Nałożenie kary pieniężnej na Danutę Jakubowską

The decision reinforces that Polish listed-company disclosure duties under the Public Offering Act can create personal liability for supervisory board members, even where operational reporting is delegated. For compliance teams, the message is clear: board oversight of periodic reporting is not a formality. Firms should review whether audit reports are filed with the annual report, whether half-year reports are submitted on time to the KNF, the regulated market operator and the public, and whether supervisory board members receive adequate reporting updates.

Actions: map disclosure workflows and deadlines; strengthen audit committee and board review; document oversight; verify D&O cover and indemnities; and consider training on individual accountability. The decision is not final and can be appealed, so watch for further guidance. Reputational and recruitment risks may rise for boards if enforcement continues.