The prior leadership team at Orlen S.A. is facing scrutiny on multiple fronts, and from all sides – including from Poland’s Supreme Audit Office, which is reportedly pursuing charges over a controversial merger, and the company itself, which is pursuing compensation from former executives for overspending and mismanagement.
With thousands of companies holding shareholder meetings during proxy season, it’s hard to know where to start. Glass Lewis’ Controversy Alert service can help, identifying the most crucial meetings globally and allowing investors to make better informed voting decisions with the latest information in hand.
In this post, we provide a roundup of the meetings taking place this week that were previously highlighted by Controversy Alerts, and look deeper into the situation at Orlen. To get alerted ahead of time, get in touch and sign up for Glass Lewis’ Controversy Alert service.
Controversy Alerts June 1 — June 7, 2025
6/4 Victory Supermarket Chain Ltd (Controversy Alert issued 5/9)
6/5 Orlen S.A. (issued 5/17)
6/5 Xiaomi Corporation (issued 5/16)
6/6 BYD Co Ltd (issued 5/17)
6/6 HelloFresh SE (issued 5/29)
Deep Dive: Orlen S.A.
The Polish oil multinational’s 2022 merger with Grupa Lotos has been a source of contention since it was completed. The deal, which saw a refinery in Gdansk and other Lotos assets sold off to Saudi Aramco to secure regulatory approval, has prompted criticism from economists, media investigations, and minority shareholder lawsuits. Allegations range from fudged financials, and violations of standard regulatory processes, to the weakening of Poland’s national security.
In April the NIK, Poland’s Supreme Audit Office, released its report on the transaction, finding that spun off assets had been significantly undervalued. The report also highlights excessive advisory fees paid by Orlen, and indicates that the merger led to the transfer of significant resources outside state control, raising concerns about Poland’s fuel security.
The NIK is reportedly seeking to press charges based on its findings – but if they want to pursue a case against the company, they may need to get in line. Last year, Polish prosecutors initiated an investigation into remuneration paid to Orlen’s former CEO, Daniel Obajtek, who allegedly earned about PLN 1.5 million more than is allowed for State-owned companies. The company also faces ongoing allegations relating to a contractor’s exploitation of foreign workers, its 2021 takeover of Polska Press, and price gouging; along with pending legal claims from Russian giant Gazprom.
Moreover, the company itself has probed its own former management team. At an EGM last December, shareholders approved a board-sponsored resolution calling for the company to seek compensation from 13 former executives, including the former CEO, for financial losses incurred from 2018-2024. The claims relate to financial mismanagement across a variety of areas, including artificially low fuel prices, unreasonable sponsorship agreements, exorbitant entertainment expenses, detrimental use of capital assets, and excessive spending on consulting and detective services, amongst others.
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Receive crucial controversy alerts during the height of proxy season, fully integrated into our Viewpoint voting platform, so you don’t miss important votes. Our timely alerts are designed to provide the details you need to understand the biggest controversies at a glance, giving you time to analyze and take action through voting and engagement. You can read about the methodology, or click here for a sample.
