Internal control and risk management systems in relation to processes of preparing financial statements

The key guidelines, standards and legal provisions applied in the Śnieżka Group in relation to the process of preparing financial statements and consolidated financial statements (in the context of internal control and risk management systems) are:

International Accounting Standards (IAS);
International Financial Reporting Standards (IFRS), related interpretations announced in the form of Regulations of the European Commission;
The Accounting Act (in the areas not governed by IAS/IFRS);
internal procedure describing the process of publishing periodic reports and estimated preliminary results by the Company, getting familiar with the content of draft periodic reports prior to their publication.

As far as ownership supervision over subsidiaries is concerned, the supervision is exercised by the Corporate Governance Department of FFiL Śnieżka SA, monitoring their activities and ensuring compliance with the policies and procedures of the parent company

Corporate governance principles

The articles of association