treasury. The company has share capital of PLN 41,972,000 which is divided into 15,187,200 A serie registered shares and 26,784,800 B serie registered shares. At the end of 2008, its shareholders included 35 entities. These were banks, brokerage firms, an Exchange company and the State Treasury. The State Treasury's stake was 98.82%.