{"id":2996,"date":"2026-10-26T11:00:43","date_gmt":"2026-10-26T11:00:43","guid":{"rendered":"https:\/\/sawaryn.com\/us\/?p=2996"},"modified":"2026-10-26T11:00:58","modified_gmt":"2026-10-26T11:00:58","slug":"polish-psa-shareholder-meeting-rules","status":"publish","type":"post","link":"https:\/\/sawaryn.com\/us\/polish-psa-shareholder-meeting-rules\/","title":{"rendered":"Shareholder Meetings in a Polish P.S.A.: Rules and Records"},"content":{"rendered":"<p>If you are a shareholder in a Polish Prosta Sp\u00f3\u0142ka Akcyjna (P.S.A.) or are establishing one from outside Poland, the Walne Zgromadzenie Akcjonariuszy is where the most important company decisions are made, from approving financial statements to selling real estate. This guide explains the Polish rules for calling the meeting, voting and keeping records, including what is required, when and in what form.<\/p>\n<p>Read our earlier publications about the P.S.A. too:<\/p>\n<ul>\n<li><a href=\"https:\/\/sawaryn.com\/publikacje\/jak-zalozyc-prosta-spolke-akcyjna\/\"><strong>How to set up a Prosta Sp\u00f3\u0142ka Akcyjna<\/strong><\/a><\/li>\n<li><a href=\"https:\/\/sawaryn.com\/publikacje\/umowa-prostej-spolki-akcyjnej\/\"><strong>P.S.A. articles<\/strong><\/a><\/li>\n<li><a href=\"https:\/\/sawaryn.com\/publikacje\/jak-przeksztalcic-spolke-z-oo-w-spolke-akcyjna\/\"><strong>Converting a sp\u00f3\u0142ka z o.o. into a joint-stock company<\/strong><\/a><\/li>\n<\/ul>\n<h2>What is the Walne Zgromadzenie Akcjonariuszy in a P.S.A.?<\/h2>\n<p>The Walne Zgromadzenie Akcjonariuszy is a mandatory body of a Prosta Sp\u00f3\u0142ka Akcyjna, alongside its Management Board and Supervisory Board. It makes the company\u2019s most important decisions by resolutions. By operation of law, it consists of all shareholders or other people entitled to participate in the meeting.<\/p>\n<p>On the day of the meeting, the P.S.A.\u2019s Management Board presents a list of people entitled to participate. The list contains:<\/p>\n<ul>\n<li>the entitled person\u2019s first and last name<\/li>\n<li>a delivery address or email address<\/li>\n<li>the series, number and type of shares held<\/li>\n<\/ul>\n<p>A proxy may participate on behalf of a shareholder. The proxy must be granted in documentary form, on pain of invalidity.<\/p>\n<h3>When a shareholder resolution is required regardless of the company\u2019s articles<\/h3>\n<ol>\n<li>Reviewing and approving the Management Board\u2019s or board of directors\u2019 report on the company\u2019s activities and the financial statements for the previous financial year, and granting discharge to the company\u2019s governing body members for performing their duties.<\/li>\n<li>Selling or leasing the enterprise or an organized part of it, and establishing a limited right in rem over it.<\/li>\n<li>Acquiring or selling real estate, perpetual usufruct or a share in real estate. The company\u2019s articles may modify this requirement.<\/li>\n<li>Issuing convertible bonds by a Prosta Sp\u00f3\u0142ka Akcyjna.<\/li>\n<\/ol>\n<h2>What types of Walne Zgromadzenie Akcjonariuszy are there?<\/h2>\n<p>The Walne Zgromadzenie Akcjonariuszy is divided into <strong>ordinary and extraordinary meetings<\/strong>.<\/p>\n<h3>Ordinary Walne Zgromadzenie Akcjonariuszy<\/h3>\n<p><strong>Deadline:<\/strong> within 6 months after the end of each financial year.<\/p>\n<p><strong>Matters on the agenda:<\/strong><\/p>\n<ul>\n<li>reviewing and approving the Management Board\u2019s report on the company\u2019s activities and the financial statements for the previous financial year<\/li>\n<li>adopting a resolution to pay a dividend or cover a loss<\/li>\n<li>granting discharge to the company\u2019s governing body members for performing their duties<\/li>\n<li>reviewing and approving the financial statements of the corporate group, as defined by accounting rules<\/li>\n<\/ul>\n<p><strong>Who calls it:<\/strong><\/p>\n<ul>\n<li>As a rule, the Management Board.<\/li>\n<li>If the Management Board does not call the meeting within the period specified by law or the company\u2019s articles, the Supervisory Board may call it.<\/li>\n<li>The Supervisory Board may also call a Walne Zgromadzenie Akcjonariuszy whenever it considers this justified.<\/li>\n<\/ul>\n<h3>Extraordinary Walne Zgromadzenie Akcjonariuszy<\/h3>\n<ul>\n<li>It adopts resolutions on any matter within the Walne Zgromadzenie Akcjonariuszy\u2019s authority, such as selling real estate. It is called \u201cas needed.\u201d<\/li>\n<li>A shareholder or shareholders representing at least 1\/20 of the total votes or total number of shares may request it. The request must be submitted to the Management Board in documentary form.<\/li>\n<li>If the Management Board does not call it within <strong>2 weeks<\/strong> after receiving the request, the registry court may authorize someone to call the meeting.<\/li>\n<li>The meeting adopts a resolution on whether the company will bear the costs of calling and holding the extraordinary meeting. Shareholders may ask the registry court to release them from the obligation to cover these costs.<\/li>\n<\/ul>\n<h2>Location, procedure and voting at the Walne Zgromadzenie Akcjonariuszy<\/h2>\n<h3>Notifying shareholders of the meeting<\/h3>\n<p>The meeting may be called in either of two ways:<\/p>\n<ol>\n<li>Sending notice by <strong>email<\/strong>.<\/li>\n<li>Sending notice by <strong>registered letter or courier<\/strong>.<\/li>\n<\/ol>\n<p>Regardless of the method, you must send the notice <strong>at least 2 weeks<\/strong> before the scheduled meeting date.<\/p>\n<h3>Where the meeting is held<\/h3>\n<p>The meeting is held at the company\u2019s registered office unless the articles specify another place. If the meeting is held outside Poland, the Commercial Companies Code requires a place in Poland to be specified as well.<\/p>\n<h3>Adopting resolutions at the meeting<\/h3>\n<p>Resolutions are adopted by an <strong>absolute<\/strong> or <strong>qualified<\/strong> majority of votes.<\/p>\n<p>The rules also allow resolutions to be adopted outside a Walne Zgromadzenie Akcjonariuszy, in writing or using <a href=\"https:\/\/sawaryn.com\/publikacje\/zgromadzenie-wspolnikow-online-jak-zwolac-i-przeprowadzic-zdalne-zgromadzenie-wspolnikow\/\"><strong>electronic means of communication<\/strong><\/a>. This is permitted if the company\u2019s articles provide for this method or all shareholders consent to it in documentary form.<\/p>\n<p><strong>Rules on the agenda and shareholder consent:<\/strong><\/p>\n<ul>\n<li>As a rule, a resolution cannot be adopted on a matter not included in the agenda. An exception applies if all shares are represented at the meeting and no one present objects.<\/li>\n<li>A resolution amending the company\u2019s articles that increases <a href=\"https:\/\/sawaryn.com\/publikacje\/wnoszenie-pracy-lub-uslug-jako-wkladu-do-prostej-spolki-akcyjnej\/\"><strong>shareholders\u2019 obligations<\/strong><\/a> or reduces the individual rights of particular shareholders requires the <strong>consent of all affected shareholders<\/strong>.<\/li>\n<li>If there are <a href=\"https:\/\/sawaryn.com\/publikacje\/prosta-spolka-akcyjna-dla-startupu-akcje-zalozycielskie\/\"><strong>shares with different rights<\/strong><\/a>, a resolution affecting the rights attached to a specified class of shares requires a separate vote by shareholders holding shares of the same class. The vote is decided by a simple majority.<\/li>\n<\/ul>\n<h3>Voting at the Walne Zgromadzenie Akcjonariuszy<\/h3>\n<p>Voting at the meeting is <strong>open<\/strong>.<\/p>\n<p>A secret ballot is held when:<\/p>\n<ul>\n<li>appointing, removing or suspending members of the company\u2019s governing bodies<\/li>\n<li>granting them discharge<\/li>\n<li>holding them liable<\/li>\n<li>any shareholder requests it<\/li>\n<\/ul>\n<h2>Minutes of the Walne Zgromadzenie Akcjonariuszy<\/h2>\n<p>Minutes must be prepared for every Walne Zgromadzenie Akcjonariuszy. This is a duty, not an option.<\/p>\n<h3>What the minutes must contain<\/h3>\n<ol>\n<li>All resolutions adopted.<\/li>\n<li>A statement that the meeting was properly called.<\/li>\n<li>Confirmation that the meeting was able to adopt binding resolutions.<\/li>\n<li>The number of shares for which valid votes were cast.<\/li>\n<li>The percentage those shares represent of all shares.<\/li>\n<li>The total number of valid votes, broken down into votes \u201cfor,\u201d \u201cagainst\u201d and \u201cabstaining.\u201d<\/li>\n<li>Any objections raised.<\/li>\n<\/ol>\n<h3>What to attach to the minutes<\/h3>\n<ul>\n<li>Evidence that the meeting was called.<\/li>\n<li>An attendance list signed by participants.<\/li>\n<li>A list of shareholders who voted using electronic means of communication.<\/li>\n<\/ul>\n<p>The resolutions are signed by shareholders present, or at least by the chair and the person who prepared the minutes. The resolutions are then entered in the book of minutes.<\/p>\n<h2>Summary<\/h2>\n<p>The <a href=\"https:\/\/sawaryn.com\/publikacje\/zgromadzenie-akcjonariuszy-w-prostej-spolce-akcyjnej-co-musisz-o-nim-wiedziec\/\"><strong>Walne Zgromadzenie Akcjonariuszy<\/strong><\/a> is the body where decisions with a real effect on the company are made, from approving reports to amending the articles. Every shareholder should know their rights and how to exercise them: when they may request a meeting, how to vote and what the minutes must contain.<\/p>\n<p><em>Setting up and operating a P.S.A. involves many formal and organizational decisions. Consider consulting an adviser before they become a problem.<\/em><\/p>\n<h2>Frequently asked questions<\/h2>\n<p><strong>What exactly is the Walne Zgromadzenie Akcjonariuszy in a P.S.A., and what decisions does it make?<\/strong><br \/>\nThe Walne Zgromadzenie Akcjonariuszy is a mandatory body of a Prosta Sp\u00f3\u0142ka Akcyjna, alongside the Management Board and Supervisory Board. By operation of law, it consists of all shareholders or other people entitled to participate. It adopts resolutions on matters such as approving the financial statements and management report, granting discharge to governing body members, selling or leasing the enterprise, acquiring or selling real estate and issuing convertible bonds.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>When must an ordinary Walne Zgromadzenie Akcjonariuszy be called in a Prosta Sp\u00f3\u0142ka Akcyjna, and what must be on its agenda?<\/strong><br \/>\nYou must call an ordinary Walne Zgromadzenie Akcjonariuszy within 6 months after the end of each financial year. As a rule, the Management Board calls it; if the board does not, the Supervisory Board may do so. The agenda must include reviewing and approving the Management Board\u2019s report on the company\u2019s activities and the financial statements for the previous financial year, adopting a resolution to pay a dividend or cover a loss, granting discharge to governing body members and, where applicable, reviewing and approving the corporate group\u2019s financial statements.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>How should shareholders be notified of a P.S.A. general meeting, and what is the minimum notice period?<\/strong><br \/>\nYou may send notice by email or by registered letter or courier. Whichever method you use, the notice must be sent at least 2 weeks before the scheduled meeting. Breaching this period may result in the validity of adopted resolutions being challenged.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>Can resolutions in a P.S.A. be adopted without a formal Walne Zgromadzenie Akcjonariuszy, in writing or online?<\/strong><br \/>\nYes. The rules allow resolutions to be adopted outside the meeting, in writing or using electronic means of communication. The method must be expressly provided for in the company\u2019s articles, or all shareholders must consent to it in documentary form.<\/p>\n<p>&nbsp;<\/p>\n<p><strong>What must the minutes of a P.S.A. Walne Zgromadzenie Akcjonariuszy contain?<\/strong><br \/>\nThe minutes must include all resolutions adopted, a statement that the meeting was properly called, confirmation that it could adopt binding resolutions, the number of shares for which valid votes were cast, the percentage those shares represent of all shares, the total number of valid votes broken down into votes \u201cfor,\u201d \u201cagainst\u201d and \u201cabstaining,\u201d and any objections raised. Attach evidence that the meeting was called, an attendance list signed by participants and, where applicable, a list of shareholders who voted using electronic means of communication.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>For international founders and shareholders in a Polish P.S.A.: learn the meeting notice, voting, resolution and minutes requirements described in Polish law.<\/p>\n","protected":false},"author":5,"featured_media":1887,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","sip_alt_url":"https:\/\/sawaryn.com\/publikacje\/walne-zgromadzenie-akcjonariuszy-w-prostej-spolce-akcyjnej\/","sip_en_pl_url":"https:\/\/sawaryn.com\/en\/publikacje\/psa-general-meetings-rules-minutes\/","sip_pair_uuid":"6f796ea0-a9fd-5f54-8773-8fe1f26e39da","sip_pair_state":"verified"},"categories":[17],"tags":[116,1250,1267,1254],"specialization":[1131],"practice_area":[],"class_list":["post-2996","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-corporate","tag-corporate-governance","tag-corporate-law","tag-polish-joint-stock-company","tag-polish-simple-joint-stock-company","specialization-corporate-governance"],"acf":[],"_links":{"self":[{"href":"https:\/\/sawaryn.com\/us\/wp-json\/wp\/v2\/posts\/2996","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/sawaryn.com\/us\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/sawaryn.com\/us\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/sawaryn.com\/us\/wp-json\/wp\/v2\/users\/5"}],"replies":[{"embeddable":true,"href":"https:\/\/sawaryn.com\/us\/wp-json\/wp\/v2\/comments?post=2996"}],"version-history":[{"count":1,"href":"https:\/\/sawaryn.com\/us\/wp-json\/wp\/v2\/posts\/2996\/revisions"}],"predecessor-version":[{"id":3057,"href":"https:\/\/sawaryn.com\/us\/wp-json\/wp\/v2\/posts\/2996\/revisions\/3057"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/sawaryn.com\/us\/wp-json\/wp\/v2\/media\/1887"}],"wp:attachment":[{"href":"https:\/\/sawaryn.com\/us\/wp-json\/wp\/v2\/media?parent=2996"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/sawaryn.com\/us\/wp-json\/wp\/v2\/categories?post=2996"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/sawaryn.com\/us\/wp-json\/wp\/v2\/tags?post=2996"},{"taxonomy":"specialization","embeddable":true,"href":"https:\/\/sawaryn.com\/us\/wp-json\/wp\/v2\/specialization?post=2996"},{"taxonomy":"practice_area","embeddable":true,"href":"https:\/\/sawaryn.com\/us\/wp-json\/wp\/v2\/practice_area?post=2996"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}