Our shares have been included in the RESPECT Index, the first index of socially responsible companies in Central and Eastern Europe, published by the Warsaw Stock Exchange, since its very launch on November 19th 2009.

The survey of candidates for inclusion in the index portfolio covers stocks traded on the Warsaw Stock Exchange, excluding those listed on the NewConnect market, foreign and dually listed companies.

The purpose of the index is to:

  • promote best practices, corporate governance standards, and corporate social responsibility among public companies listed on the WSE;
  • provide an incentive for companies which do not follow such practices to consider their implementation;
  • create an index presenting the performance of socially responsible companies;
  • create an investable benchmark for asset managers.

An initial classification of companies in terms of investability is followed by an examination of their corporate governance practices, information policies and investor relations, as well as their activities in such areas as environmental protection, community outreach and employee care.

Investable companies are:

  • companies with the highest liquidity, understood as the value of trade on the stock exchange;
  • companies with the most fragmented shareholding, understood as the largest proportion of investors with holdings of less than 5% of the share capital;
  • companies included in the WIG20, mWIG40 and sWIG80 indices.

The second stage of selection of companies qualifying for inclusion in the index portfolio consists in:

  • analysing their reporting practices, the number and severity of penalties imposed on them by the commission, and best practice application;
  • analysing the companies' websites, the scope of disclosure, website accessibility, availability of other language versions, question response times, etc.

As part of the final stage of the survey, companies are requested to fill in a questionnaire confirming adherence to CSR best practices in managing their organisations. The questionnaire, which is reviewed by an auditing firm, includes the following assessment criteria:


CSR policy

  •  CSR strategy and activities;
  • Dedicated CSR officer;
  • CSR reports;
  • Non-mandatory declarations, principles and codes relating directly to social, economic and environmental matters, adhered to by the company.

Management system

  • Internal control and risk management system;
  • Code of ethics;
  • Corporate social responsibility requirements imposed by the company on its product and service suppliers (ethics clauses, audits);
  • Dialogue with stakeholders.

Environmental management

  • Environmental policy;
  • Activities undertaken by the company to monitor and reduce raw material, fuel, energy and water consumption;
  • Non-mandatory waste segregation and recycling.

HR policy

  • HR policy;
  • Accident rate;
  • Non-financial employee incentive schemes;
  • Employee satisfaction surveys.

Market and customers

  • Complaint and customer feedback management system;
  • Advertising code of ethics;
  • Personal data protection and privacy management system;
  • Penalties imposed on the company, including for anti-competitive or monopolistic practices.


History of the RESPECT Index:

November 19th 2009 - announcement of the results of the first RESPECT Index survey: 16 companies included in the index

July 2010 - change of the survey frequency and rules: the survey covers only the most liquid companies and is performed semi-annually

January 2011 - change of the index publication frequency from three times a day to every minute during continuous trading; announcement of the results of the second edition of the survey: 16 companies included in the index

July 2011 - CSR survey among professional market participants; announcement of the results of the third edition of the survey: 22 companies included in the index

January 2012 - announcement of the results of the fourth edition of the survey: 23 companies included in the index

July 2012 - announcement of the results of the fifth edition of the survey: 20 companies included in the index