The dialogue with stakeholders, among whom shareholders are of particular significance, is for us a key aspect of our Company’s operations.
We do our best to maintain regular communication and a transparent dialogue with current and future investors in order to provide objective information about the Company’s current operations and strategic goals. We maintain dialogue with shareholders and market participants by means of regulatory and periodic reports published via the official reporting system (ESPI), our website, one-to-one meetings and participation of our representatives in investor conferences, road shows and meetings with analysts and fund managers.
KGHM follows an active investor relations information policy and maintains high standards in its contacts with investors, both institutional and individual.
The publication of KGHM’s quarterly financial results is followed by a conference accessible to all stakeholders, transmitted online in Polish and English. Video recordings of the conference are available on the Company’s website for review at a later date. Apart from these webcasts the company also conducts meetings in the form of conference calls and videoconferences. A summation of our Investor Relations activities may be found in table 5.12.
Dialogue with stakeholders in capital markets (investors, analysts, regulators)
| Approach and type of commitment of stakeholder group (e.g. questionnaires, customer satisfaction (CSI) surveys, dialogue sessions etc.) | Frequency of commitment by type | Key issues and problems raised by stakeholders | |
|---|---|---|---|
| I. Building of an effective system used for dialogue with capital market players, to price shares reliably. | |||
| 1 | Conferences for investors: 1. Annual BMO Capital Markets Global and Mining Conference, Florida; 2. Polish Capital Market, WSE and PKO BP, London; 3. Wall Street Conference, SII, Karpacz; 4. Annual Global Metals, Mining & Steel Conference, Merrill Lynch, Florida; 5. Global Natural Resources Conference, Morgan Stanley, Barcelona; 6. Annual Emerging Europe Investment Conference; Unicredit, Warsaw; 7. Global Steel and Mining Conference, Credit Suisse, London; 8. Investor Day: Mining Sector, PKO BP Brokerage House, Katowice; 9. dbAccess Metals and Mining Conference, Deutsche Bank, London | 9 times per year | Financial aspects of the Company’s operations, expected output, capital and replacement expenditures, status of portfolio projects, development projects, potential M&A activity, copper market forecasts, view of molybdenum market, trends in foreign exchange (FX) market, dividend policy, shareholding structure, and minerals extraction tax. |
| 2 | One-on-one meetings with funds and analysts, during investor conferences. | 140 meetings per year | As above |
| 3 | Press conferences to announce financial performance, held in Warsaw. | 5 times per year | As above |
| 4 | Investor Day (Capital Market Day) in London. | Once per year | As above |
| 5 | Face-to-face meetings at Company’s registered office. | 7 times per year | As above |
| 6 | Ad-hoc conference calls/queries from the market players (concerning Company’s performance, strategy, finances) | 12 times per year | As above |
| 7 | Normal 0 21 false false false PL X-NONE X-NONE E-mail and telephone communication (answers to market questions and queries). /* Style Definitions */ table.MsoNormalTable {mso-style-name:"Table Normal"; mso-tstyle-rowband-size:0; mso-tstyle-colband-size:0; mso-style-noshow:yes; mso-style-priority:99; mso-style-parent:""; mso-padding-alt:0cm 5.4pt 0cm 5.4pt; mso-para-margin:0cm; mso-para-margin-bottom:.0001pt; mso-pagination:none; font-size:11.0pt; font-family:"Calibri","sans-serif"; mso-ascii-font-family:Calibri; mso-ascii-theme-font:minor-latin; mso-hansi-font-family:Calibri; mso-hansi-theme-font:minor-latin; mso-ansi-language:EN-US; mso-fareast-language:EN-US;} | approx. 400 questions and queries per year | As above |
| 8 | Official opening of the Sierra Gorda Mine in Chile – site visit of analysts at the Sierra Gorda Mine. | Once per year | Project status, project infrastructure, mine parameters, capex, expected output, costs, and development of projects (SG Oxide). |
| 9 | Civic Shareholding program. | Measures supporting educational campaign targeted at individual investors. | |
| 10 | Live online webcasts of quarterly performance conferences. | 4 times per year | Live online webcasts available for investors. |
| 11 | Electronic alert on the website. | approx. 600 participants | Information subscription by topic: Market newsletter, press releases, stock exchange reports. |
| 12 | New website + interactive shareholder KPI tools | Development of interactive tools in the Investor Relations tab: http://kghm.com/en/investors | |
| 13 | Individual Investor Day | Widening of individual investors’ knowledge about the specific nature of the global natural mineral resources sector, and latest trends in the copper sector; visiting the mines and becoming familiar with the production process; investors have a unique opportunity to meet face-to-face with KGHM management. | |
| II. Regulatory requirements (safeguarding effective and safe fulfilment of disclosure requirements). | |||
| 14 | Fulfilment of the disclosure requirements: publication of regulatory reports. | 33 times per year | |
| 15 | Fulfilment of the disclosure requirements: publication of periodic reports. | 7 times per year | |
| 16 | Introduction of safe information disclosure mechanisms (Disclosure Committee) with the application of the best disclosure standards. | ||
| III. Building of optimal shareholding structure. | |||
| 17 | Monitoring of the Company’s shareholding structure; surveying of the Company’s image as seen by capital market players. | 1 w roku | Analysis of investor base and development of target base. |