Human capital

Human capital is understood as the competences, abilities and experience of employees, as well as their motivation to create innovation, including:

• creative implementation of GPW Group strategy,
• employee loyalty and motivation in implementing new products,
• high employees qualifications and  low staff turnover,
• broad experience of Management Board Members.

Our results achieved on human capital:

• employment 413 employees in 2019 vs. 363 employees in 2018,
• staff turnover 11% w 2019 r. vs. 10% in 2018,
• total employee costs PLN 77,8 mn in 2019 vs. PLN 68,8 mn in 2018,
• the ratio of women to men in 2019 is 168 women / 245 men vs. In 2018: 149 women / 214 men.
• The share of employees with master’s degree is 85% in 2019, similar to 2018.
• employees access to additional benefits.

Recipients of the value creation process

The GPW Group's employees ensure its efficient and effective functioning, performing business functions and implementing strategic development plans. Human capital is a key element of GPW Group activities related to value creation, which is why the generated value applies to all groups of our stakeholders

How we try to maintain value

GPW Group employees have unique qualifications and experience connected with the capital market. Our HR policy focuses on investing in continuous development and shaping the corporate culture, based on values and effective internal communication. We support development and educational programs, we support employees in achieving their professional ambitions.

Intellectual capital

The intellectual capital of the GPW Group consists of knowledge-based intangible and organizational resources, including:

• the brand of the GPW and its subsidiaries and associates,
• internal procedures,
• software used in current operations,
• information products and databases,
• websites belonging to the GPW Group,
• 51 GPW Exchange Members in 2019 vs. 56 in 2018,
• 78 TGE Exchange Members in 2019 vs. the same number in 2018.

GPW brand developed over the years of activity, as well as the internal procedures developed, information products, services and databases, form the intellectual foundation of an effective capital market in Poland.

Our results achieved on intellectual capital:

• Launch of research and development work: development of a proprietary Trading Platform co-financed with an NCBR grant,
• Launch of GPW Growth,
• TGE: extension of the Liquidity Improvement Programme launched early in the year,
• New listing of structured certificates issued by Societe Generale and Goldman Sachs International,
• Launch of a new Three Seas Region index: CEEplus,
• New listing of mWIG40TR ETF: Beta ETF mWIG40TR,
• IRGiT signed a consultancy agreement with the Baltic-Finnish gas exchange GET Baltic,
• GPW launched work on a Corporate Venture Capital (“CVC”) fund,
• Consortium signed a memorandum of understanding with Elewarr to set up an authorised warehouse network dedicated for storage of grains traded on the Agriculture Platform,
• Launch of development of GPW Data. The GPW Data project covers GPW’s information services. The system will be rolled out in H2 2021,
• Introduction to trading of futures on WIG.GAMES and the macrosector indices WIG.MS-FIN, WIG.MS-BAS, WIG.MS-PET (30 September),
• Continuation of the Exchange’s Analytical Support Programme,
• TGE: addition of cogeneration to the Register of Guarantees of Origin,
• Continuation working on using Blockchain technology,
• Participation in creating and issuing opinions on legislation for the capital and commodity market in Poland.

Recipients of the value creation process

Our intellectual capital is used to facilitate quality of our services. We contribute to the development of the capital market by constantly expanding our offer.

How we try to maintain value

We develop the intellectual capital of the GPW Group through constant development and innovation. We invest in technology to ensure effective and efficient delivery of products and services. We develop new products and services to meet investor demand and strengthen our market position.

Manufactured capital

Manufactured capital consists of tangible and intangible assets that are intended to be used in the Group's business activity, including:

• Trading systems used in GPW Group,
• „Centrum Giełdowe” building,
• IT infrastructure,
• Capital expenditure: PLN 16,7 mn in 2019 r. (including PLN 9,2 mnexpenditure for tangible assets and PLN 7,5 mn expenditure for intangible assets) vs PLN 21,2 mn in 2018 (including PLN 13,0 mn expenditure for tangible assets and PLN 8,3 mn expenditure for intangible assets) 

Transaction systems and IT infrastructure play a key role in this area, constituting the basement for secure transactions concluded on the GPW Group markets.

Our results achieved on manufactured capital:

• 100% reliability of the trading systems,
• share of HVP and HVF participants in trading in shares at average 10,5% in 2019 vs. 9.3% in 2018,
• number of reported transaction on TGE markets: 5,8 mn transactions in 2019 vs. 4,5 mn transactions in 2018,
• number of reported transaction on GPW markets: 17,9 mn in 2019 vs. 18 ,1 mn transactions in 2018,
• number of reported transaction on NewConnect :  817,5 thousand in 2019 r. vs. 755,5 thousand in 2018,
• 1 787 users of RRM (Registered Reporting Mechanism) in 2019 vs. 1644 users in 2018.

Recipients of the value creation process

Manufactured capital is a key contribution to our activities related to value creation process. Value created serves for all groups of our stakeholders.

How we try to maintain value

We develope manufactured capital through regular investments in IT infrastructure. Manufactured capital is subject to regular control activities.

Natural capital

The use of natural capital in the GPW Group includes mainly electricity, heat and water. Consumption of these resources is a necessary factor to ensure the stable functioning of the stock exchange - especially transaction systems and IT infrastructure, and, consequently, service our clients and generate value for all stakeholders.

As part of the GPW Group's operations, we try to efficiently manage water and energy consumption, and we also segregate trash. In doing so, we aim to reduce our moderately negative environmental impact. It should be emphasized, however, that as the trading organizer of the GPW Group, it has the opportunity to support environmental responsibility practices and the creation of products and services supporting wider initiatives for sustainable development in its operations. Examples of such products and services for the financial market are the RESPECT Index (until the end of 2019) and WIG-ESG (from September 2019), and for the commodity market: the Register of Certificates of Origin and the Register of Guarantees of Origin.

Our results achieved on natural:

• Electricity consumption at level: 1173.4 MWh in 2019,
• Thermal Energy consumption at level: 949.4 MWh in 2019,
• CO₂ emissions for electricity at the level of 897.7 t in 2019,
• CO₂ emission for heat energy at the level of 726.3 t in 2019,
• Water consumption at level 3480.22 m³ in 2019,
• Gasoline consumption at 10.2 thous. l in 2019,
• Paper usage: 554 thous. pages A4 in 2019.

Addressees of value creation

The natural resources we use are a key element ensuring the continuity of the entire Group's operations, and the value generated by its consumption is directed to all our stakeholders.

How we try to maintain value

We strive to reduce the consumption of natural capital, considering energy saving as one of the foundations for building the value of a modern and competitive capital market institution.

We implement an internal environmental policy and build environmental awareness among the Exchange's employees. We limit the direct impact of our organization on the natural environment and measure the effects of these activities, and with the help of products and services, we have an indirect positive impact on the protection of the natural environment by promoting appropriate attitudes among issuers and investors, as well as disseminating the idea of responsible investing.

Social and relational capital

Social and relational capital includes experience and relationships within and between communities and stakeholders, including:

• relations with Exchange Members,
• relations with issuers,
• relations with stockholders,
• relations with investors,
• relations with organizations associating: issuers, investors, brokers, asset managers,
• cooperation with institutions supervising capital market: KNF and ESMA,
• international cooperation with organizations associating exchanges,
• cooperation with EBRD,
• educational activities of the GPW Foundation.

We maintain close relationships with key external stakeholders, which allows us to build confidence in the Polish capital market. Our extensive educational activities have a positive impact on our perception on a social level.

Our results achieved on social and relational capital:

• Taxes paid: PLN 30,5 mn in 2019 vs. PLN 41,7 mn in 2018,
• “Go4Poland” conference participants: 180 in 2019 vs.130 in 2018,
• About 9,000 school students visited GPW in 2019 vs. 8,700 in 2018,
• The product training sessions and initiatives addressed to students reached approximately 1,700 participants in 2019 vs. 1,800 participants in 2018,
• Online School Exchange Game (SIGG) participants: 18,700 in 2019 vs. 18,000 in 2018,
• 661 students involved in the educational program School of Stock Exchange in 2019 vs. 645 students involved in the 2018.

Recipients of the value creation process

Our social and relational capital allows us to effectively build the position of the largest stock exchange in the region. Building a trust, attracts external stakeholders: market participants, brokers and investors. We cooperate with national and international institutions and educate society.

How we try to maintain value

We support social and relational capital through dialogue and interaction with a wide range of stakeholders. We build relationships through regular contacts with stakeholders, fulfilling our mission of developing effective mechanisms for the movement of resources, supporting economic development and building a long-term investing culture.