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RESPECT Index Turns Five
Warsaw, 18 December 2014
RESPECT Index Turns Five
- 24 companies in the eighth edition of the RESPECT Index, including three new participants: Lubelski Węgiel Bogdanka S.A., ENERGA S.A. and RAWLPLUG S.A.
- The quality of most of the audited indicators has improved compared to the previous edition.
- The return rate of the RESPECT Index since its first publication in November 2009 was 70%.
Warsaw Stock Exchange has announced the portfolio of RESPECT Index, the social responsibility index. The index portfolio will include 24 companies including three new participants: Lubelski Węgiel Bogdanka S.A. , ENERGA S.A. and RAWLPLUG S.A. The new index portfolio takes effect on 22 December 2014.
The RESPECT Index portfolio includes a record-high number of 24 companies (in alphabetical order):
- Apator S.A.
- Bank BPH S.A.
- Bank Handlowy w Warszawie S.A.
- Bank Millennium S.A.
- Bank Zachodni WBK S.A.
- Budimex S.A.
- Elektrobudowa S.A.
- Energa S.A. – new index participant
- GPW S.A.
- Grupa Azoty S.A.
- Grupa LOTOS S.A.
- ING Bank Śląski S.A.
- Jastrzębska Spółka Węglowa S.A.
- KGHM Polska Miedź S.A.
- Lubelski Węgiel Bogdanka S.A. – new index participant
- Orange Polska S.A.
- PGE Polska Grupa Energetyczna S.A.
- Pelion S.A.
- Polskie Górnictwo Naftowe i Gazownictwo S.A.
- Polski Koncern Naftowy ORLEN S.A.
- Powszechny Zakład Ubezpieczeń S.A.
- RAWLPLUG S.A. – new index participant
- Tauron Polska Energia S.A.
- Zespół Elektrociepłowni Wrocławskich KOGENERACJA S.A.
1 LW Bogdanka S.A. comes back as an index participant after being absent in the seventh edition.
“On the basis of our recent contacts with global investors, I can say that they are increasingly interested in investing in responsible companies. International research corroborates the trend. I am glad that the RESPECT Index also increasingly attracts the attention of issuers. Three new companies join the index portfolio this year. I congratulate all companies participating in the index as transparent and responsible businesses,” said Paweł Tamborski, President of the WSE Management Board.
“The verification process suggest that while there is still a group of leaders among the companies participating in the index, yet the majority of index participants increasingly intensify their efforts. They are actively and systemically adopting good practice in all ESG areas. This impacts not only the external perception of the companies but also their organisational maturity, which is important for effective implementation of their business strategies. This is a good prognostic for the Index and its participants,” said Jakub Bojanowski, Partner at Deloitte.
Summary of the company audit:
- 94% of audited companies have defined consumption limitation or no-increase targets for fuel, energy, raw materials, and monitored their performance against the targets; 58% of companies report the performance against the targets to the Management Board (50% in 2013).
- 62.5% of companies have set measureable targets under the HR policy and regularly monitor the targets (44% in 2013).
- 78% of companies regularly perform employee satisfaction surveys (70% in 2013).
- 67% of companies have adopted the requirement of mandatory standard ESG (environmental, social and governance) clauses in contracts with suppliers (61% in 2013).
- 50% of companies contractually require suppliers to be audited for ESG compliance (35% in 2013).
- 33% of companies have audited the compliance of their suppliers with ESG requirements (22% in 2013).
- 79% of companies engage in regular dialogue with key stakeholder groups (78% in 2013).
- 71% of companies prepare reports under the GRI guidelines (61% in 2013); 42% of companies have their reports verified by independent consultants (26% in 2013).
- 50% of companies have developed a corporate responsibility strategy which defines company targets of corporate responsibility and measures necessary to attain the targets, specifies measures, terms of monitoring and evaluating the targets, outlines the company’s approach to the dialogue with the key stakeholders and is tied to the business strategy (43% in 2013); 38% of companies monitor the implementation of the strategy (22% in 2013).
- 67% of companies have appointed an ethics officer or ethics committee reporting to the Management Board (61% in 2013).
- 92% of companies have in place risk management policies and procedures; 83% of companies include environmental and social risks in risk management (65% in 2013); 83% of companies monitor risks (65% in 2013).
- 71% of companies perform comprehensive reviews of the key elements of the internal control and risk management system and report the results of reviews to the Management Board and the Supervisory Board (74% in 2013).
The RESPECT Index is Central and Eastern Europe’s first social responsibility index. The project was initiated by Warsaw Stock Exchange in 2009 when the first index portfolio was published.
In the current format, the company survey and index revision are performed annually in the second half of the year. The index portfolio is selected from among the biggest listed companies participating in the indices WIG20, mWIG40 and sWIG80.
The RESPECT Index portfolio covers Polish and foreign companies listed on the WSE Main Market which follow the highest corporate governance, disclosure and investor relations standards, and which also take into account environmental, social and governance (ESG) factors. The participating companies are screened by WSE and the Association of Listed Companies (SEG) in a review of all these factors and additionally audited by the project partner since the first edition: Deloitte.
The share of each company in the index portfolio is determined according to the same rules as for other stock exchange indices, taking into account free-floating shares, subject to a cap of the weight of the biggest companies at 25% where the number of participating companies is under 20 and otherwise at 10%.
The return rate on the RESPECT Index was 70% from its first publication on 19 November 2009 until December 2014.
Figure 1. Performance of the RESPECT Index and WIG in November 2009 – November 2014 (19.11.2009 = 100)
Warsaw Stock Exchange is the biggest securities exchange in Central and Eastern Europe and organises trading on one of the most dynamically growing capital markets in Europe. WSE operates a regulated market of shares and derivative instruments and the alternative stock market NewConnect for growing companies. WSE is developing Catalyst, a market for issuers of corporate and municipal bonds, as well as energy markets. Since 9 November 2010, WSE is a public company listed on Warsaw Stock Exchange. For more information visit http://www.gpw.pl