SFDR and taxonomy

Annual Report


Zgodnie z rozporządzeniem Parlamentu Europejskiego i Rady (UE) 2019/2088 z dnia 27 listopada 2019 roku w sprawie ujawniania informacji związanych ze zrównoważonym rozwojem w sektorze usług finansowych (Sustainable Finance Disclosure Regulation) PKO TFI S.A. oraz Biuro Maklerskie Banku opublikowały w 2021 roku strategie integracji ryzyka dla zrównoważonego rozwoju i uwzględniania negatywnych skutków w procesach podejmowania decyzji inwestycyjnych.

Opublikowane strategie:

  1. PKO TFI S.A
  2. Biuro Maklerskie Banku

According to Regulation (EU) 2019/2088 of the European Parliament and of the Council of 27 November 2019 on sustainability-related disclosures in the financial services sector (Sustainable Finance Disclosure Regulation), in 2021 PKO TFI S.A. and the Bank’s Brokerage Office published their strategies for integrating sustainability risks and considering adverse impacts in their investment decision-making processes.

Published strategies:

  1. PKO TFI S.A
  2. Bank’s Brokerage House


According to Article 8 of Regulation (EU) 2020/852 of the European Parliament and of the Council and Commission Delegated Regulation (EU) 2021/2178 (Article 10), the Bank’s Group is obliged to disclose its indicators for 2021 as regards two objectives of the Taxonomy for sustainable activities: climate change adaptation and climate change mitigation.

Since the Taxonomy for sustainable activities is still being developed (some of the delegated acts have not yet been adopted) and the disclosures of non-financial enterprises on the compliance of their activities with the Taxonomy are very limited, the Bank’s Group has only just begun working on incorporating the criteria of compliance with the Taxonomy into its business strategies, the establishing of objectives, into product building processes and into the principles of cooperation with its Customers and counterparties.

The ratios presented relate to Taxonomy-eligible activities. Determining a green asset ratio will require setting apart Taxonomy-aligned exposures.

Quantitative information

Key performance indicators of the Bank’s Capital Group (%)

1. Exposures to taxonomy non-eligible economic activities in total assets 10.4
2. Exposures to taxonomy eligible economic activities in total assets 3.1
3. Exposures to central governments, central banks and supranational issuers in total assets 27.8
4. Derivatives in total assets 2.8
5. Exposures to undertakings that are not obliged to publish non-financial information in total assets 8.5
6. Trading portfolio in total assets 3.6
7. On demand inter-bank loans in total assets 3.3
8. Total assets (PLN million)* 415,651
* Bank's Capital Group assets by prudential consolidation presented in FINREP report


Contextual information

In the process of qualifying its activities for the Taxonomy, the Bank’s Group analysed the portfolio of exposures to entities in the corporate Customer market segment (excluding local government units) concluding that entities reporting non-financial information should be sought in this set. It is these entities that will publish information on the compliance of their activities with the Taxonomy in the future, which will be used for qualifying the exposures of the Bank’s Group. The criteria of the Accounting Act, which concern the obligation of non-financial reporting (Article 49b) for public interest entities listed on EU markets were applied. The Bank verified whether a given entity is subject to the reporting obligation, and then it assessed whether the Customer’s leading Polish NACE codes are Taxonomy-eligible.

The group of the Bank’s Customers which are public interest entities also include financial sector entities. For financial sector entities which report non-financial information, the Bank verified the consistency of a Customer’s core Polish NACE codes with the types of activities for the first two objectives of the Taxonomy (climate change adaptation and mitigation). The exposures defined in this way were assessed by the Bank as not Taxonomy-eligible.

Entities which conduct business activities and report non-financial information have not yet published information about what proportion of their activities is Taxonomy-eligible. In this situation, the Bank made estimates based on generally available data, which means that the values presented are voluntary disclosures.

Additional disclosures

Apart from exposures to Customers conducting business activities, there is a group of exposures to households and local government units which may be assessed in the future in terms of eligibility and alignment with the Taxonomy. The share of exposures to households secured with residential properties and exposures to local government units is nearly 30% of total assets.

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