OECD Corporate Governance Factbook 2025: Poland
Table of contents
This Country Note consolidates information published in the 2025 edition of the OECD Corporate Governance Factbook. Along with the summary of recent developments, it provides an overview of Poland’s corporate governance framework and related information benchmarked against 51 other jurisdictions covered by the Factbook, including all OECD and G20 members.
The information in this document is as of 31 December 2024 unless otherwise specified.
For further details, please refer to the OECD Corporate Governance Factbook 2025.
In January 2024, Warsaw Stock Exchange (WSE) introduced Best Practices for NewConnect Listed Companies 2024 – updating the previous NewConnect corporate governance guidelines. NewConnect is an alternative stock market, run by the WSE, allowing smaller companies to trade their shares. The amendment included expanding provisions on disclosure (including introduction of the ESG disclosure), internal functioning of the companies and the relations with the shareholders. The guidelines are also supplemented by the updated Code of Best Practice for Authorised Advisers on NewConnect.
In September 2024, the Act on the protection of persons who report breaches of law was adopted, introducing the framework on the protection of whistleblowers. The companies hiring at least 50 employees – as well as the so called “obligated entities” from the anti–money laundering (AML) legislation (including financial market entities, like banks, insurance companies, stock exchange, investment firms, investment funds) – are required to introduce the necessary internal procedures, starting from January 2025. The Act implements EU Directive 2019/1937.
In December 2024, the act implementing the Corporate Sustainability Reporting Directive (CSRD) was adopted - amending the Accounting Act among others. In line with the CSRD, the ESG reporting was further expanded and streamlined in the Polish legislation.
Also in December 2024, the EU Listing Act legislative package came into force, with aim of making the EU capital markets more attractive for small and medium-sized enterprises (SMEs). Key changes will gradually enter into force until 2026 and will be simultaneously implemented in the Polish legislation where necessary (including the planned amendments in the Act on Public Offering). The Listing Act changes include new prospectus exemptions, simplified IPOs and an increased threshold for public offers without a prospectus.
|
No. of listed companies in Dec 2024 |
Change since Dec 2021 |
Market capitalisation in Dec 2024 |
Ratio to GDP |
||
|---|---|---|---|---|---|
|
Poland |
697 |
|
-3.7% |
USD 198 bn |
21.8% |
|
OECD members |
21 618 |
|
4.3% |
USD 92 518 bn |
136.5% |
|
World |
46 086 |
|
11.3% |
USD 124 536 bn |
112.7% |
Note: “World” covers 98 jurisdictions. “OECD members” covers 38 countries.
Source: OECD Capital Market Series Dataset. IMF.
Note: “World” covers 98 jurisdictions.
Source: OECD Capital Market Series Dataset.
Note: The share of companies in each jurisdiction where the single largest shareholder and the three largest shareholders own more than 50% of the company’s equity capital. “World” covers 98 jurisdictions.
Source: OECD Capital Market Series Dataset.
The categories that the jurisdiction fits into are highlighted in blue.
The bold numbers and words indicate country-specific additional information.
The numbers within parentheses indicate the number of jurisdictions applicable to each category.
For further information on the methodologies used for the categorisations, please see the OECD Corporate Governance Factbook 2025.
* Some jurisdictions belong to multiple categories because of the additional requirements other than a percentage of shareholding.
* Jurisdictions where mandatory takeover bid rules exist are included.
** Some jurisdictions belong to multiple categories.
* Some jurisdictions belong to multiple categories.
* Some jurisdictions belong to multiple categories.
* Some jurisdictions belong to multiple categories.