Body of the report:
The Management Board of Jastrzębska Spółka Węglowa S.A. (“Company”, “JSW”) reports that today it adopted a resolution to extend the term of validity of the Collective Agreement of 5 May 2011 executed between the JSW Management Board and the representative organizations of the Trade Unions operating in JSW pertaining to the employment guarantee held by JSW employees (“Collective Agreement”). According to the provisions of the Collective Agreement executed in 2011, the employment guarantee held by all JSW employees was for 10 years starting from the date of taking JSW public on the Warsaw Stock Exchange.
Pursuant to the resolution adopted today by the JSW Management Board, the employee guarantees will be extended for another 10 year period. At the same time, the JSW S.A. Management Board reports that the terms of work and salary will remain unchanged, while the amount of the salary established in the Company will be determined according to the principles used to-date.
At the same time, the JSW Management Board takes the stance that the execution of the new collective agreement with the trade union organizations concerning the extension of the employment guarantees held by the JSW employees will not produce financial consequences for the Company as the Company’s Management Board has not considered any changes or reductions in headcount, while having in mind the additional difficulties associated with sourcing highly qualified employees, the execution of the collective agreement should make a positive contribution to stabilizing employment in JSW S.A. Any possible savings related to the Company’s financial position will be looked for by the Company’s Management Board in areas unrelated to employment.
The JSW Management Board will strive to stabilize the situation in the Company, improve its operation and among others rebuild its stabilization fund to secure the Company and its employees for subsequent years.
The social contract covering the Company’s foregoing decision will be presented to representative Trade Union organizations operating in JSW.
Legal basis: Article 17(1) of Regulation (EU) No. 596/2014 of the European Parliament and of the Council of 16 April 2014 on Market Abuse and Repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC