The Management Board

The Management Board of the Bank operates based on the Bank’s Articles of Association and the Rules of Procedure of the Management Board of Bank Polska Kasa Opieki Spółka Akcyjna, adopted by Resolution No. 64/II/19 of 25 February 2019, amended by Resolution No. 92/III/20 of 12 March 2020, Resolution No. 153/IV/20 of 17 April 2020, Resolution No. 328/VII/20 of 24 July 2020, Resolution No. 3/I/22 of 5 January 2022, Resolution No. 31/I/23 of 23 January 2023, and Resolution No. 267/VI/24 of 18 June 2024. The Rules of Procedure specify, in particular, the matters that require collective consideration by the Management Board and the rules for conducting Management Board meetings, including meetings held using remote communication means, as well as the rules for adopting resolutions in writing or through the use of remote communication means. The Rules of Procedure of the Management Board of the Bank are available on the Bank’s website21. The Management Board of the Bank assesses that the Rules of Procedure of the Management Board of Bank Polska Kasa Opieki Spółka Akcyjna, as the regulation governing the operation of the Management Board, are adequate and in compliance with legal provisions and supervisory authority requirements.

In accordance with the Bank’s Articles of Association, the Management Board manages the Bank’s affairs and represents the Bank. The scope of the Management Board’s responsibilities includes all matters that are not, under applicable law or the Articles of Association, reserved to the competence of other statutory bodies of the Bank.

Pursuant to the provisions of the Rules of Procedure of the Management Board, the Management Board develops the Bank’s development strategy. In addition, the Management Board prepares multi-year development programs for the Bank and the Bank’s annual financial plans, which are reviewed by the Supervisory Board. The Management Board of the Bank ensures the transparency and effectiveness of the risk management system and conducts the Bank’s affairs in compliance with applicable laws and Best Practices. The management of the Bank is based on professionalism and credibility, while relations with clients are characterized by diligence and integrity, as well as conduct in accordance with applicable law, including regulations governing anti-money laundering and counter-terrorist financing. The Management Board of the Bank establishes the principles and methods for the implementation of, inter alia: (i) the investment policy, (ii) the asset and liability management policy, (iii) the credit policy, (iv) the human resources, remuneration and social policy of the Bank, and (v) the interest rate policy.

Members of the Management Board of the Bank are appointed by the Supervisory Board for a joint term of office lasting three full financial years. The Management Board of the Bank ensures the transparency and effectiveness of the management system and conducts the Bank’s affairs in compliance with applicable laws and the “Best Practices.”

On 29 April 2025, following the qualification procedure and suitability assessment, the Supervisory Board of the Bank appointed Mr Łukasz Januszewski to the Management Board of the Bank as Vice President for the current joint term, effective 1 September 2025.

According to the statement provided, Mr Michał Panowicz, from the date of assuming office, will not conduct any activity competitive to the Bank, in particular he will not hold the status of a partner in any civil, personal, or capital company competing with the Bank, nor serve as a member of the governing body of any legal entity competing with the Bank, nor conduct his own business activity competitive to the Bank. Mr Michał Panowicz is not entered in the Register of Insolvent Debtors, maintained pursuant to the Act of 20 August 1997 on the National Court Register.

On 29 April 2025, following the qualification procedure and suitability assessment, the Supervisory Board of the Bank appointed Mr Łukasz Januszewski to the Management Board of the Bank as Vice President for the current joint term, effective 1 September 2025.

According to the statement provided, Mr Łukasz Januszewski, from the date of assuming office, will not conduct any activity competitive to the Bank, in particular he will not hold the status of a partner in any civil, personal, or capital company competing with the Bank, nor serve as a member of the governing body of any legal entity competing with the Bank, nor conduct his own business activity competitive to the Bank. Mr Łukasz Januszewski is not entered in the Register of Insolvent Debtors, maintained pursuant to the Act of 20 August 1997 on the National Court Register.

He has been a member of the International Advisory Board of Deutsche Bank, the European Advisory Board of J.P. Morgan, the International Advisory Board of INSEAD, and a member of the Geneva Association.

He holds a PhD in Law from the University of Warsaw. In the late 1980s, as a Fulbright Scholar, he studied at Columbia University Business School in New York.

Cezary Stypułkowski meets the suitability requirements set out in Article 22aa of the Polish Banking Law Act.

She has served as a member of decision-making committees within the bank, as well as a member of supervisory boards. In the years 2000–2010, while working at KPMG, she participated in projects for the financial sector involving statutory audits of financial statements, fair value valuation of loan portfolios, due diligence, and advisory services related to mergers and acquisitions transactions.

She is an advocate of partnership between finance and business and a leader focused on building loyal and engaged teams.

Dagmara Wojnar meets the suitability requirements set out in Article 22aa of the Polish Banking Law Act.

Marcin Gadomski began his professional career in 2002 at Ernst & Young (currently EY), where he delivered projects in the areas of risk management, finance and internal audit for financial institutions and non-financial enterprises. He subsequently continued his career at Deloitte Advisory, first in the years 2008–2012 as a Senior Manager, and later in the years 2016–2018 as a Director. As part of Deloitte Advisory, he delivered solutions for the largest financial institutions in Poland and abroad, including in the areas of credit policy, risk models, streamlining of credit processes for retail and corporate clients, market and liquidity risk management, accounting principles and regulatory requirements, and due diligence reviews for acquisition purposes.

In the years 2012–2016, he served as Director of Retail Banking Credit Risk at Bank Millennium, where he was responsible for credit policy and credit scoring models for business lines such as unsecured consumer loans, mortgage loans and loans to small businesses.

From August 2018 to November 2019, he served as a Member of the Management Board of Pekao Bank Hipoteczny S.A. Between 29 November 2019 and 21 April 2020, he served as Vice President of the Management Board of Bank Pekao S.A., where he was responsible for the Risk Management Division, and subsequently served as Director for Credit Risk. As of 1 July 2020, he was reappointed to the Management Board of Bank Pekao S.A., where he is responsible for the Risk Management Division. On 15 February 2021, he obtained the approval of the Polish Financial Supervision Authority (KNF) to perform the function of a Management Board member responsible for oversight of risk management material to the bank’s operations.

In addition, Mr Marcin Gadomski serves on supervisory boards as Deputy Chairman of the Supervisory Board of Pekao Leasing Sp. z o.o. and Pekao Investment Banking S.A., and as Chairman of the Supervisory Board of Pekao Bank Hipoteczny S.A. He is also a member of the Supervisory Board of Biuro Informacji Kredytowej S.A. and System Ochrony Banków Komercyjnych S.A.

Marcin Gadomski meets the suitability requirements set out in Article 22aa of the Polish Banking Law Act.

He has extensive experience in supervisory boards of capital companies. He has served on the supervisory boards of the following companies: AgioFunds TFI S.A. (member of the Risk Committee), PEKAES S.A. (member of the Audit Committee), SEKO S.A. (member of the Audit Committee), Krajowy Fundusz Kapitałowy S.A., and KUKE S.A.

He was a lecturer at the Warsaw Institute of Banking. He has completed numerous training programs and courses in the fields of banking, management and finance.

Robert Sochacki meets the suitability requirements set out in Article 22aa of the Polish Banking Law Act.

Before joining Pekao, he worked at McKinsey & Company in Frankfurt am Main, Germany, was a researcher at universities in Frankfurt (Oder) and Giessen, Germany, and also gained professional experience at Dresdner Bank.

Since 2017, he has served as Chairman of the Supervisory Board of Centrum Kart S.A. From 2017 to August 2020, he was a member of the Supervisory Board of Pekao Financial Services Sp. z o.o., serving as Deputy Chairman and Secretary of the Supervisory Board. He was reappointed to the Supervisory Board of Pekao Financial Services Sp. z o.o. in March 2021 and currently serves as Chairman of the Supervisory Board.

He holds a PhD in Economics and is a graduate of the Faculty of Economics at the European University Viadrina in Frankfurt (Oder), Germany. He has completed numerous domestic and international training programs, including Unifuture in cooperation with the Institute for Management Development (IMD) in Lausanne, Switzerland.

Błażej Szczecki meets the suitability requirements set out in Article 22aa of the Polish Banking Law Act.

He has led large-scale, multi-year transformation programs for clients in Poland and internationally, transforming local, regional and global organizations, leveraging both established and emerging technologies.

He has extensive international experience, having worked on major projects in financial institutions in the USA, Canada, the UK, France, Spain, Germany, the Czech Republic, Lithuania, Hungary, Turkey, the United Arab Emirates, Malaysia, and Singapore.

He graduated with honours from the Faculty of Electronics at the Warsaw University of Technology and completed postgraduate studies in IT at the Swiss Federal Institute of Technology (ETH) in Zurich. He has also completed numerous international training programs in complex program management, technology solutions development, cybersecurity, cloud computing, blockchain, Gen AI, and risk management.

Marcin Zygmanowski meets the suitability requirements set out in Article 22aa of the Polish Banking Law Act.

He began his professional career at Boston Consulting Group in 1998. From 2006 to 2011, he worked for Microsoft, initially as Group Manager in the Global Corporate Strategy Department in Redmond, US, and later as Director of the Executive Office in the Pricing and Licensing Division. From 2011 to 2015, he worked at mBank as Managing Director of the New mBank Program and Managing Director for Products, Marketing, and Digital Channels, where he was responsible, among other things, for implementing Agile across the entire organization. From 2015 to 2016, he worked at Nordea Bank as Senior Managing Director and Head of Electronic Banking, managing a team of over 550 employees across six countries and responsible for product, IT, operations, design, CRM, and digital sales. He then served until 2018 as Vice President for Products and IT at Kreditech, the largest FinTech company in Germany. From 2018 to 2024, as Managing Director and Partner at Boston Consulting Group in London, he co-founded “InQbate,” a BCG sub-brand acting as an accelerator for building digital solutions, and served as a member of the Global Retail and SME Committee in BCG’s banking practice as Omnichannel Area Leader. He is also the author of numerous publications in this field. Michał Panowicz holds a Master’s degree in Finance and Banking from the Warsaw School of Economics and an MBA from Harvard Business School.

Michał Panowicz meets the suitability requirements set out in Article 22aa of the Polish Banking Law Act.

He holds a Bachelor’s degree in Economics from the SGH Warsaw School of Economics and a Master’s degree from the Faculty of Management of the University of Warsaw.

Łukasz Januszewski meets the suitability requirements set out in Article 22aa of the Polish Banking Law Act.