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JANUARY 2011
Vol. XXI, No. 1 • ISSN 1506-3240
Growth
between
the ears
Rising GDP is nice to have, but to see if
it is sustainable PwC looked behind the figures
to find out if Polish companies have a healthy
mental approach to business development
Technical note
Download this magazine! Toto, we’re not in Kansas
Prices in Polish złoty. American Investor is available in full as anymore... American in-
a pdf for download from the www.am-
Prices are subject to
cham.com.pl website. Go to "About vestors need to be aware
23% VAT.
For discount schemes,
Us" in the horizontal menu, and
choose American Investor Magazine
that Poland’s version of a
and prices of advertis- from the pop-up menu. You can down- free market includes a Eu-
ing on AI covers, please
contact AI editor.
load past issues of American Investor
dating back to October 2010.
ropean and socialist bent,
page 13
Calendar
By clicking on red links in the Calen-
dar you may visit photo coverage of AMCHAM GENERAL MEETING
our past events. Blue links will take Befriend the Friendly State American companies in Poland offer a valuable perspective
you to the announcements of upcom- on government that works, p. 17
Quarter page Box 2/3 Box Half-page Horizontal ing events.
Size.....................87x120 Size...................120x120 Size.................180x125 AMCHAM MEMBERSHIP DIRECTORY
Price.......................1,100 Price.......................1,500 Price.....................2,500 Events Corporate members Alphabetical list of AmCham member companies, p. 19
AmCham Monthly Meetings are one of Individual members Alphabetical list of AmCham individual members, p. 22
the flagship events organized by the
FOCUS
chamber. While American Investor cov-
ers each Monthly Meeting exten- Growing stronger every year Just as 2010—the 20th AmCham anniversary year—
comes to an end, American Investor talks with Dorota Dabrowski, AmCham Executive Di-
sively, including full-page pictorials,
rector, about the chamber’s progress, how it helps its members, and the significance of
you can search through picture American business for Poland’s economy, p. 23
archives of past events that include
never previously printed material. Just Paving the way to success Roman Rewald, former AmCham Chairman who held office
go to Events and Activities, pick for three consecutive terms and now is an ex officio Board Member, talks to American In-
Monthly Meetings and scroll down for vestor about what AmCham has achieved, where it is going and where it may be 20 years
links to archived events. from now, p. 24
Regions Powering forward As Poland thinks about building nuclear power plants, GEH is already
lending a helping hand, p. 26
AmCham may be closer than you
think. Apart from Warsaw, AmCham EXPERTS
has two regional branches which are
Quarter page Horizontal Strip Up in smoke A new system for moving excise goods around the E.U. starts this year, and
One-Third Vertical Strip active all year long and offer many ex-
smokers will pay more for their fix, p. 30
Size.........................56x250 Size.................180x75 citing opportunities to interface with
Price...........................2,000 Price...................2,000 regional business leaders and politi- Catch them if you can Deloitte’s Central Europe technology survey identifies the region’s
cians. To find out more about our ac- fastest growers, p. 31
tivities in Kraków and the region of
southern Poland, and Wrocław, go to Are you building your leaders? “Leadership is action, not position,” p. 32
Technical note Regions in the horizontal menu bar,
Measurements: width and pick your region of interest. New order for mortgage regulations Now mortgages will be a more effective instrument
for securing claims, in line with current lending practices, p. 33
by height in mm. Policy Watch
Advertising materials The price of predictability Poland’s competition authority seeks uniformly high penalties
Full Page Ad should be delivered in Intelligence: For AmCham position
for abuses—if the courts allow, p. 34
Size.........210x297 papers, policy statements, official let-
electronic form, as
Price...........5,500 ters to government ministers and re- What next in cross-border CIT? The heated debate on how to reform U.S. international
PDF, TIFF or JPG files
search papers, visit the Advocacy link tax rules continues, p. 35
prepared in 300 dpi on the horizontal menu to download
Note that full page resolution and CMYK the latest AmCham position papers. EVENTS
ad requires bleed color International Christmas Evening, p. 36; Winter Business Mixer, p. 37; AmCham General
of 5 millimeters on encoding. Other useful sites Meeting, p. 39; Business breakfast, p. 39
each edge.
U.S. Chamber of Commerce DEPARTMENTS
http://www.uschamber.com
American Chamber of Commerce From the Editor, p. 2; From the Executive Director, p. 4; Newsline, p. 5; Agenda, p. 8;
Content summaries in Polish, p. 40; Guide to AmCham Committees, p. 41
For more information about American Investor contact magazine editor Tomasz Ćwiok at in the European Union
http://www.amchameu.be
tomasz.cwiok@amcham.com.pl or call +48 22-520-9553 or +48 506-536-551 European Council of American
Chambers of Commerce
http://www.amchamseurope.com
J A N UA R Y 2 0 1 1 AMERICAN INVESTOR 1
YOUR AMCHAM FROM THE EDITOR
T
Roman Rewald – Weil, Gotshal & Manges
Acting Chairman he keynote speaker at the AmCham Annual General Meeting, former CEOs will be deprived of their annual bonuses as a form of punishment. Three of the CEOs published apologies in the re-
Judith Y. Gliniecki – Wierzbowski Eversheds Deputy Minister of Economy Adam Szejnfeld, told the congregation of gional press, hoping that would be enough to absolve their incompetence. Shortly before the holiday break, when thousands
Vice Chair
American businesses in Poland that in 2011 they should consider enter- of people travel for Christmas, Prime Minister Donald Tusk held a crisis management meeting with Grabarczyk and the CEOs of
RichaRd lada – Telesto ing into public-private partnerships, because the PPP Act now offers flexibil- Polish railway companies to decide what extra measures the companies should take in order not to collapse. As reported by
Vice Chairman
ity to all parties to projects carried out by commercial entities in conjunction the media, they came to the conclusion that in case of heavy snowfall, train platforms should be cleared of snow; in case of
PeteR kaY – KPMG Polska with the public sector—without interference on the ministerial level and with delays, passengers stranded at train stations should be served hot drinks free of charge; and extra engines should be on
Secretary
the opportunity to achieve solid, long-term, sustainable profits. standby to rescue trains that break down in the middle of nowhere. But does free coffee at point A make up for a transportation
Stan PoPow – Finacorp The public sphere needs private investment capital to finance some of its company’s lack of the competence to transport the passenger to point B?
Treasurer
projects. But as much as private money, it needs to acquire other assets of Eventually, the frustrated prime minister fired Juliusz Engelhardt, the deputy minister responsible for rail infrastructure. Engel-
private enterprise—business knowhow first of all. A businesslike attitude in- hardt blamed the mess on technical problems caused by the winter weather. Somehow the technology excuse did not wash
MEMBERS
Tony Housh John Lynch cludes such qualities as the determination and stamina of the management for an invention that came around in the 19th century and has long since become an essential part of the infrastructure of civi-
APCO Worldwide Lynka to succeed in fulfilling the company’s statutory obligations. Then comes a lized countries.
Paul Fogo Mac Raczkiewicz grownup sense of responsibility and readiness to bear the consequences of Back in the summer of 1969, a unique collaboration of government, academia and business, known as the Apollo program,
Miller Canfield Ex officio
failure. successfully sent men to the moon and safely returned them to Earth. In terms of extreme temperatures, that mission was ex-
Piotr Jucha
McDonald’s
Anna Sienko
IBM
The lack of these characteristics has been dramatically displayed by the posed to –270ºC in outer space and +2,000ºC on reentry. There were thousands of ways in which the mission could have
recent havoc at the Polish rail companies, all but one state-owned enter- failed. But most of them were identified, solutions were found, procedures tested theoretically, then implemented and re-
Thomas Kolaja Joseph Wancer
Alvarez and Marsal Deloitte prises. In November the early snow brought train service to a near standstill. hearsed on the ground. All that took place at a time when the combined computing power of all research institutes that took
On the first day over 800 trains were cancelled throughout the country. Hun- part in the project was just a tiny little fraction of what is available today for a company such as Polish State Railways.
Robert L. Koński
Kulczyk Investments dreds of trains were late, with delays sometimes longer than the entire Poland in winter is not the moon. Every technical problem has its solution.
scheduled travel time from the first to the last station. Some trains that were What was striking about the train service crisis was not so much the extent of the mess, which actually happened a year be-
in service carried fewer cars than usual, and commuters could not board be- fore, but the excuses offered by the people responsible, which boiled down to this: you can expect Polish train services—all
SPONSORS cause there was not enough room. I saw trains with malfunctioning doors. subsidized—to fulfill their statutory obligations only in good weather. When the mercury drops and snow falls, as it does every
Some doors would not open, and passengers had to dash through com-
Going nowhere?
winter, it is normal for the system to break down. Snow blocks the tracks and downs power lines, and cold snaps the tracks.
partments at the last moment to find a functioning door to make it out at the All in all, this is like blaming an air crash on gravity.
station. Some doors would not close, letting freezing wind and snow into the The lack of responsibility on the part of people operating Poland’s infrastructure is not an issue unique to train companies.
cars. Some trains were freezing cold inside; others were sweating hot. Being Thousands of people experienced power outages in many parts of Poland (the grid operator is a state-owned company).
a commuter required patience, a lot of free time, and a sturdy constitution. Thousands went without heat (generated by municipal companies). When services are most needed, the public sector does
The chaos did not end in the few days after the outbreak of winter, as one not deliver.
might have thought would be long enough for the railway companies to take Now Poland has announced a nuclear program. The government insists that the power plant be run by a state-owned com-
things under control. It continued, with more intensity, when new train sched- pany and not a private one. Will a nuclear breakdown be regarded as business as usual for a state-run operation? Will the rem-
ules were introduced on December 12 without proper information or coordi- edy then implemented by the government and government-appointed managers be to distribute free drinks with iodine iso-
nation. Reportedly, train companies intentionally did not reveal their new topes?
schedules because they did not want their competition to know. Tomasz Ćwiok
The Polish railway companies became so dysfunctional that Minister of In-
frastructure Cezary Grabarczyk said publicly that their CEOs and deputy
AmCham Auditor:
Dear Readers! AMCHAM STAFF AmCham General Meeting lion acquisition of Trinity Park III in Warsaw and
is currently involved in various investment
Baker & McKenzie
Dorota Dabrowski At the Annual General Meeting, AmCham transactions throughout Poland valued at ap- Baker & McKenzie advised Unicredit as the
Executive Director members approved the 2010 annual report proximately EUR 175 million. Banka’s major in- manager of the IPO of Milkiland N.V., a dairy
director@amcham.com.pl company registered in the Netherlands but ac-
and the 2009 audit report, and elected the vestment clients have included Skanska Prop-
Marzena Drela members of the AmCham Board of Directors erty Development, St Martins, Pramerica, tive in Russia, Ukraine and elsewhere in CIS,
W
Deputy Director for another term. The new members are Buma Group, Prochem SA, Orco Property on the Warsaw Stock Exchange. Milkiland
e are at that time of year that brings freshness of new beginnings to match the marzena.drela@amcham.com.pl Thomas Kolaja of Alvarez & Marsal, Piotr Group, Unilever, Bank BPH, ING Real Estate, raised over PLN 200 million on the issue. The
crisp January air. We all seem optimistic about the end of the global crisis, Jucha of McDonalds and Anna Sienko of IBM Eurocash SA, UBS, and Europlan Capital. stock rose 6.6% from the issue price on the first
Anita Kowalska Polska. The rest of the new board is made up day of trading on volume of PLN 7.4 million.
waves of which hit us here in Poland to a greater or lesser extent, and about Events & Media Manager Banka is a native of Chicago. He has an exten-
anita.kowalska@amcham.com.pl of the members who stood for reelection: Paul sive background in economic development Jakub Celiński, the partner at Baker & McKen-
what the year 2011 holds in terms of new business. Certainly expectations are high. Fogo of Miller Canfield, Judith Y. Gliniecki of zie who managed the Unicredit account, said
projects and urban design, and came to
Hoteliers and other service providers are particularly excited about Poland’s upcom- Robert Kruszyna Wierzbowski Eversheds, Tony Housh of APCO Poland in 1996 as the investment manager for the task was complex as it involved working
ing E.U. Presidency and all the meeting, conference, and hotel rooms that will be Office Manager Worldwide, Robert Koński of Kulczyk Invest- the Warsaw Financial Center project. with Milkiland offices in five different countries.
robert.kruszyna@amcham.com.pl He said he was happy that the whole project
booked for the endless delegations coming to meet with Polish President Bronisław ments, Rick Lada of Telesto, Stan Popow of
FinaCorp, and Joseph Wancer of Deloitte. was accomplished within only five months.
Komorowski and the E.U. Presidency team. Barbara Pocialik-Malinowska
Membership and Committees Coordinator Former AmCham chairs Mac Raczkiewicz AmCham Telecom Commitee
For AmCham, 2011 signifies new beginnings as well with a new Chair (still un- barbara.pocialik@amcham.com.pl and Roman Rewald serve ex officio. Piotr Muszyński (pictured below) of Telekomu- Boeing
known at print time). Roman Rewald’s three two-year terms have been joyful and AmCham members applauded Rewald (pic- nikacja Polska SA has joined Jarosław
Marta Pawlak Boeing has shipped its first 737-800 Next-Gen-
successful but have come to their inevitable end. AmCham’s new Chair will Research and Policy Coordinator eration passenger aircraft equipped with the
bring new ideas, new priorities, and certainly a new leadership style. We are ready marta.pawlak@amcham.com.pl
Boeing Sky Interior (below) to the German air-
and waiting. line TUIfly. Boeing Sky Interior offers a more
Robert Chomik
open cabin that features modern, sculpted
No less importantly, we have three brand-new members of Project Assistant
robert.chomik@amcham.com.pl sidewalls and window reveals and more room
the AmCham Board of Directors. Anna Sieńko heads IBM for carryon bags in the new stow bins. The bins
Polska, Piotr Jucha heads McDonald’s Polska, and Thomas AmCham in Kraków are larger but take up less space as they
Kolaja runs the local branch of Alvarez & Marsal. AmCham is Monika Pilarska sweep up toward the ceiling. Along the ceiling,
krakow@amcham.com.pl
passengers have new lighting, which can por-
fortunate to have three such strong additions to the Board. All
tray different color schemes, such as a soft
three individuals and their companies have already been blue sky or a relaxing pallet of sunset colors.
AmCham in Wrocław
heavily involved in the work of AmCham, and they represent a Joanna Bensz The new lights are also longer-lasting and more
valuable mix of industries and issues important to our busi- amcham.wroclaw@pmg.pl energy-efficient, with an estimated 40,000
hours between replacements, compared to
ness community. Please be sure to heartily welcome Anna,
American tured) for his achievements in his three two- Roszkowski of Crowley Data Poland as co-
Investor
Piotr and Thomas.
year terms as AmCham Chairman. “I have chair of the AmCham Telecom Committee.
Dorota Dabrowski From the AmCham staff point of view, I can predict some been privileged and honored to be the chair of Muszyński started his professional career in
AMCHAM EXECUTIVE DIRECTOR
new directions for us this year. Public procurement is an issue this organization for so long,” Rewald said, 1990 at Eastern Europe Investment Ltd. as a
Published by the American Chamber of Commerce in Poland
we will be focusing on because it is a persistent difficulty in adding that he had to resist some suggestions partner and project manager responsible for
doing business for so many of our members in a variety of ways. We will continue our from AmCham members to have the organiza- strategy, marketing and business development.
EDITOR-IN-CHIEF, ART & DTP tion’s bylaws amended so he could continue In 1993 he joined Rema 1000 Poland as man-
interest in business-academia cooperation, but with a concrete plan of action to im- tomaSz Ćwiok as chairman for yet another term. “We need agement board member and managing direc-
plement, both in Warsaw and at our branch offices in Kraków and Wrocław. We also tomasz.cwiok@amcham.com.pl
room for another person with more energy,” tor, and in 1999–2001 was president of the
plan to develop a program of events around women’s issues and for the women EDITOR-AT-LARGE Rewald said. management board. At the meantime, in 1996–
chRiStoPheR Smith The new chair and other AmCham officers 1998, he was management board member at
within AmCham. For some reason that seems more fun and appropriate than focus- christopher.smith@neostrada.pl
will be elected by the Board of Directors this Intersport Poland, responsible for the opera-
ing on men’s issues. month. tional launch of the company. He has been at
Printing
In February, we will host a door-knocking delegation from AmCham EU in prepara- Q Invest Ltd TP since 2001, first as director of the customer
tion for our E.U. Presidency. Later in the year, we will organize our own mission to the +48 22 424 6600 AmCham Real Estate Commitee care division, then in 2005–2006 as sales and
services division director. In 2006–2008 4,000 hours for the previous lighting standard.
U.S. to promote investment in Poland. This will be a learning experience for AmCham Over 1,400 of the 737 Boeing Sky Interior
To contact AmCham Muszyński was TP Group executive director in
and one we hope will succeed in bringing more U.S. investors to Poland. We are ex- please write or call: charge of sales and services, in 2008–2009 TP planes have already been ordered, by some 60
cited about having these new challenges to experience and directions for our cham- Group management board member in charge airlines around the world.
ul. Emilii Plater 53, WFC
ber to grow. We are glad to have all of our wonderful members along for the ride and 00-113 Warsaw of operations, and since November 2009 vice
helping us every step of the way. tel: +48 22 520 5999
fax: +48 22 520 5998
president of the management board. CB Richard Elllis
e-mail: office@amcham.com.pl CB Richard Ellis Group was named Best Inter-
Looking forward to a fantastic year,
www.amcham.com.pl Accreo Taxand national Property Consultancy 2010 at the In-
Poland is one of the least expensive countries ternational Property Awards, announced in
when it comes to the taxation on investments London in November. The event, held in asso-
in both commercial real estate and residential ciation with Bloomberg Television and the New
© American Chamber of Commerce in Poland 2011.
All rights reserved. real estate, according to a report by tax advi- York Times, is one of the foremost property
sory firm Accreo Taxand. The report found that award competitions in the world, in existence
American Investor is the official publication of the Ameri-
in Poland, taxes make up a relatively small for more than 15 years.
can Chamber of Commerce in Poland. It is a voice for for- John Banka (pictured) of Colliers International portion of the final price of real estate transac- CBRE was selected for this “world’s best”
eign investors and the business community in Poland. has joined Halina Więckowska of K&L Gates tions, third from the bottom of 23 countries in award over other top-scoring regional winners
The magazine strives to keep our members and other as co-chair of the Real Estate Committee. Europe surveyed by Accreo Taxand, at about from the Americas, Europe/Africa, Asia/Pacific,
readers up to date by following chamber news and report- Banka joined the Colliers International Invest- 4.28% of the total transaction price, due to rel- Arabia, and the U.K. CBRE was also the winner
ing on the leading trends in business and policy. ment Advisory Group in 2002, coming from the atively low income tax in Poland on real estate of the Best Commercial Property Consultancy
Real Estate Group at Andersen/Ernst & Young sales and equally low real estate tax. The re- award for London, qualifying the company for
letters to the editor should be e-mailed to in Warsaw, where he was a senior manager. He port found lighter real estate taxation only in consideration in the overall international award.
tomasz.cwiok@amcham.com.pl most recently advised SEB on its EUR 93 mil- Cyprus and Romania. The International Property Awards were deter-
4 A M E R I C A N I N V E S T O R J A N UA R Y 2 0 1 1 J A N UA R Y 2 0 1 1 AMERICAN INVESTOR 5
Newsline News from AmCham and its members
6 A M E R I C A N I N V E S T O R J A N UA R Y 2 0 1 1 J A N UA R Y 2 0 1 1 AMERICAN INVESTOR 7
Agenda
For the AmCham Guide to Committees see inside back cover
$
center has a power generator capable of de-
Poland’s largest government agency, the Social In-
$ livering electricity for 24 hours, plus a battery cuses for maintaining bad, inefficient prac-
support that extends the supply by another surance Institution, has initiated reforms that should tices,” Derdziuk said.
$ 1.5 hours. benefit the business community at large In order to achieve that goal, ZUS needs to
$
Jaworski said that the content of the make more of its content available online. It
T
servers can also be moved to another Mi- he administrator of Poland’s social in- because if businesses do not pay ZUS fees also will open a call center. This will be the
$ $ crosoft server center, so in the event of a per-
manent loss of energy supply to one server
surance programs, the Social Insur-
ance Institution (popularly known by its
there must be a reason why they don’t. A
bankrupt company will not pay social insur-
first step to measure the reaction of clients
and beneficiaries to the new reform. “We
$
center no data will be lost. Olympian acronym ZUS), is set to launch a ance, so it is better to help troubled compa- have to see how effectively it works for our
$
Jaworski noted that there are still some
new way of dealing with the business sector, nies pay their ZUS fees in a civilized manner clients and how effectively our clients can
companies, such as banks, that prefer to rely
$ on their own data safety and security. which carries the bulk of the system’s finan- instead of trying to execute the payment re- use it,” Derdziuk said. “Every six months, ap-
According to Jaworski, the process of mi- cial burden. ZUS president Zbigniew Der- gardless of the company’s financial situation. proximately, ZUS will upgrade its IT system to
grating from the traditional model of software dziuk met with the AmCham Employee & But each time ZUS agrees for a company to meet the growing demand for online content
$ $ $
and computer use to the clouds will be grad-
ual but inevitable. Cloud computing allows
companies to match their IT expenditures
Labor Relations Committee in December to
discuss how the new approach should help
delay its social insurance contributions, it
amounts to public aid, and ZUS will be
accessibility.”
When it comes to the ZUS front office, the
maintain good communications and bilateral obliged to evaluate the credibility of the company will measure efficiency and quality
$ $ with their revenue, and does not require up- understanding between businesses and payer with respect to the potential to pay off of customer service. It was only recently that
$
front investment in IT to assure computer ZUS, as well as introducing new options for the debt. It will be similar to a bank’s evaluat- ZUS decided to poll its customers on their
support for growing turnover.
businesses that may have trouble meeting ing credit risks of potential clients.” satisfaction with ZUS service. “This is an im-
Jaworski said that Microsoft is analyzing all
potential issues that may pop up with cloud their statutory compliance deadlines, while Derdziuk underlined that the new ZUS portant part of the overall ZUS reform strat-
On cloud nine
more practical than the approach in the Euro- perspective, the ZUS financial perspective, and support. Now they are being optimized trap of being exclusively focused on the in-
pean Union. Jaworski said of the U.S. ap- and the ZUS development perspective. and integrated. “The challenge is to devise side, measuring the efficiency of its internal
proach: “First you try to use the model, and if These are the three pillars of the new ZUS processes without juxtaposing them against
legal problems arise you bring lawyers into it. strategy.” the way the company is viewed from the out-
But you don’t try to anticipate all potential
The cloud computing model allows businesses legal problems that may or may not arise be-
When it comes to the financial perspec- side.”
to hold costs in line with turnover fore you actually see how the whole model tive, ZUS faces the reality of sourcing ZUS has 43 regional branches, 219 local
works.” money from over 1.2 million workers who inspectorates, and 64 small offices in rural
T
he benefits of cloud computing—the final result of the action is displayed on the Apart from legal concerns, cloud comput- are self-employed and therefore pay social areas. When the front-desk reform is through,
new model for providing computer serv- computer of the actual user. This is especially ing may stir up some antagonism from the IT insurance for themselves. This requires ef- ZUS clients will enjoy the same procedures
ices where customers access software important to companies whose businesses people within companies, who may not be ficiency in dealing with each individual and service standards no matter where they
and computing power hosted online by the grow and change so rapidly that it is hard for enthusiastic about implementing cloud com- payer. When it comes to big payers, ZUS call into a ZUS office.
service provider—were underlined by Michał them to keep up by implementing local IT so- puting, which would inevitably limit their au- may rely on only the 1% of companies in Boosting its efficiency also means, for
Jaworski, national technology officer at Mi- lutions. thority over such issues as software updates Poland that employ over 100 people. “The ZUS, finding new delivery methods for the
crosoft Polska, who met with the AmCham This model also offers location independ- and network management—not to mention
problem is to match the money source ef- money it pays to its beneficiaries. In rural
Outsourcing/High Tech Committee in late No- ence for clients, because cloud applications putting many of them out of a job.
vember. can be accessed from any point of the World ficiently, which is about the use of people, areas approximately 60% of ZUS beneficiar-
According to Jaworski, soon companies Wide Web. infrastructure and IT systems,” Derdziuk ies have their money hand-delivered by letter
will be able to forget their in-house IT prob- It also offers new business opportunities said. He noted that the development of IT carriers from Poczta Polska, which is about
lems, as all the software infrastructure they for providers of cloud services, due to the systems offers the most in terms of mak- 20 times more expensive than delivery via
8 A M E R I C A N I N V E S T O R J A N UA R Y 2 0 1 1 J A N UA R Y 2 0 1 1 AMERICAN INVESTOR 9
HOT DATE
Saving on defense
company in the world who can make this par- and expand in those niches. “Work in the de- does not stick something into a child’s eye. “I and as Assistant Chief of Staff (Ammunition)
ticular product.” fense and commercial lines. Unless you work think you will always have to have man as the with the Danang Support Command in Viet-
on a highly classified system where you are interlocutor. But there is so much that the au- nam.) O’Neill said that when he was in the
Service contracts using a technology that was developed for tonomous systems can do. It is like having a military the emphasis was on accomplishing
Today it is no big deal when an army out- defense applications, then before you trans- GPS in your car. But wouldn’t it be nice, in- the mission. “If soldiers were killed or we
sources some of its functions to a third-party fer that into the commercial sector you have stead of the GPS just telling you where you were hurt, that was considered a part of
Technology is a weapon, but the military needs to commercial company. But when O’Neill took to have permission.” are, to get into your car and say, ‘Take me to being a soldier.” Yet, by the time he became
trim costs wherever it can office in March last year, he realized that over O’Neill noted that he is eyeing the potential my office, and be careful, it is snowing!’ Assistant Secretary of the Army, this had
50% of U.S. Army investments were service of private software developers in protecting There is no technical reason why you could changed. The emphasis is to have the sol-
I
n December the AmCham Defense & Se- was up to. But the armed forces rejected contracts. The Army paid big fees for differ- the Army systems from cyber-attacks. He not have it. But you have to be in control of it. diers come back home. “If today is not a
curity Committee met with Dr. Malcolm O’Neill’s offer, arguing that if they took part in ent services and did not take the opportunity said that good, reliable systems are available If the automatic starts speeding, you should good day to fight, we will go back and wait till
Ross O’Neill, Assistant Secretary of the the review they would have to accept invita- to review the economic rationale of the con- off the shelf from such producers as SAP. be able to put on the brakes.” the time is right, because we don’t want any-
U.S. Army for Acquisition, Logistics and Tech- tions from other private defense companies tracts. O’Neill decided to change that and in- “We are considering use of commercial soft- one to die,” O’Neill said. He noted that it
nology, who was visiting Poland for talks with as well. This attitude meant that none of the troduced managerial supervision of those ware instead of spending millions of dollars Nanotechnology takes tremendous technology to make this
his Polish counterpart, Deputy Minister of De- services knew what Lockheed Martin’s capa- contracts. As a result, for instance, the com- designing cryptologic security.” According to O’Neill the potential of nan- noble cause work in reality. But this is yet an-
fense Marcin Idzik. O’Neill, a former general bilities were. In practice this cost money for pany that provides drinking water to the U.S. For O’Neill, cyber security is just one otechnologies for the defense sector is un- other area in which the private sector can
as well as a scientist, is the man who must both the private company and the public sec- troops in Afghanistan cut their price to a third sphere where Polish scientists have potential matched. “Very small firms do very sophisti- have a significant input. Polish companies
sign off on all major procurement contracts tor. “Very often we would have a research of what it had been. they can utilize by cooperating with the U.S. cated projects,” he said. “One produces a are more than welcome to pitch for the busi-
entered into by the U.S. Army. He met with program, and the Army would have the same Army. fabric that you can put into your clothes. The ness as well.
the American business community in Poland program funded with Army money,” O’Neill Reducing bureaucracy fabric has acoustical fibers in it that will am-
to talk about his priorities for the U.S. Army, said. O’Neill understands perfectly well that work- The importance of science plify the sound they get. If you have prob-
how they influence his acquisition strategies, This experience led O’Neill to revisit the at- ing with government may be a frustrating In today’s highly technological world the sci- lems hearing your partner because you are
and how they should influence the strategies mosphere of secrecy. As head of acquisitions process for industry, because government is ence an army has access to has a critical im- standing next to a source of noise, your
of Polish high-tech companies interested in for the Army, he meets twice a month with in- not nearly as lean. While companies have to pact on the army’s defense capabilities, now clothes will resonate and amplify the desired
bidding for contracts awarded by the U.S. dustry representatives. He said he is smart be responsible to their stockholders, unlike and in future. “The foundation for the Army is sound so you will be able to hear the person
Department of Defense. enough not to reveal government secrets. governments, they do not have to be respon- technological,” O’Neill said. “We have done next to you. In more military applications, you
“We have been working over the last seven sible to every man, woman and child in the about all we can do with tactics and tech- will be able to hear the enemy coughing or
The show must go on months with Dr. Ashton B. Carter, Under Sec- country. “As a result we have a lot of reviews niques. You attack from the left, you attack moving through the undergrowth because of
O’Neill said that his first priority is to support retary of Defense for Acquisition, Technology and approvals,” O’Neill explained. “I did a from the right, frontal assault. The American the amplification system that you are wear-
the ongoing operations of the U.S. Army, cur- & Logistics, trying to find ways to have a study on approving justifications for single soldier is bigger, stronger, healthier than he ing.”
rently active in Afghanistan and Iraq. If there more efficient relationship with the industry,” contractors where there was no competition. has ever been before. But the tactics of
is a need for the Army to undertake a mission O’Neill said. “The first thing is that the indus- It took almost six months to get an approval Napoleon, Eisenhower, Bradley—we have Medical technologies
elsewhere, O’Neill is ready to support that as try wants to make sure that the equipment for awarding business to a company which done everything we can about it. It is technol- O’Neill said that because of certain cultural
well. “We have to take care of our soldiers that we buy is affordable. If you buy a truck did not have competition. That is totally unac- ogy that will really make the difference in mili- traits associated with the “warrior ethos,” the
and our allies no matter whether they are which can go 39 miles per hour for PLN 1 ceptable.” tary operations.” defense sector has never before looked at
Polish, American, British, Canadian or million and you want to get a truck that goes the potential of medical science for saving
French,” O’Neill said. 40 miles per hour for PLN 22 million, it is an Tapping into the supply chain Networks soldiers’ lives. O’Neill is a veteran of 34 years
obvious decision that you will buy the slower O’Neill said that the U.S. Army will realign its On the Army’s priority list, networks are num- of active military service, including Vietnam.
Armored men and women truck even though you lose one mile per acquisition strategies in the direction the ber one. “Our Army units are moving from (He was commissioned in the U.S. Army as a
Another priority is developing new armor for hour. So you make a curve of capability ver- Army is heading, to include a full spectrum of point A to point B,” O’Neill said, “and while Field Artillery Officer in 1962 and served with
the soldier of the future. “The twist that I have sus cost. The capability will start to come types of conflicts, from cyberspace to full- they are moving they want to be able to cap- the 82nd Airborne Division, as an Advisor
added is a decisive advantage for the Ameri- down as a function of cost. You stop at a cer- scale war, for which it must be prepared to be ture information, contact airplanes and allies, with the 21st Recon Company of the 21st
can soldier,” O’Neill explained. “Right now tain point.” credible. and contact their own units instantaneously Army of the Republic of Vietnam Division,
the American soldier looks very much like a The transformation of the Army’s acquisi- with landlines and satellites. But they have to
soldier from World War I, World War II or Viet- Productivity and competition tion strategy first and foremost stresses the do the same thing in places with no landlines
nam. The only difference is that he has chest Another way of bringing the cost down is to importance of strengthening relationships and no wires or no satellites, or places where
with the Army’s stakeholders, and that in- satellites only come by every few hours.” A veteran of 34 years of active military
and back protection which covers approxi- increase the work efficiency of teams in- service, Dr. Malcolm Ross O’Neill re-
mately 30% of the entire body. Still unpro- volved in developing key components of cludes international partners. “It is one of the
reasons why I’m here today,” O’Neill said, Power and energy tired as a Lieutenant General in the
tected is the head, face, arms and legs of the equipment or systems for military use. This United States Army following a highly
soldier. That is something I want to change can be achieved by incentivizing key man- “because you know how powerful Poland is Power and energy is one of the strongest in-
and how much more powerful it can be. We terfaces between the defense establishment decorated career. Some highlights of
and we will work on that in the future.” agers. O’Neill gave an example: “A program his career included serving as Direc-
manager for a missile defense program was certainly want Poland to be on our team.” and commercial industry in the U.S. “We
He observed that there is no reason Polish have many energy initiatives in the U.S. today tor of the Ballistic Missile Defense Or-
Affordability given a bonus of nearly a million dollars for ganization for the Department of De-
When it comes to the bills, the public pays for making his team work extra time to debug industry cannot start the transition of those and some of them translate into defense ap-
technologies and go into business. As far as plications,” O’Neill said. “We are much more fense, which followed his position as
state-of-the-art defense technologies so they the software on time so the program was not Deputy Director of the then-Strategic
can be used by the military. O’Neill admitted derailed. The bonus was worth it, because competition on the primary level—coopera- bound to the environment, which makes en-
tion between the Ministry of Defense and Pol- ergy very scarce, and we have to bring it with Defense Initiative Organization
that taxpayers are used to big numbers, but the program cost billions of dollars. If you (SDIO); Director of the Army Acquisi-
expensive equipment can make that a have the talent and you have the drive and ish industry—is concerned, it is early for us. It would be very nice if we could use very
both. But for Polish companies the issue is to efficient solar cells instead of bringing gener- tion Corps and Deputy for Program
tremendous burden. “An American fighter the support from the management, there is Assessment and International Coop-
plane, the F-22, is about USD 200 million. We nothing you can’t do in the industry.” become very good at science. As O’Neill ators that run on gasoline.”
pointed out, Dow Corning is one of the eration in the Office of the Assistant
just cannot afford to pay those kinds of bills.” O’Neill said that this is the best way to Secretary of the Army for Research,
One approach is to bridge the gap in un- stimulate the effectiveness of companies, es- largest chemical companies in the world. “To Autonomous systems science
the U.S. Defense Department they are always In recent decades the U.S. Army has devel- Development and Acquisition, now
derstanding between the military and the de- pecially new entrants to the market that have the Office of the ASA(ALT); Com-
fense industry. “The industry builds the to compete with big market players. a subcontractor. We treat them the same as oped a great fondness for robotics because
someone who makes, say, a bearing in a little robots save people’s lives. “One of my vi- mander of the U.S. Army Laboratory
equipment and weapons that the military Another way of bringing the costs down for Command; Director of Kinetic Energy
PHOTO: ROBERT CHOMIK
uses,” O’Neill said. “The problem is that the the Army is to promote competition between shop with four people, because Dow Corning sions is for every soldier to have a robotic
does not build tanks, submarines or fighter friend who will go into harm’s way before the Weapons at SDIO; Program Manager
military does not tell the industry what it really companies bidding for military business so (PM) for the Multiple Launch Rocket
wants.” they compete on product quality but also on planes. Its materials, however, are very valu- soldier does,” O’Neill said. For him the ideal
able for us. We must use them. So you don’t way for the American military to do their job System; and Deputy PM for NATO’s
He noted that when he worked for Lock- price. “In the past we had favorite compa- Patriot Management Organization in
heed Martin, he had a large R&D program nies, but it is not the correct thing to do,” have to be Boeing or Toyota to work with the would be to have a robot moving in front of
Defense Department and make a lot of the troops to reconnoiter. Munich; as well as PM for Strategic
which he wanted to review for the military so O’Neill said. “There is a law now which says Fire Control and Talon Gold at the De-
that experts in the U.S. Army, Navy and Air that if you do not have competition I have to money.” However, O’Neill noted that there is a
O’Neill said that Polish companies should moral aspect to it. You have to make sure fense Advanced Research Projects
Force would know what Lockheed Martin justify to my management why this is the only Agency.
find some niches where they are really good there is no flaw in your software so the robot
10 A M E R I C A N I N V E S T O R J A N UA R Y 2 0 1 1 J A N UA R Y 2 0 1 1 A M E R I C A N I N V E S T O R 1 1
COVER STORY: Corporate governance
in Kansas anymore...
of an economy. This can be a deceptive indi- • corporate social responsibility
A
sulting firm PwC puts it, “There are many pany’s value will not be realized without the merican investment in Poland
examples of countries and individual com- engagement of its employees in upholding since 1989 recently passed the
is sustainable PwC
panies that were growing too fast economi- the value. In turn, for a healthy company the milestone of USD 20 billion.
cally. Their growth created imbalances in goals of its owners (i.e. shareholders) have Today U.S.-based companies employ di-
the economic environment they were part to be in line with the goals and interests of rectly more than 180,000 Poles, and indi-
of.” When the imbalances became too big to all the other stakeholders, especially when it rectly another 180,000 in cooperation with
Polish companies
growth is healthy or not—than money gen- can expect to be appreciated as a part of the to locate their global business process-
eration alone. society. ing and outsourcing centers.
The continuing growth and profitability
more than money how far can we see? of American investment in Poland is tes-
have a healthy
According to Orłowski, economic growth for In late 2010 PwC undertook a pioneering re- tament to the improving business envi-
a company is healthy when the company has search project to evaluate Polish companies ronment in Poland through more than 20
developed five pillars of competency, each of to see where they stood in terms of the five years of political and legal reform since
which is adequately developed to match the healthy growth areas and four values identi- the Poles overthrew communism in Cen-
mental approach to
others: fied above. Survey responses were analyzed tral Europe. But the transformation of
• vision and strategy for the company’s by a group of experts chosen by PwC in the Poland to a free-market economy should
development relevant fields. The whole project rested on not be misconstrued to mean that the
• healthy finances the principle that the answers would reveal
business
rules of the game are identical to Ameri-
• human resource management if the respondents knew what they were can practice and custom. While the basic
• brand management talking about or not. They were then graded concepts of the economy are similar,
• risk management on a scale from 1 to 10 accordingly. For in- American investors need to be aware that
development
In other words, companies that have all stance, for the question “Do you have a risk Poland’s version of a free market includes
five of these aspects harmonized in their management system in your company?” if a European and socialist bent. The differ-
economic development should achieve the answer was “No, we don’t need one,” ences, while appearing minor on the sur-
healthy and sustainable business. that scored a “0” because it revealed com- face, do impact on the day-to-day opera-
The importance of having a good strategy plete ignorance of the problem. If the an- tions of businesses in Poland, whether
J
for development is obvious. Without it a swer to this question was “Yes, we have a foreign or locally owned. Below is an
udging by their contribution to the cre-
company is unable to identify the best ways system and we use it every day,” that scored overview of the most significant differ-
ation of the country’s gross domestic
to achieve growth in the company’s value, or the highest because it indicated not only ences every investor should be aware of
product, Polish companies know a thing
properly weight its long- and short-term that the company knows about the impor- when establishing operations in Poland.
or two about how to do business. In fact,
growth priorities. Healthy finances mean a tance of risk management in theory but also
with Poland being the only country in the
company’s ability to obtain proper sources practices it. An answer such as “We don’t Management board liability
European Union that generated positive
of financing, manage them effectively and have a risk management system but we are Individual members of a company’s man-
GDP growth in 2009, which continued into
optimize the cost of capital. When it comes working to implement one soon” scored agement board may be held personally
2010, it seems Polish companies can deliver
to HR management what matters is an opti- somewhere in the middle. liable for the debts of the company in cer-
good business results under adverse condi-
mally efficient deployment of people, their As noted by Orłowski, the author of the tain circumstances.
tions.
talents and commitment. Brand manage- study, the idea behind it was not to find out In the case of unpaid corporate taxes,
Obviously, Polish companies have come a
ment is about having a company that is ac- the real status of Polish companies, but what individual members of the management
long way since the beginning of the free-
cepted and appreciated by the environment is in their heads. PwC did not try to verify board of a joint-stock company (SA) or a
market economy in Poland. With the inflow
it is part of. Risk management is the com- the answers against the reality of the com- limited-liability company (sp. z o.o.) may
of foreign direct investment into the coun-
pany’s ability to come up with decisions that pany. It instead measured the substance of be held personally liable for tax arrears if
try, they learned to use new production
minimize the downside inherent in the par- the answers against the problems they re- the assets of the company are insufficient
technologies and started to apply modern
ticular business. Since risks cannot be elim- ferred to. Another example: the survey in- to satisfy the tax arrears and the man-
management techniques, which all con-
inated entirely, risk management is really an cluded a question about whether or not a agement board members failed to file for
tributed to boosting the efficiency of labor.
on-going strategic decision-making process. company has substitute management in bankruptcy in the required time (gener-
With Poland’s accession to the European
A company without values shared by its place, in case the person who runs the com- ally, within 14 days after a company be-
Union, they learned to make their products
management and employees would be a pany on a daily basis is absent for a few comes insolvent). In egregious cases, in-
compete with those made in other coun-
house of cards, prone to collapse at any months. Answers such as “No, because our dividual members of a company’s man-
tries, mostly by lower pricing made possible
shakeup. That is why atop of the five com- CEO would never take such a long holiday” agement board may be imprisoned for up
by relatively lower wages in Poland than in
petencies come values, in four different cat- got low scores. Answers such as “Of course to 5 years for non-payment of corporate
Western Europe. This could only lead to in-
egories: we do” got top scores, and answers like “No, taxes. The deadline to file year-end cor-
12 A M E R I C A N I N V E S T O R J A N UA R Y 2 0 1 1 J A N UA R Y 2 0 1 1 AMERICAN INVESTOR 13
COVER STORY: Corporate governance
porate tax declarations is March 31 of the but we are thinking about implementing nies prefer short-term thinking.” the sample appeared to have some HR de- surveys at all. in forfeiture of tax breaks and incentives
following year. such a system” scored somewhere in be- velopment strategy, but only at an informal Over 1/3 of the sample said they study previously received.
Similarly, members of the management tween. healthy finances level. their brand’s perception, including 15% Finally, American managers should be
board of a limited-liability company may Financial competencies scored 5.7 out of 10, Interestingly, 53% of the sample said their who do so on a regular basis. Only 6% of the aware that employees are entitled to
also be held personally liable for the com- Report card which indicates that most of the sample expenditures on HR development (training sample said they see no need for such moni- more generous parental leave in Poland
pany’s debts to third-party creditors, in- The study culminated in a report entitled enjoy a stable financial situation. However, and the like) in 2010 remained at the 2009 toring, and 2% admitted they do nothing at than in the United States. At present a fe-
cluding unpaid wages, if the members of “Healthy Development: Report on the De- 20% of the sample said their cash flow may level, and 12% said it decreased. all in this regard. Most companies (56%) male employee is entitled to up to 22
the management board fail to place the velopment of Polish Companies.” According be in jeopardy, and 6% of the sample said When it comes to wage and motivation adopt a middle-of-the road policy, conduct- weeks of paid maternity leave, as well as
company in bankruptcy by the required to the report, the average Polish company late payments may lead them to bankruptcy. systems, most of the sample said they were ing actions to improve their image but not additional rights that include the possibil-
time. has a growing understanding of the impor- PwC experts say this is a significant im- happy with their existing ones, with 20% conducting research on how the company is ity to take unpaid leave for up to 3 years.
tance of such areas as risk management, provement over 2009, when the financial cri- saying they did not see any need to review perceived. In general, Polish companies are Similar rights may also be exercised by a
Taxes brand management and human resource sis peaked. It also means that many compa- them. Others, 40% of the sample, are re- aware of the importance of the company’s male employee in certain circumstances.
American investments in Poland are sub- management. Its weakness lies in the area of nies have implemented different processes viewing their wage and motivation systems, reputation for business and are very prag-
ject to the tax treaty between Poland and vision and strategy development for the to optimize turnover management, or have including 6% who are using external experts matic about it. However, they are willing to Work and residency permits
the United States. Generally, the treaty company, and a lack of understanding of put more strict regimes in place to evaluate to do so. risk tarnishing their image by getting in- American managers, employees and en-
benefits U.S. investors and enables them corporate social responsibility. PwC’s ex- the solvency of their customers. Having wit- volved in activities that would not be well- trepreneurs are all subject to Poland’s
to offset their tax liability in the United perts graded the competencies of the com- nessed the global financial meltdown in Brand management received by the media or the public but regime of work and residency permits. A
States by the amount of taxes paid in panies surveyed in the five areas identified 2009, most companies are aware of the im- In this category the median mark for the would generate short-term benefits. In the work permit is usually issued for one year,
Poland (and vice versa). as crucial for healthy development. The av- portance of monitoring cash flow to secure sample was 6.0. Regular client-satisfaction case of a threat to their public relations, as are residency permits. Failure to obtain
VAT, however, is another story. VAT, erage score for vision and strategy for the healthy business development. surveys were valued highly by 67% of the 36% of the sample would conduct a long- the required work permit may in certain
which has just risen to 23% for most company’s development was 5.5 out of 10, When looking for funding, companies are sample. While companies seem to care term analysis of the impact on their busi- cases result in the imposition of a fine on
goods and services in Poland, is due and healthy finances 5.7, human resources man- most likely to rely on bank loans (35% of the about what the public thinks of them, they ness, 19% would assess the impact under a the employer and expulsion of the Amer-
payable to the tax office by the 25th of the agement 5.7, brand management 6.0 and sample), 25% use financial institutions that don’t care as much about what their own current cost/benefit analysis, while 13% ican from Poland. The procedures to ob-
month following issuance of an invoice, risk management 6.2. offer leasing or other financial tools, while employees think, with only 20% of the sam- would factor in the PR spin when looking at tain the required permits are cumber-
regardless of whether the invoice has ac- As Orłowski summed up the findings: only 15% resort to external experts, and an- ple saying they run regular worker-satisfac- all financial aspects. Only 33% of the sample some and time-consuming, and have led
tually been paid. In other words, business “The strength of each field of competency other 15% of the sample said that an IPO or tion surveys. Over 30% of the sample said said they would not enter into any situation to the creation of a cottage industry in as-
owners may be required to pay VAT to the is mediocre.” financial investors are the way they intend to they know what their workers think about that could potentially damage their image sisting American and other foreign na-
Polish Treasury in advance of payment. raise capital going forward. them and therefore do not conduct such externally. tionals from outside the European Union
The obvious disadvantage to business is Vision and strategy surveys, and 10% said they do not need such When it comes to business ethics, the to obtain such permits.
the negative impact on a company’s cash The competencies of Polish companies ap- human resources management
flow this requirement creates if payment pear to be weakest in the area of creating a PwC evaluated the competency of Polish
is made late or not at all. vision and strategy for the company’s devel- companies in human resource management
opment. The answers given by the sample at 5.7 out of 10. Most companies in the sam-
Employee rights companies came in at an average of 5.5, the ple reflected in their answers a uniform un-
Influenced by European tradition and a lowest of all five areas of competency inves- derstanding of the role of HR departments:
holdover from the Soviet era, employees tigated by PwC. This does not mean that 33% indicated they are strategic partners for
enjoy greater protection in Poland than in Polish companies are not ambitious. A sig- the company’s management board, but an-
the United States. Group layoffs are reg- nificant number of the sample said that other 33% said HR departments deal exclu-
ulated, as are individual redundancies. In within the next five years they either plan to sively with issues of workforce administra-
order to implement a group layoff, gener- have their company’s shares listed on the tion (counting days off of individual workers
ally understood to mean firing at least ten stock exchange (16%) or bring in an institu- and the like) and payroll. For 20% of the
employees in a company having up to tional investor (7%). Acquisition was indi- sample, HR departments are stand-alone
100 employees or 10% or more of a cated as a way to grow by 22% of the sample, company units charged with executing tasks
larger company’s workforce, an employer greenfield investment 11% and consolida- appointed by the company’s management
must follow a set of procedures, includ- tion 6%. But 61% of the sample said they board.
ing advance consultation with the em- were bound by the limits of their business As many as 40% of the sample said they
ployees’ union in an effort to reach an development. perceive human capital as a strategic issue
agreed way forward to realize the
planned layoff, payment of up to 3
months’ severance, depending on the
"The ability to form a strategy for a company’s
length of employment, and an obligation
to rehire the employees if and when the
development is the weakest area of compe-
fortunes of the company improve. The
same requirements apply to firing an in-
tency. Most companies prefer short-term
dividual employee for reasons not asso- thinking."
ciated with the employee’s individual per-
formance. Moreover, litigation by fired
employees is commonplace in Poland. In their analysis of markets, 25% of the for the organization. Those companies have
Additional restrictions apply to layoffs sample rely on information in the public do- developed detailed plans for workforce de-
of employees by a company located in a main, while 33% use their own market intel- velopment and retention. At the same time,
Special Economic Zone. In exchange for ligence experts or hire external experts. An- 40% of the sample said they do not have
obtaining tax breaks and incentives to lo- other 33% rely on their own “market intu- such plans and limit their HR activities to
cate in a Special Economic Zone, the em- ition,” while 11% do not bother with such running employee training according to a
ployer has most likely agreed to maintain activities at all. “The ability to form a strat- predefined schedule, and 21% said they
a certain level of employment over a de- egy for a company’s development is, beyond raise their employees’ skills only when there
fined period. Any reduction in employ- any doubt, the weakest area of competency,” is a clear need to do so. Only 20% of the
ment below this floor may very well con- Orłowski said. “There were different ques- sample appeared to have a formal HR strat-
stitute a breach of the investor’s agree- tions penetrating this area, and all answers egy in place that is coordinated with their
ment with the local authorities, resulting showed that it is a weakness. Most compa- business development strategy. Over 50% of
14 A M E R I C A N I N V E S T O R J A N UA R Y 2 0 1 1
COVER STORY: Corporate governance AMCHAM: General Meeting
T
well, and vary depending on the type and high-level managers. On the other end of Orłowski also points to the relatively weak he Anglo-American model of legal projects in Poland,” Szejnfeld said. “In its
scope of construction. Merchandise pur- the spectrum was the 6% of the sample who understanding of corporate social responsi- solutions for business is an inspira- Business-friendly bureaucrats?
financial scope, one may say it is a humble
chased via the Internet includes an ex- said that lower-level unethical behavior bility. Many companies fail to notice that tion for Polish lawmakers in the cur- For Szejnfeld, legal solutions that are not, by
beginning, but we should also be happy that
tended right of return beyond that pro- would not be reported higher up the corpo- they are not in business solely for the bene- rent government coalition led by the Civic default, hostile to business and entrepre-
apparently the act is making a real differ-
vided for merchandise purchased in a tra- rate hierarchy, and another 6% said they fit of the shareholders, or even just for the Platform party, said MP Adam Szejnfeld, the neurs, but on the contrary take their needs
ditional store. ence.”
keynote speaker at the AmCham Annual for granted, is only one leg of a truly busi-
And the act has huge potential. “Poland is
Real property Today’s company has become less hierarchi- General Meeting in December. the largest building site in the European
ness-friendly administration. Another part
of the balance is civil servants and adminis-
The purchase of real property in Poland cal, and the distance between the subordi- Szejnfeld, the newly appointed head of
the “Friendly State” parliamentary commit-
Union,” as Szejnfeld pointed out, “with
projects estimated at over EUR 100 billion.
tration officials whose understanding of
by an American or other non-E.U. citizen
may be subject to approval by the Min- nates and their bosses has shrunk, which tee, which is charged with getting rid of bu- Thousands of new investment projects will
business requirements and willingness to
istry of the Interior. In general an Ameri- boosts internal communications and therefore reaucratic impediments to business, com- take place in Poland in the years to come. A
work with business and support business in
their areas of competence are not dwarfed
can manager delegated to Poland is free
to purchase an apartment as his or her creates a more supportive atmosphere to com- plemented AmCham on its input of solu-
tions for the committee when it was working
major portion of those investment projects
may be carried out under the PPP legisla-
by the red tape they cannot avoid. “We are
primary residence without restriction. Re-
strictions do apply, however, in the case
municate instances of unethical behavior. on a set of acts collectively known as the En-
trepreneurship Package. “AmCham not only
tion. There are a lot of opportunities here,
trying to change the reality there as well,”
he explained, “and resort to solutions that
but what we lack is experience and best-
of a second home, land exceeding a cer- submitted its proposals of legal solutions to you may know from the U.S. and other
practice guidelines. I know, however, that a
tain area, or property located along were unable to predict what would happen benefit of both shareholders and workers, the committee, but also offered valuable ad- countries you do business in.” He noted
under such circumstances in their own but that a business is a part of a wider envi- huge segment of the public administration,
Poland’s borders. vice on other regulations reviewed by the that the reason lawmakers in Poland look at
companies. ronment to which it has responsibilities. As especially in local government, is open to
committee,” Szejnfeld said. different solutions in different countries, in-
Court system Prof. Orłowski stresses that brand man- Orłowski said, “CSR was the area with the PPP and is willing to apply it in practice.”
For Szejnfeld, ideas submitted by Ameri- cluding the U.S., is that their goal is to cre-
In comparison to Poland, Americans are agement has undergone significant im- weakest scoring on the principles of healthy Szejnfeld said that he strongly recom-
can companies are of special value because ate the legal basis for a truly modern and ef-
a litigious bunch. American investors provement over recent years in Poland. business development.” mends PPP to the private sector as well:
the U.S. is a country that has successfully ficient administration. “We are looking at
should note, however, that Poland’s legal “Only a few years ago many companies un- “PPP projects create long-lasting jobs. We
made the most out of merging public and solutions in many different countries that
system is based on a civil-law approach, derstood brand management as having their only the first step know of examples (not in Poland) of PPP
lawyers silence unhappy customers,” he With all the shortcomings of a pioneering private spheres via public-private partner- delivered results and worked for them.”
as opposed to a common-law approach. projects being undertaken for a span of 70
In other words, cases are tried based said. “This has changed significantly. idea, the PwC survey sought to find out how ship programs, where the business expertise or even 100 years.”
upon statutory law. Generally speaking, a Today’s company has become less hierarchi- healthy Polish companies are in their busi- and entrepreneurship acumen of the private Szejnfeld noted that in PPP, the sides of
Polish judge relies on the text of the law or cal, and the distance between the subordi- ness growth. It is hard to overestimate the sector are applied to meet the needs of local the deal are free to set up the
regulation in deciding a case, and not on nates and their bosses has shrunk, which importance of this issue following the re- and regional communities, to the mutual conditions for their coopera- Adam Szejnfeld encour-
the precedent from another court that ad- boosts internal communications and there- cent global crisis. benefit of both. “We tried to pattern many tion that best suit their roles. ages commercial investors
judicated a similar point of law earlier. fore creates a more supportive atmosphere The survey was compiled by PwC based
With this in mind, an American investor to communicate instances of unethical be- on data submitted by 70 companies, 41% of
solutions that we adopted in our Public-Pri- “The PPP Act is the first act to take the opportunity in
should think twice before resorting to a havior.” which were classified as small, 39%
vate Partnership Act on models applied suc- in Poland that includes no public-private partnership
Polish court to resolve a dispute quickly. medium-sized and 20% large. Of the 70, cessfully in the U.S.,” Szejnfeld said. “I’m provisions that would explic- projects as they
Alternative solutions exist, such as the in- Risk management 40% are publicly traded. For Prof. Orłowski, glad to conclude that in a legal environment itly prohibit either side from offer steady busi-
clusion of arbitration clauses and provi- The competency of risk management scored the study is a success if some valuable con- that stems from the principles of Continen- resorting to certain legal solu- ness for many years
sions for liquidated damages within a median 6.2 out of 10 for the sample, which clusions can be drawn from the responses: tal law, these Anglo-Saxon solutions work as tions, nor require either side to come
agreements. was the highest median result in all five cat- “We wanted to see in what terms companies well.” to use certain solutions,” he
Despite these differences in the legal egories. This is a good average result, given think about being in business. If the an- He noted that the PPP Act has already explained. “There are no pro-
approach to developing a free-market that 64% of the sample said they do not have swers were in line with the theory, it at least borne fruit, although much more is antici- visions allowing government
economy in Poland, American investment any formal risk management system in place means that the company knows what is right pated by the government. “So far, a total of ministers or other agencies to
in Poland continues to grow, as docu- and only 5% said they are considering im- when it comes to business growth.” PLN 1.5 billion has been invested in PPP
mented by the recent report by KPMG in plementing one in the future. The survey was just the first step in a
cooperation with the American Chamber The downside continues. For 35% of the larger project. As Orłowski explained, “We
of Commerce in Poland. American for- sample, losing one of their top three cus- will reach deeper into having more sophisti-
eign direct investment now ranks 5th in tomers would lead to severe business conse- cated measurement methods, which will let
Poland, and by all accounts should con- quences, and for 2% it would mean insol- companies themselves see where they stand
tinue to increase. As evidenced by the vency. on the five areas of competencies and the
track record of American investors to date Polish companies have a much better un- four sets of values that together make up
in Poland, the key to success in Poland is derstanding of the importance of risk man- healthy business development.”
first to identify the differences that do exist agement when they deal with financial prod-
between the U.S. and Polish approaches ucts. However, only 15% of the sample Tomasz Ćwiok
to a free market, and once they are iden- would outsource risk evaluation of the prod-
tified, to adapt accordingly in order to ucts they are interested in to external spe-
avoid potential pitfalls and liability. cialists, while 56% of the sample said they
do this on their own.
The author is a U.S. attorney with the law When it comes to internal risk manage-
firm of Miller Canfield and a member of ment, 59% of the sample have their own
the AmCham Board. control systems in place, and 30% said they
18 A M E R I C A N I N V E S T O R J A N UA R Y 2 0 1 1 J A N UA R Y 2 0 1 1 AMERICAN INVESTOR 19
AmCham Membership Directory 2011 AmCham Membership Directory 2011
Company Name Person in charge Position Company website Company Name Person in charge Position Company website
68 CISCO SYSTEMS POLAND Sp. z o.o. Paweł Malak General Manager www.cisco.pl 147 HILTON WARSAW, Hotel & Convention Center Remco Norden General Manager www.hilton.com
69 CLIFFORD CHANCE Nick Fletcher Managing Partner www.cliffordchance.com 148 HINES POLSKA Sp. z o.o. Mieczysław Godzisz Managing Director www.hines.pl
70 CMS CAMERON MCKENNA DARIUSZ GRESZTA Andrew Kozlowski Managing Partner www.cms-cmck.com 149 HJ HEINZ POLSKA S.A. Adam Dyszyński Managing Director www.pudliszki.pl
150 HOGAN LOVELLS (Warszawa) LLP Beata Balas-Noszczyk Managing Partner www.hoganlovells.com
71 CMS CORPORATE MANAGEMENT SERVICES Bogy Cimoszko Skowronski CEO www.cms-proalfa.pl
151 HONEYWELL Sp. z o.o. Wojciech Krajewski Chairman www.honeywell.com.pl
72 COCA-COLA POLAND SERVICES Sp. z o.o. Paul Woodward Operations Director www.cocacola.com.pl 152 HYATT REGENCY WARSAW Josef Kral General Manager www.warsaw.regency.hyatt.com
73 COLGATE-PALMOLIVE POLAND Sp. z o.o. Wojciech Król General Manager www.colgate.pl
I
74 COLLIERS INTERNATIONAL John Banka Partner Investment Services www. colliers.com
153 IBM POLSKA Sp. z o.o. Anna Sieńko General Director www.ibm.com/pl
75 COOPER STANDARD AUTOMOTIVE POLSKA Piotr Gąska Director of Operations www.cooperstandard.pl
76 COPERNICUS FOUNDATION IN POLAND Jerzy Bystrowski Director of the Board www.woe.edu.pl 154 ICAN Sp. z o.o. Andrzej Jacaszek Publisher, Board Member www.harvard.pl
77 COUDERQ & PARTNERS POLAND Pierre Couderq President www.couderq.com 155 ILOOP MOBILE INC. S.A. Magdalena Bicz Administration Director www.iloopmobile.com
78 COURTYARD BY MARRIOTT WARSAW AIRPORT Iwona Świtek Sales and Marketing Director www.courtyard.com/wawcy 156 IMPERIAL CINEPIX Sp. z o.o. Sunil R. Shah President www.imperial-cinepix.com.pl
79 CPC EXECUTIVE SEARCH Janina Obniska Managing Partner www.cpc-executivesearch.pl 157 ING REAL ESTATE DEVELOPMENT Sp. z o.o. Piotr Wodzyński Management Board President www.ingrealestate.com
158 INSTANT POLSKA Sp. z o.o. Anthony Narushka General Manager www.instant.com.pl
80 CREDIT SUISSE (POLAND) Sp. z o.o. Marek Gul Country Manager www.csfb.com
81 CRESTCOM INTERNATIONAL Andrzej Kuras Partner www.crestcomtraining.com 159 INTEL TECHNOLOGY POLAND Sp. z o.o. Tomasz Klekowski Territory Manager CEE www.intel.pl
82 CROWLEY DATA POLAND Sp. z o.o. Jarosław Roszkowski President, CEO www.crowley.pl 160 INTERCONTINENTAL HOTEL WARSZAWA Christian Henkemeier General Manager www.warsaw.intercontinental.com
83 CROWN RELOCATIONS Sp. z o.o. David Muir Chairman of the Board www.crownrelo.com 161 INTERNATIONAL HERALD TRIBUNE Carina Pierre Rochard Regional Director www.global.nytimes.com
162 INTERNATIONAL PAPER POLSKA Sp. z o.o. Tomasz Berbeka President of the Board www.ipaper.com.pl
84 CURB-TEC EUROPE Sp. j. Chris Hutchinson CEO www.curb-tec.pl
163 IRON MOUNTAIN POLSKA Sp. z o.o. Iwona Wałach Commercial Director www.ironmountain.com.pl
85 CUSHMAN & WAKEFIELD POLSKA Sp. z o.o. Richard Petersen Managing Partner www.cushmanwakefield.com
J, K
D 164 JAVA COFFEE COMPANY Sp. z o.o. Glen S. Gregory CEO, President www.javacoffee.pl
86 DALE CARNEGIE & ASSOCIATES Pablo Martinez General Manager www.dalecarnegie.com.pl 165 JOHNSON & JOHNSON POLAND Sp. z o.o. Magdalena Skopińska Managing Director www.its.jnj.com
87 DBM Piotr Kociołek Managing Partner www.dbm.pl 166 K & L GATES Maciej Jamka Managing Partner www.klgates.com
88 DEBENEDETTI MAJEWSKI SZCZEŚNIAK David DeBenedetti Partner www.dms.net.pl 167 KAJIMA POLAND Sp. z o.o. Masanori Iwasaki General Manager www.kajimaeurope.com
89 DELL Sp. z o.o. Maciej Filipkowski Managing Director www.dell.pl 168 KAŁUŻYŃSKI & MADEJA Sp. z o.o. Richard Kałużyński Managing Director www.kaluzynskimadeja.com
90 DELOITTE Marek Metrycki Managing Partner www.deloitte.com/pl 169 KATO LABS Sp. z o.o. Janusz Wołejko President www.kato.pl
91 DELPHI POLAND S.A. Dariusz Adamek Country Director www.delphi.com 170 KELLY SERVICES POLAND Sp. z o.o. Agnieszka Walter Country General Manager www.kellyservices.pl
92 DEWEY & LEBOEUF Jarosław Grzesiak Managing Partner www.dl.com 171 KLINEMAN ROSE & WOLF– POLAND Sp. z o.o. Tomasz Barylski President www.krw.com.pl
93 DIRECT COMMUNICATION Sp. z o.o. Angelo Pressello President www.dir.com.pl 172 KPMG Sp. z o.o. Peter Kay Partner www.kpmg.pl
94 DLA PIPER WIATER sp.k. Krzysztof Wiater Managing Partner www.dlapiper.com 173 KRAFT FOODS POLSKA S.A. Stefan Golonka General Manager www.kraft.com
174 KREVOX European Environmental Center Tadeusz G. Krężelewski General Director www.krevox.pl
95 DOW CORNING POLSKA Sp. z o.o. Anna Lau Eastern European Region Director www.dowcorning.com 175 KROLL ONTRACK Sp. z o.o. Marek Suczyk Managing Director www.krollontrack.pl
96 DOW POLSKA Sp. z o.o. Tomasz Chlebicki Managing Director www.dow.com 176 KULCZYK INVESTMENTS Dariusz Mioduski Management Board President www.kulczykholding.pl
97 DUPONT POLAND Sp. z o.o. Thierry Marin Director Central Europe www.dupont.com.pl
L, Ł
E 177 LE ROYAL MERIDIEN BRISTOL Michael Goerdt Director General www.lemeridien.com/warsaw
98 EC HARRIS Sp. z o.o. Marcin Klammer Partner www.echarris.com 178 LEASEPLAN FLEET MANAGEMENT Sp. z o.o. Sławomir Wontrucki Managing Director www.leaseplan.pl
99 EDELMAN POLSKA Sp. z o.o. Barbara Kwiecień General Manager www.edelman.com.pl 179 LEMNA INTERNATIONAL, INC. Viet Ngo President, CEO www.lemnapolska.com
100 EEZ Sp. z o.o. Krystian Stachowiak President www.eez.pl 180 LEVI STRAUSS POLAND Sp. z o.o. Dorota Gutkowska General Manager, President www.eu.levi.com/pl
101 ELI LILLY POLSKA Sp. z o.o. Roberto Servi Managing Director www.lilly.pl 181 LIONBRIDGE POLAND Sp. z o.o. Jacek Stryczyński Country Manager, President www.lionbridge.com
102 EMC COMPUTER SYSTEMS POLAND Sp. z o.o. Dariusz Chwiejczak Country Manager www.emc.com 182 LITTLE LEAGUE Baseball & Softball EMEA Region Beata Kaszuba EMEA Region Director www.eteamz.com/llbeurope
103 EMERSON PROCESS MANAGEMENT Tomasz Kosik Sales Director, CE Europe www.emersonprocess-powerwater.com 183 LOCKHEED MARTIN GLOBAL INC. S.A. Robert Orzyłowski Executive Director www.lockheedmartin.com
104 ENTERPRISE INVESTORS Jacek Siwicki President www.ei.com.pl 184 LURGI S.A. Waldemar Winkler COO www.lurgi.pl
105 ENVIRON POLAND Sp. z o.o. Jerzy A. Kołłajtis Principal www.environcorp.com 185 LYNKA PROMOTIONAL SOLUTIONS John Lynch President www.lynka.com.pl
106 EPSTEIN Sp. z o.o. Janusz T. Lichocki President www.epstein.com.pl 186 ŁASZCZUK I WSPÓLNICY sp.k. Maciej Łaszczuk Managing Partner www.laszczuk.pl
107 ERNST & YOUNG S.A. Duleep Aluwihare Country Managing Partner www.ey.com/pl M, N
108 ESTEE LAUDER POLAND Sp. z o.o. Magdalena Kamińska General Manager www.esteelauder.com 187 MA MAISON LE REGINA HOTEL Krzysztof Olszewski General Manager www.leregina.com
109 EURODENTAL Ltd. Michał Siciński President www.eurodental.pl 188 MAERSK POLSKA Sp. z o.o. Jeff Gościniak General Manager www.maerskline.com/poland
110 EUROMEDIC INTERNATIONAL POLSKA Piotr Janicki President of the Board www.euromedic.pl 189 MANPOWER POLSKA Sp. z o.o. Iwona Janas Country Manager www.manpower.pl
111 EUROMONEY POLSKA S.A. Martin Bauer President www.securities.com 190 MARATHON PETROLEUM POLAND SERVICES Carl R Hubacher Director www.marathonoil.com
112 EUROPCAR Grzegorz Wendyński President www.europcar.com.pl 191 MARRIOTT HOTEL Albert Helms General Manager www.marriott.com/wawpl
113 EXPRESS MAP POLSKA Sp. z o.o. Janusz Przeorek President www.e-map.pl 192 MARS POLSKA Sp. z o.o. Jarosław Świgulski General Manager www.mars.pl
114 EXXONMOBIL POLAND Sp. z o.o. Armando Benavides Poland Lead Country Manager www.exxonmobil.pl 193 MARSH Sp. z o.o. Richard Radford President www.marsh.pl
194 MARY KAY COSMETICS POLAND Sp. z o.o. Ewa Kudlińska-Pyrz General Manager www.marykay.pl
F 195 MASSIVE DESIGN Sp. z o.o. Przemysław Stopa President www.massivedesign.pl
115 FCM TRAVEL EXPRESS Sp. z o.o. Tim Hyland Managing Director www.travelexpress.pl 196 MATTEL POLAND Sp. z o.o. Sanjay Luthra Finance Manager www.mattel.com
116 FEDERAL EXPRESS POLAND Sp. z o.o. Michael Muehlberger President www.fedex.com/pl 197 McDONALD'S POLSKA Sp. z o.o. Piotr Jucha Managing Director www.mcdonalds.pl
117 FEDEX TRADE NETWORKS Michał Rene Country Manager Poland www.ftn.fedex.com 198 MCKINSEY & COMPANY POLAND Sp. z o.o. Jacek Poświata Managing Director www.mckinsey.pl
118 FINACORP (POLSKA) Sp. z o.o. Stan Popow Managing Partner www.finacorp.pl 199 MEDICOVER Sp. z o.o. Loic Fretard Director of Medicover Hospital www.medicover.pl
119 FIRESTONE INDUSTRIAL PRODUCTS POLAND Donald Campbell CFO www.firestone.polandtrade.pl 200 MEDTRONIC POLAND Sp. z o.o. Wojciech Jeżewski Finance Manager www.medtronic.com
120 FIRST DATA POLSKA S.A. Janusz Diemko Managing Director www.firstdata.pl 201 METLIFE AMPLICO Łukasz Kalinowski President www.metlifeamplico.pl
121 FISERV POLSKA Sp. z o.o. Aleksandra Gren General Director www.fiserv.com 202 MEYER TOOL POLAND Michał Sękowski Finance Director www.meyertoolpoland.com
122 FLEISHMAN–HILLARD Sp. z o.o. Julia Kozak Managing Director www.fleishmaneurope.com 203 MICHAEL PAGE INTERNATIONAL Sp. z o.o. Jerome Lafuite Managing Director www.michaelpage.pl
123 FLUOR S.A. Dave Gibson General Manager www.fluor.pl 204 MICROSOFT Sp. z o.o. Jacek Murawski President www.microsoft.com/poland/
124 FOCUS RESEARCH Sp. z o.o. Richard A. Żabiński President, General Manager www.focusmr.com 205 MILLER, CANFIELD Richard Walawender Senior Partner www.millercanfield.pl
125 FOREVER LIVING PRODUCTS POLAND Jacek Kandefer Managing Director www.flpp.com.pl 206 MISZERAK & ASSOCIATES Sp. z o.o. Martin Miszerak CEO www.miszerakassociates.it
126 FOSTER WHEELER ENERGIA POLSKA Jarosław Mlonka President, CEO www.fwc.com 207 MITSUBISHI CORPORATION Kunihiko Uchimura General Director www.mitsubishicorp.com
208 MŁODE ORŁY S.A. Magdalena Mirski Member of the Supervisory Board www.mlodeorly.com
127 FRANKLINCOVEY CEE (DOOR Poland Group) Marek Choim Group President www.franklincovey.pl 209 MODIS POLSKA Sp. z o.o. Alf Davis Director www.modisintl.com
128 FRITO-LAY POLAND Sp. z o.o. Małgorzata Skonieczna Public & Government Affairs Director www.fritolay.pl 210 MOTOROLA POLSKA Sp. z o.o. Ewa Porębska President www.motorola.pl
G 211 MSD POLSKA Sp. z o.o. Łukasz Zybaczyński General Director www.msd.pl
129 GE INTERNATIONAL S.A. Lesław Kuzaj National Executive www.ge.com 212 NALCO MOBOTEC POLSKA Sp. z o.o. Piotr Hajewski Sales Director www.nalco.pl
130 GENERAL MOTORS POLAND Peter Fahrni Manufacturing Director www.opel.com.pl 213 NARODOWY FUNDUSZ Inwestycyjny Octava S.A. Piotr Rymaszewski President www.octava.com.pl
214 NCR Polska Sp. z o.o. Andrzej Sowiński General Manager www.ncr.com
131 GENZYME POLSKA Sp. z o.o. Paweł Miśkiewicz General Manager www.genzyme.com 215 NEUMANN INTERNATIONAL AG Zbigniew Plaza Principal www.neumann-inter.com
132 GLADSTONE POLSKA Sp. z o.o. Donal Charles Bailey Business Development Manager www.gladstonellc.com 216 NEUMANN LEADERSHIP POLAND Sp. z o.o. Marek Ambroziak Partner www.neumannpartners.com
133 GOLD'S GYM Jay Spaid Leading General Manager www.goldsgym.pl 217 NORDSON POLSKA Sp. z o.o. Jarosław Rutkowski General Manager www.nordson.com.pl
134 GOODYEAR DUNLOP TIRES POLSKA Sp. z o.o. Jacek Pryczek President & Managing Director www.goodyear.pl 218 NORTON ROSE Piotr Strawa i Wspólnicy Piotr Strawa Managing Partner www.nortonrose.com
135 GTECH POLSKA Sp. z o.o. Wojciech Włodarczyk Site Manager for Poland www.gtech.com 219 NOVARTIS POLAND Sp. z o.o. Don Bellamy CPO Head and Country President www.novartis.pl
136 GUARDIAN CZĘSTOCHOWA Sp. z o.o. Zsolt Erdosi Managing Director www.guardian.com O, P
H 220 ORANGE PRODUCTS EUROPE Sp. z o.o. Mariusz Leoniak Commercial Manager www.orangeproducts.com
137 HALCROW GROUP LIMITED Jarosław Karpiejuk Regional Director Poland www.halcrow.com 221 ORCO PROPERTY GROUP Alicja Kościesza Sales & Marketing Director www.orcogroup.com
138 HAY GROUP Sp. z o.o. Mik Kuczkiewicz Chairman of the Board www.haygroup.pl 222 OTIS Sp. z o.o. Tomasz Begier President www.otis.com.pl
139 HBO POLSKA Sp. z o.o. Aleksander Kutela President www.hbo.pl 223 PANATTONI EUROPE Robert Dobrzycki Regional Partner www.panattoni.com
140 HEIDRICK & STRUGGLES Matthew Tebeau Partner www.heidrick.com 224 PEPSI COLA GENERAL BOTTLERS POLAND Andrzej Bruczko General Manager www.pepsi.pl
141 HEITMAN FINANCIAL Sp. z o.o. Dennis Dart Senior Vice President www.heitman.com 225 PFIZER POLSKA Sp. z o.o. Patrick Vanginneken Country Manager www.pfizer.com.pl
142 HEWITT ASSOCIATES Sp. z o.o. Edward Robert Stanoch Managing Director www.hewitt.pl 226 PHILIP MORRIS POLSKA Aleksander Grzesiak Managing Director www.pmintl.pl
143 HEWLETT PACKARD Paweł Czajkowski Managing Director www.hp.pl 227 PITTSBURGH GLASS WORKS (POLAND) William H Hall European Operations Manager www.pgw.glass.com
144 HEWLETT-PACKARD GLOBAL BUSINESS CENTERJack Levernes Vice President www.hp.com 228 PM GROUP POLSKA Sp. z o. o. Con Murphy Managing Director www.pmg.pl
145 HILL & KNOWLTON POLAND Agnieszka Dziedzic President www.hillandknowlton.pl 229 POLISH ENERGY PARTNERS S.A. Zbigniew Prokopowicz President www.pepsa.com.pl
146 HILL INTERNATIONAL Sp. z o.o. Jacek Żurawski Vice President www.hillintl.com.pl 230 POLSKA TELEFONIA CYFROWA Klaus Hartmann CEO, Director General www.era.pl
20 A M E R I C A N I N V E S T O R J A N UA R Y 2 0 1 1 J A N UA R Y 2 0 1 1 AMERICAN INVESTOR 21
AmCham Membership Directory 2011 FOCUS: AmCham
o
247 SERCOM SOLUTIONS LIMITED Sp. z o.o. Anna Achremienia Business Development & Commercial Manager www.sercomsolutions.com
248 SHERATON WARSAW HOTEL Thomas Schoen General Director www.sheraton.pl n october 23, the amcham 20th oped structure of active committees, which
249 SIKORSKY AIRCRAFT CORPORATION Stanley J. Prusinski Director, Sikorsky Europe www.sikorsky.com anniversary Ball marked the generate so much of our agenda and out-
250 SITEL POLSKA Sp. z o.o. Antonio Dos Santos Director www.sitel.pl
251 SOCIÉTÉ GÉNÉRALE S.A. Stéphane Hild Country Head www.sgcib.com
start of amcham’s third put. This is something I am particularly
252 SODEXO POLSKA Sp. z o.o. Yann Gontard Managing Director www.sodexo.pl decade. what were the beginnings of proud of, because on the one hand I per-
253 SOFITEL WARSAW VICTORIA Jean Michel Lathuilliere General Manager www.sofitel.com the american chamber of commerce sonally believe in and support the commit-
254 SOFTEX DATA Wojciech Warski Chairman of the Board www.softex.com.pl in Poland and how has it changed tee structure, and on the other hand it is
255 SPENCER STUART POLAND Sp. z o.o. Andrzej Maciejewski Office Manager/Consultant www.spencerstuart.com
256 SQUIRE SANDERS ŚWIĘCICKI KRZEŚNIAK Peter Święcicki Chief Accountant www.ssd.com over the last 20 years? thanks to the initiative of our members that
257 STAFFER Sp. z o.o. Ari Hecht President www.staffer.pl AmCham started in 1990 with the initia- our committees are so active.
258 STEELCASE S.A. Elżbieta Gajowska Dealer & Marketing Manager www.steelcase.com/uk tive of about 10 individuals who were pri-
259 SWIFT AVIANA CARGO SERVICES Sp. z o.o. Alam Chaudry Chairman www.swiftaviana.com
marily Polish Americans. For the first 10 american business has been present in
T, U
years the chamber grew rapidly, with mem- Poland for 20 years. over the years the
260 TELEKOMUNIKACJA POLSKA S. A. Tomasz Nowakowski Executive Director www.tp.pl
261 TELESTO Richard M. Lada Vice President www.telesto.pl bership tapering off to today’s 320+ es- number of companies and the scope of
262 THE CONFERENCE BOARD Michał Zdziarski Director, Associate Service www.conference-board.org teemed members, one-third of which are their ventures have been growing rap-
263 THE WALT DISNEY COMPANY Katarzyna Westermark Managing Director www.disney.pl Fortune 500 companies. The biggest differ- idly. do you think there is still interest
264 TOP CONSULTING Sp. z o.o. Robert Dziubłowski President, CEO www.topconsult.pl
265 TRADE MEDIA INTERNATIONAL Michael J. Majchrzak Managing Director www.trademedia.us ence today is that we have developed into an in investing in Poland? do american
266 TRANSEARCH INTERNATIONAL POLAND Beata Żytka Managing Partner www.transearch.com established, professional business organi- companies still perceive Poland as the
267 TRUSIEWICZ SIWKO Kancelaria Prawna Sp. k. Rafał Trusiewicz Partner www.ts-kancelaria.pl zation that can handle quite a bit of output. place to be, in spite of growing costs of
268 UBS AG Peter Isenberg Executive Director www.ubs.com operations?
269 UL INTERNATIONAL POLSKA Sp. z o.o. Bogdan Maliszewski Branch Manager www.ul.com
270 UNITED BUSINESS DEVELOPMENT Sp. z o.o. Peter James Strupp CEO, President of the Board www.ubd.pl can any american company present Thankfully, the Polish wave is still on the
271 UNIVERSAL EXPRESS Sp. z o.o. Stefan Hildt Member of the Board www.uer.pl in Poland become an amcham mem- rise. In years past, there seemed to be a
272 UNIVERSAL LEAF TOBACCO POLAND Sp. z o.o. Wojciech Lik Chairman of the Board www.universalleaf.com slowdown in traditional investments, with
273 UPC POLSKA Sp. z o.o. Simon Boyd President www.upc.pl
ber? how to begin the adventure with
274 UPS POLSKA Sp. z o.o. Piotr Sitarek Country Manager www.ups.com amcham? BPO filling the gap somewhat. But in 2010
V, W, X AmCham Poland is actually the only Am- there was a clear revival of traditional in-
275 VF POLSKA DISTRIBUTION Sp. z o.o. Marek Hińcz Managing Director www.vfc.com Cham in Europe to limit membership to vestments, with new factory openings,
276 VISKASE POLSKA Sp. z o.o. Monika Pływaczewska Commercial Director www.viskase.com companies that have a “significant Ameri- while BPO investments kept apace, with
277 VOLANTIS SYSTEMS LIMITED Sp. z o.o. Jarosław Maślanka Branch Director www.volantis.com can presence” in terms of ownership. All of many more to come. Poland continues to be
278 WARDYŃSKI & PARTNERS Tomasz Wardyński CBE, Founding Partner www.wardynski.com.pl
279 WARNER BROS. ENTERTAINMENT POLSKA Waldemar Saniewski Managing Director www.warnerbros.com our member companies have roots in the a strategic investment location for reasons
280 WARSAW DESTINATION ALLIANCE Alex Kloszewski Chairman, Managing Director www.destinationwarsaw.com U.S. or significant business ties to the U.S., of location and local market size, if not cost
281 WEIL, GOTSHAL & MANGES Roman Rewald Partner www.weil.com which strictly defines who we are as an or- savings as much. The future looks bright
282 WESTLB BANK POLSKA S.A. Maciej Stańczuk Chairman of the Board www.westlb.pl for years to come.
283 WHIRLPOOL POLSKA Sp z.o.o. Tomasz Skołyszewski CFO www.whirlpool.com
ganization and what we stand for. This
284 White & Case W. Daniłowicz, W. Jurcewicz i Wspólnicy Witold Daniłowicz Managing Partner www.whitecase.pl makes us a stronger partner for the U.S.
285 WIERZBOWSKI EVERSHEDS Judith Y. Gliniecki Partner www.eversheds.pl government dealing with Poland and for the in your opinion, what is the biggest
286 WINCOR NIXDORF Sp. z o.o. Mirosław Janik Chairman of the Board www.wincor-nixdorf.com/pl Polish government dealing with business. contribution of amcham and ameri-
287 WOODWARD GOVERNOR POLAND Sp. z o.o. Dominik Kania Executive Director www.woodward.com
288 WRIGLEY POLAND Tomasz Suchecki Managing Director www.wrigley.pl Having said that, all of our companies are can business to Poland?
289 WS ATKINS - POLSKA Sp. z o.o. Stephen Novis Member of the Board www.atkinsglobal.com registered in Poland, so ultimately we up- The contribution of American business
290 XEROX POLSKA Sp. z o.o. Marzena Tarkowska Country General Manager www.xerox.com.pl hold American business values to make to Poland cannot be overestimated. Today,
291 X-PRESS COURIERS Sp. z o.o. Adam Tomczak President www.x-press.com.pl
Poland a friendlier environment for all in- Poland is naturally focused on E.U. issues,
vestors. Many American companies support investments and funds, but we cannot for-
their local AmCham by definition, and we get that it was American funds, investment
the u.S. chamber of commerce, the and knowhow that shaped the early years of
indeed want to capture all American in-
largest business federation in the transformation in Poland. It was American
vestors in Poland so that we are stronger
world, is present in every european
Individual members collectively and so that we can serve the
group.
country. are there any differences be-
tween amcham in Poland and other
companies that invested most heavily and
created market standards, with a total of
USD 20 billion invested and 180,000 direct
Alphabetical list of AmCham individual members, as of December 31, 2010. european amchams?
what are amcham’s objectives? how jobs created to date. As an organization,
Member Contact phone Member Contact phone Member Contact phone The AmChams make up one strong net- however, we are a much-needed voice of
does it support its member compa-
1 Adam Bergmann +48-664-444-777 12 Adam Ilczuk +48-513-152-120 23 Magda Pachocka +48-22-646-1249 work, but are indeed independently run reason for wider business concerns. Al-
2 Alain Bobet +48-513-190-208 13 Katarzyna Janota +48-510-217-910 24 Adam Paszkowski +48-22-835-3000 nies?
from country to country. The directors of though many Polish business organizations
3 Brian Bode +48-22-648-0841 14 Sylwester Klarowicz +48-668-133-034 25 Beata Plaskocinska +1-917-859-1798 Most importantly, we provide a platform
4 Alain Capodanno +48-694-487-467 15 Richard Knauff +1-908-790-0850 26 Steven Rudofsky +48-32-251-0293 the AmChams meet regularly, and the ex- have become strong advocates of reason,
for member companies to discuss and act
5 Dario Cipriani +48-608-000-511 16 Jon Kolasinski +48-500-206-227 27 Alex Shannon +48-501-515-740 change of best practices is an important the need for AmCham’s clear position and
6 Andrew Davis +48-22-456-4500 17 Erika Kovalick +48-666-234-530 28 Christopher Smith +48-22-616-0062 on common issues and concerns. This ob-
part of these meetings. It is nice to note American point of reference does not di-
7 Adam de Sola Pool +48-22-756-3232 18 Steve Krupa +1-847-564-1931 29 Tadeusz Szostak +48-22-834-3321 jective we take quite seriously, and it is sup-
that at 20 years, AmCham Poland is quite minish.
8 George Dembinski +48-603-681-525 19 Matthew Lynch +48-22-622-7153 30 Jerzy Thieme +48-601-282-812 ported by our committee structure, the ef-
9 Richard Engel +48-508-047-510 20 Deepak Malhotra +48-663-935-600 31 Stanley Urban +48-502-709-190 mature and serves as an example for oth-
forts of our Board and the work of our staff.
10 Ewa Esquerra +48-602-722-622 21 George Michalski +48-606-917-000 32 Andrzej Wróbel +48-501-305-565 ers. Our AmCham is on the high end of ac-
11 Andrew Hope +48-668-691-884 22 Anya Ogorkiewicz +48-510-419-141 33 Paul Zalucky +48-606-802-998 We reach out to the Polish government
tivity, and we have perhaps the most devel-
often to raise these concerns.
22 A M E R I C A N I N V E S T O R J A N UA R Y 2 0 1 1 J A N UA R Y 2 0 1 1 AMERICAN INVESTOR 23
FOCUS: AmCham
24 A M E R I C A N I N V E S T O R J A N UA R Y 2 0 1 1 J A N UA R Y 2 0 1 1 AMERICAN INVESTOR 25
FOCUS: Nuclear energy
S
ince Poland has announced its nu- a reactor with very little external equip-
clear program (for details see “Poland ment. “We fundamentally operate at a very
goes nuclear” in the December 2009 much lower pressure and a much lower
issue of American Investor), it is clear that temperature, so we don’t get into these
the three largest players in the business of cracking issues that the owners of PWRs
generating nuclear power, the U.S./Japan- are seeing at their plants,” said Danny Rod-
ese conglomerate GE Hitachi Nuclear En- erick, Senior Vice President of GE Hitachi
ergy, the Japanese-owned Westinghouse Nuclear Energy. “As a result of this ap-
Electric Co., and the French Areva, are in- proach, the ESBWR has the lowest risk of
terested in a piece of the project. However, reactor damage or fuel damage of any plant
only one of the three, namely GE, already designed in the world. That means it has
has a presence in Poland. So far GE has the greatest safety margin for any of the
hired over 10,000 employees in financial plant designs.”
services, engineering, and manufacturing According to the International Atomic
in Poland. It also has a history of successful Energy Agency, over the last 10 years boiling
engineering. The GE Engineering Design water reactors have outperformed pressur-
Center, jointly run by GE and the Institute ized water reactors by over 3% a year. That
of Aviation in Warsaw, was where the most 3% a year, over the 60 years of a nuclear re-
popular jet engine in civil aviation today, the actor’s lifespan, adds up to 22 months of
fuel efficient GEnx, was designed. Along extra generation for free. An average power
with developing jet engine technologies, the plant today makes over USD 2 million
center does research in big turbines and worth of electricity a month. With 22 free
energy. Recently GE has expanded its oil months, there is a lot of money to be re-
and gas portfolio capabilities at the center couped just because of technology and sim-
with the opening of a new USD 3 million plicity.
subsea equipment testing facility.
When in July 2010 GE CEO Jeff Immelt Spent fuel disposal
visited Warsaw for the 10th anniversary of GE is a company that often boasts about
the GE Engineering Design Center, he said being in the business of solving big prob-
GE will continue to be a big investor in lems for humanity in such areas as energy,
Poland in the future. The Polish nuclear healthcare and water resources. Yet if
program is an excellent opportunity for the judged by the progress it has introduced in
company to do so. For Poland it is an oppor- dealing with nuclear waste disposal, GEH’s
tunity to tap into state-of-the-art technol- competitors may glow green with envy. The
ogy, namely the Economic Simplified Boil- company’s Advanced Recycling Center is a
ing Water Reactor and the Advanced Recy- technology that enables used nuclear fuel to
cling Center, not to mention the chance of be burned and treated further so that the
having GE Hitachi Nuclear Energy estab- remaining material needs to be stored for
lish one of its nuclear power technology only 300 years, instead of the 10,000 years of
production hubs in Poland. storage required with competitors technol-
ogy.
the beauty of boiling water Nuclear material is delivered to reactors
In the early years of nuclear power, some 50 in “fuel assemblies.” Each assembly can be
years ago, nuclear reactors were a very com- used in today’s typical reactors only for ap-
plex piece of engineering with a lot of small proximately 3-6 years. Then the uranium is
external components, utilizing two basic pulled out of the used assembly. The ura-
technologies: a boiling water reactor or a nium can then be put back into another fuel
pressurized water reactor. The pressurized assembly and returned to the reactor. With
water reactor technology was more ad- this there is no need to mine new uranium.
vanced and along with power plants was ap- But what is left out of the used assembly is
plied to powering submarines. But it also a stream of plutonium. This is dangerous
caused some technological problems which material. Today, spent nuclear fuel in Eu-
to fix require more external equipment, rope is shipped to a major reprocessing fa-
which not only boosts the production and cility in France, where it is stored with the
maintenance costs but also significantly re- intention to keep it there for 10,000 years—
Powering forward
duced the reactors’ reliability and increased that is how long it takes for plutonium to
the risk of core damage. lose its radioactive properties. But along
GE wanted a different pattern from the with the issues that arise in the case of such
pressurized water reactor: the boiling water a long-term storage, there are spent fuel
reactor. Working with that technology for 50 shipping issues as well. The road from the
As Poland thinks about building nuclear power years now, GE has managed to simplify it,
which adds safety, boosts the reactor’s reli-
power plant to the storage facility is usually
long. The shipping itself offers a road map
plants, GE Hitachi Nuclear Energy is already lending ability, and lowers the running costs. The for terrorists on how to find spent fuel, and
a helping hand result of this approach is the Economic
Simplified Boiling Water Reactor (ESBWR),
therefore creates proliferation risks for a
potential “dirty bomb” that could be made
26 A M E R I C A N I N V E S T O R J A N UA R Y 2 0 1 1 J A N UA R Y 2 0 1 1 AMERICAN INVESTOR 27
FOCUS: Nuclear energy
from the plutonium. load” generation, they may be comple- ABWR has been built in 39 months from
When eyeing this problem GEH decided mented by renewables and smart grids. first concrete to fill load, and we were able
to use a different approach than standard “I’m for renewable energy sources and an to replicate that general time frame for four
reprocessing. “We came up with a solution energy mix,” Roderick said. “With this you times already,” Roderick said. According to
to cost-effectively put an installation at a need some source of power local to you that Roderick, the speed with which GEH builds
nuclear power plant site that GE builds,
and come in several years after it has been
in operation and start burning that fuel
can run all the time. When there is a winter
storm in Poland, or a hurricane or flood that
knocks out your generation, you still need
Generation III nuclear reactors is about the
company’s approach to construction: the
whole individual project is modularized,
Do not miss the opportunity
without creating weapons grade pluto-
nium,” Roderick said.
What GEH does is “poison” the pluto-
to have power to stay warm. Then you are
back to the whole energy security argu-
ment: how we can keep power available in
with each module shipped individually to
the construction site. But instead of having
to ship them from the U.S. to Europe, GEH
to sponsor AmCham events
“We came up with a solution to cost-effectively put an installation at a nuclear power
in 2011!
plant site that GE builds, and come in a few years after it has been in operation and start
burning that fuel without creating anything that can create a weapon.”
P
ity the taxpayers. While By Sylwia Kulczycka By Dariusz Nachyła
consignor and to the relevant decision from the European ing in employees is one strategy
they are still struggling tax advisor, associate at Salans authorities in the member state other changes Commission on compatibility of Partner at Deloitte, responsible for technology companies will make
with the finer details of and Cezary Przygodzki of destination, who subse- The New Year rings in changes this rate with public aid regula- technology, media use of as they prepare to deal
the excise tax changes intro- tax advisor, counsel at Salans quently forward it to the con- in excise duty for some goods. tions. and telecommunications, C&EE with a shortage of high-quality
E
duced in September 2010, now signee. The goods moved by the That is the theory. In prac- talent with the right portfolio of
they are faced with yet more functionality to discharge e-ADs ach year companies rally firm specializing in integrated
consignor under suspension of tobacco products tice, the European Commission behind innovation, break mobile and digital communica- skills in the market over the
changes coming into force on electronically by April 1, 2010. excise duty should then be ac- The Act of October 29, 2010, may well not get around to issu- next 12 months and beyond.
January 1, 2011. Here we go Therefore, it was agreed among through obstacles and tions with growth dynamic of
companied by the printed e-AD Amending the Excise Tax Act ing the required decision before defy the odds. We salute their 26,885 %. Last year Netmedia was The improved average growth
through the major changes in the member states that move- with the reference code given in increased the excise rates for December 31, 2011, meaning of companies in the ranking this
excise tax that may affect busi- ments to Poland would take efforts with the Deloitte Central 14th on the list. So the advance,
the EMCS or by another com- tobacco products. Starting from that the current relief for biofu- European Technology Fast 50, a especially in a crisis year is a great year (from 993% to 967%) is a
nesses. place under cover of the current mercial document quoting this January 1, 2011, the excise rates els and biodiesel will cease to positive sign that the fastest-
The changes can be split into paper AAD until January 1, ranking of the 50 fastest-grow- success.
reference code. will be as follows: exist on April 30, 2011. This ing technology companies in Polish companies accounted for growing companies have suc-
two categories: those relating to 2011, which is D-Day for Poland Upon receipt of the goods, • cigarettes—PLN 158.36 will definitely have a serious cessfully taken steps to avert the
introduction of the compulsory to join EMCS. Central Europe. The Fast 50 in- three of the top six spots in the
the consignee submits a draft per 1,000 and 31.41% of the impact on the cludes all areas of technology— ranking, and 11 of 50 overall, worst effects of the financial
electronic excise movement and report of receipt (confirmation maximum retail price; biofuels/biodiesels industry. crisis in the technology sector
control system (EMCS), and as- Polish rollout from Internet to life sciences, Poland’s best result since 2006.
that the goods reached their • tobacco—PLN 102.32 per computers to semiconductors— Poland took the top spot away in Central Europe. More than
sorted others, in particular an The rollout of EMCS in Poland place of destination) to the kg and 31.41% of the maximum all more expensive anything, this highlights the
excise increase for some goods. was covered by the Act of July and covers both public and pri- from Hungary, which dropped
EMCS for validation. If the retail price; Summing up, 2011 will bring vate companies. into second place with 10 compa- importance of sound leadership
We will deal with EMCS issues 22, 2010, Amending the Excise draft report of receipt is not • cigars and cigarillos—PLN with it significant changes for
first. Tax Act and Certain Other Acts. The Fast 50 supplements the nies in the ranking. Romania con- to any organization, especially
correct, the consignee receives 244.40 per 1,000; excise tax payers. First of all, broader Deloitte Technology tinued to improve its showing, one undergoing a period of
Generally, in the period from an automatic notice of irregu- As a result, on January 1, the changes will affect the vast rapid growth before and during
what is emcS? January 1 through December Fast 500 initiative in that the with its highest-ever total this
larities from the system. If the 2011, excise duty on cigarettes, group of entities moving goods winners typically become auto- year of seven companies on the the financial crisis.
EMCS is a computerized system 31, 2011, EMCS will not be draft report of receipt is vali- cigars, cigarillos and tobacco under suspension of excise
for monitoring movements of compulsory for economic oper- matically eligible to participate list and consistent growth from
dated, it is electronically trans- will rise by 4–8% from current duty, irrespective of the indus- in the EMEA Fast 500. three in 2008. Croatia fell to just Growth outlook
excise goods under suspension ators moving goods under sus- mitted to the consignee and to rates. The Ministry of Finance try they operate in. This group With many more executives
of excise duty, i.e. for which no pension of excise duty within The 2010 ranking represents one company.
the relevant authorities in the explained that the increase re- should take all measures to get a great year for innovation in the Software firms were again the commenting positively on their
excise duties have yet been paid. Poland. However, starting Janu- member state of dispatch, who sults from the fact that Poland ready for EMCS introduction, expectations for growth in 2010,
The new system is aimed at re- ary 1, 2011, entities moving face of the economic crisis. Av- best-represented in the ranking
subsequently forward it to the must comply with European especially advance registration erage five-year revenue growth this year, at 58%, up from 50% in we could continue to see im-
placing the paper document that goods outside of Poland will consignor. Union regulations raising the in the system and becoming ac- proved average growth in the
currently must accompany such have to use the EMCS and com- for the 50 ranked companies was 2009. Internet companies held
Polish excise regulations also minimum level of excise duty quainted with its functionality. 967%, an improvement over steady at 34%. The greatest de- years to come as the region
on tobacco products. The new Other changes will affect spe- 2009’s average of 933% and a crease was observed in the tele- shifts out of the recession. In
directive provides that from cific industries, i.e. the tobacco our survey, 81% of CEOs re-
2011 will bring with it significant changes for January 1, 2014, onward, excise
duty must represent 60% of the
and biofuel/biodiesel indus-
tries. Manufacturers in these
sign of the technology sector’s com and networking segment,
resilience. Despite a challenging which fell from 12% of the com- sponded that they were either
very confident or extremely
excise tax payers irrespective of the industry weighted average retail sale industries should prepare their
year, with difficulties faced by
peers around the world stem-
panies last year to 4% this year.
confident of growth over the
Are you building your leaders? New order for mortgage regulations
“Leadership is action, think strategy
As leaders rise higher within the
critical to ensure confidentiality
of the leaders’ data. It is impor-
Now mortgages will be a effect, on February 20, 2011,
there will be a single type of
of interest, it will not be neces-
sary to amend the entry if there
not position.” organization, they need to learn tant for the leader to see the more effective instrument mortgage that may be used to is an adjustment in the interest
–Don McGannon the competencies of how to build feedback as a form of develop- for securing claims, in secure repayment of the exist- rate.
up other leaders. A critical com- ment and make the leader ac- line with current lending ing loan principal as well as pay-
petence is the development of countable for evaluations after ment of contingent future Brand-new solutions
strategic insight. Many leaders the first baseline results have
practices amounts, up to a stated maxi- The right of a creditor to re-
are excellent at the day-to-day been created. The participant mum. The single new mortgage place the secured claim with
By Peter Strupp By Agnieszka Wolińska
business but hit the wall because seeking leadership competency will essentially be based on the another claim held by the same
president of the supervisory board they have not properly inter- feedback should have a coach ex- advocate, Łaszczuk & Partners current concept of the “capped” creditor has also been intro-
United Business Development preted the environmental plain the results and provide spe- mortgage. duced. The terms of the exist-
changes taking place around cific tools that the leader can use Another option that has been ing mortgage would need to be
P I
them in their industries or mar- to achieve development. n the Polish legal system, as mortgage into a more effective in- introduced is for one creditor to amended, but it will not be nec-
oland is a fast-growing behavior, such as lack of innovation
kets. in most other countries, the strument for securing claims. use a single mortgage to secure essary to establish a new mort-
economy, and in specific or contribution to better business
more to do mortgage is the main form of The existence of two types of various different claims it has gage and delete the previous
industries there is a lot of results. The good news is that in-
enterprise level Introducing new sequenced as- security for claims related to mortgages—the “ordinary” mort- against the same debtor, and for one.
anecdotal evidence that thou- creased skills and more effective
Another critical leadership tran- signments is by far the best way real estate transactions, includ- gage, which secures an existing several creditors involved in fi- Under the new rules, the
sands of new employees are being leadership behavior can be learned.
sition is when silo leaders be- to grow leaders. Pushing people ing bank claims, and the most claim in a fixed amount, and the nancing the same venture to se- amount of the mortgage will be
added back onto company pay- commonly used in this area. A
Process rules come members of the senior ex- out of their comfort zones and “capped” mortgage, which se- cure their claims under a single expressed in the same currency
rolls. Recruiters are busy again. If mortgage is established on real
If implemented as a process fo- ecutive team. There is a need to into new environments is a great cures a contingent future claim or mortgage. as the claim secured, unless the
growth is really back, then where estate in order to secure a desig- a claim in an amount that has not
cused on results, leadership devel- commit at the enterprise level, way to train on new competency These solutions will enable parties provide otherwise in the
are the leaders to support that nated claim arising out of a spe- yet been fixed, up to a “capped”
opment activities can create not just at their profit center. development. The use of busi- more efficient use of mortgages mortgage agreement. This
growth? If not resolved, the lead- cific legal relationship. Mort-
enough bench strength to support This view of leading the whole ness coaching and mentoring maximum figure—has been a par- in banking practice, for example means that the parties are free
ership competency gaps that may gages have risen significantly in ticular cause of unnecessary com- using one mortgage to secure
the growth ahead and have a direct organization is often under- also provides a stronger way to to choose the currency of the
exist today in your company will popularity over the last two
effect on higher business and fi- mined by outside-country matrix develop through consistent feed- plications and transaction costs several future claims under a mortgage, which may differ
only grow wider. Your sustainable decades, chiefly because of the
nancial results. Leadership devel- reporting relationships that make back on new assignments. without providing any apparent framework credit agreement or from the currency of the under-
growth will be constrained by the dynamic growth in the home
opment—done the right way—is the country director essentially a Skills-based development benefit to the lender, the bor- line of credit. It will also be pos- lying claim.
limited competency of your lead- lending market in Poland.
proven to deliver higher financial silo manager rather than build- through training can be an excel- rower, or anyone else. The exis- sible to use a single mortgage to This will make it easier in
ers on all levels of the organiza-
results. The net-present-value re- ing a great unified organization lent method of helping develop practice to deal with the issue
tion.
turn on investing the time and within the same culture. competencies, but only if there is of converting the currency of
One critical aspect of the next
phase of growth is to have the in- money into a strong leadership de- The CEO needs to be a
teacher to the leaders inside the
consistent follow-up though
coaching and a focus on integrat- The new mortgage concept is designed to meet the the claim, because a change in
the currency of the claim will
needs of modern-day lending practices by
ternal infrastructure to support velopment process is much higher
than for most fixed-asset invest- company. Time must be invested ing the new skills sets into the not require an amendment to
high growth. A crucial piece of
in workshops, coaching, and con- daily behavior of the leader. Oth- the wording of the mortgage.
this infrastructure is the ability to
have the right leaders in the right
ments.
stantly communicating how the erwise training has a negative allowing one mortgage to be used despite the fre- This will also make it possible
T
he “Guidelines on Set- By Sabina Famirska By Bernard E. Moens
line of precedent. considering the specific case. several measures, including predict the shape of the new
I
ting Fines for Infringe- legal adviser and member of the In summary, judicial prece- n the April 2010 edition of principal, PwC USA whether and to what extent to proposals, several proposals have
ments of Competition Competition Law Practice Group at dent may weigh heavily on com- office still important American Investor, Todd and Mikołaj Woźniak extend the Bush-era individual been suggested, some of which
Law” published by the Office of Wardyński & Partners petition fine assessment, serv- Objections to the legal force of Landau and Mikołaj Woźniak manager, PwC Poland tax cuts that were enacted in may be adopted in the 2012
Competition and Consumer ing as a check on UOKiK’s the UOKiK guidelines do not provided a brief overview of U.S. 2001 and are scheduled to expire budget proposals.
Protection (UOKiK) in January thorities. Therefore courts do not penalty guidelines. If that hap- entirely deprive them of signifi- international tax proposals in- at the end of 2010. On Decem- For example, certain propos-
2009 were received with great need to follow them when hearing pens, the guidelines will no cance. They continue to offer a cluded by the Obama adminis- portant changes to the U.S. in- ber 17, President Obama signed als were presented by the mem-
interest by the media and com- appeals from decisions issued by longer serve as an indicator of good prediction of fines which tration in the fiscal year 2011 ternational tax rules, including into law a two-year extension of bers of the National Commis-
petition lawyers. They contain the president of UOKiK. When fine levels for potential compe- UOKiK itself may impose for U.S. budget proposals. These rules designed to prevent taxpay- these tax cuts for all taxpayers, sion on Fiscal Responsibility and
detailed rules for setting fines hearing appeals from fines, the tition law violators. similar violations. In earlier proposals would, among other ers from splitting foreign tax along with other provisions de- Reform. The commission met
for participants in anticompeti- courts are only bound by the Pol- years, fines for similar viola- things, narrow the limitation of credits from the associated for- signed to spur investment on December 3, 2010, to con-
tive practices. The common ish Constitution and the laws Proportionality tions were often so divergent U.S. deductions related to de- eign income, rules limiting the growth and aid the unemployed sider an updated deficit reduc-
view was that the guidelines (universally binding regulations Signs have also appeared that that it was hard for businesses ferred foreign income mainly to use of credits in connection with workforce. tion plan issued earlier by com-
would bring greater trans- concerning admissible fine levels the UOKiK guidelines will not to discern any underlying co- U.S. interest expense that is re- certain asset acquisitions and in- mission co-chairs Erskine
parency to the actions of the in antitrust cases are included in be significant when courts con- herent policy. UOKiK, as a pub- lated to deferred foreign income. vestments in U.S. property by more questions Bowles and Alan Simpson. The
Polish competition authority. the Act on Competition and Con- sider levels of fines. In a judg- lic administrative body, is re- In addition, the fiscal year 2011 foreign entities controlled by Beyond this lame-duck session, plan did not receive the “super-
quired to treat undertakings proposals no longer included the U.S. shareholders, and rules de- it is unclear which direction tax majority” of commission mem-
similarly if the facts and legal bers’ votes to be formally recom-
The most serious antitrust violations would at- terms are alike. Undertakings
In the spring and summer of 2010, Congress mended to Congress, but it is an
on Competition and Consumer Protection of 10% expect that they will be treated
equally. The regulator realizes
ternational tax rules, including rules designed
subjects related to budget deficit
cuts, including the direction of
of the undertaking’s revenue in the last financial that any departure from princi-
ples contained in its own guide- to prevent taxpayers from splitting foreign tax
tax reforms. Among other
things, the plan recommends re-
year. lines, for or against particular
businesses, would be tanta- credits from the associated foreign income. ducing the corporate income tax
rate while widening the tax base
mount to violation of the consti- by repealing tax exemptions. It
tutional principle of equal treat- also supports moving to the ter-
Seen as a successful attempt at sumer Protection). They are not ment of August 19, 2009, the ment by public authorities and 2010 proposal to repeal the U.S. signed to curb perceived abuses reform will take. Certainly, the ritorial tax system.
a coherent fines policy, they also bound by the competition author- Polish Supreme Court held that would provide an excellent ar- “check-the-box” rules in their involving “80/20” companies as fact that Republicans gained the It remains to be seen whether
made it easier for businesses to ity’s interpretations and guide- an undertaking may not draw gument for the courts. current form. On the other hand, well as restructurings by for- majority in the House of Repre- any of these proposals will be
estimate the sanctions they were lines. favorable inferences from the A coherent sanctions policy the 2010 proposal to determine eign-based multinationals of for- sentatives and gained several enacted, but it is possible that
likely to face. Nonetheless, the Although the regulations set guidelines in an appeal. The on the part of the Office of the effective tax rate of indirect eign corporations owned by the seats in the Senate (without this Congress may help shape
guidelines made it clear that fines for competition law viola- guidelines are primarily to as- Competition and Consumer foreign tax credits on a foreign parent’s U.S. group. wresting outright majority con- changes to a U.S. tax system
UOKiK intended to pursue a tions, even if unintentional, at a sist the competition authority in Protection does not mean a blended/pooling basis was car- These proposals suggest that trol away from Democrats) will that may be significantly differ-
more aggressive fines policy: the maximum of 10% of an undertak- enforcing the Act on Competi- mild policy. Recent fines have ried forward to the 2011 budget Congress decided to forego mean that tax legislation will be ent from the one we now know.
most serious antitrust violations ing’s revenue in the preceding tion and Consumer Protection, displayed extreme severity, and proposals in substantially the broader tax reform related to in- more difficult to pass than when
would almost certainly attract year, when assessing the fine the but, the court held, there are no the trend may be expected to same form. Some new solutions ternational taxation in favor of Democrats had control over both
the maximum fines allowable court must also consider the du- legal grounds for such guide- continue in the future. Under- were also proposed, as men- several amendments that were houses of Congress. It would ap-
under the Act on Competition ration, degree and circumstances lines, and therefore they are not takings must therefore expect tioned in the April article. designed to close the existing pear, however, that deficit reduc-
and Consumer Protection of of the violation, as well as whether binding on courts in appeals higher penalties for participat- loopholes. tion will direct a significant por-
10% of the undertaking’s rev- the undertaking is a repeat of- from decisions by the president ing in anticompetitive practices. Reality check tion of the near-term legislative
enue in the last financial year. fender. Therefore, courts may of UOKiK. The court stressed In the spring and summer of Reviewing old ideas agenda.
Before 2009, the fines were evaluate completely differently that when ruling on the level of 2010, Congress made several im- Recently, Congress returned
much less severe. Indeed, in specific factors influencing levels a fine, the courts should follow
December 2009 UOKiK im- of fines, such as harmfulness to the principle of proportionality,
posed a record-high fine of PLN competitors or consumers, the which suggests that the amount
411 million on cement produc- duration of the violation, and any of the fine should depend not Download this magazine!
ers suspected of participating in aggravating or mitigating circum- only on the business’s overall
a price-fixing cartel. Several stances. revenue, but on the amount of
American Investor is available in full as a pdf for
manufacturers received the When hearing appeals against revenue generated from sales of download from the www.amcham.com.pl web-
maximum penalty: 10% of their UOKiK assessments, courts may the product involved in the anti- site. Go to "About Us" in the horizontal menu,
2008 revenue. find specific factors identified in competitive practice. and choose American Investor Magazine from
the UOKiK’s guidelines entirely This Supreme Court ruling the pop-up menu. You can download past
not binding? irrelevant. The courts view levels points the way for lower, first- issues of American Investor dating
But the guidelines are not
legally binding. They should be
of fines holistically, or place and second-instance courts back to October 2010.
greater emphasis on certain ele- considering appeals from deci-
treated like all other interpreta- ments, such as how intentional vi- sions by the president of
tions or statements of state au- olations were, with less weight UOKiK. It provides criteria to
7 8 9
9
10 11 12
1. Guests arriving at the Puppet Theater. 2. Guests enjoy conversations and sweet snacks. 3. Volvo representatives: Małgorzata
Ryniak, who is also a Honorary Consul of Sweden in Wrocław, and Detmar Kampman. 4. Martin Oxley, British Polish Chamber of
Commerce. 5. Small talk. 6. Children's Choir from BISC Wrocław. 7. Piotr Freyberg, 3M Poland; Paweł Tenerowicz, Karolina
Figura, Krzysztof Furtan, Richard A. Walawender, Miller Canfield. 8. Agnieszka Schubert, Significa Recruitment; Paweł Panczyj, 1. Mike Dietz, Sabre Holdings. 2. Monika Pilarska, AmCham Kraków Branch Director; John Lynch, AmCham Board Member. 3.
E&Y; Maciej Wiewiórski, Wiewiórski Law Firm; Tomasz Gondek, Wrocław Agglomeration Development Agency. 9.The Spirituals Ewa Martuszewska, Fluor. 4. John Lynch; Allen S. Greenberg, U.S. Consul General in Kraków. 5. The UPS team. 6. Allen S.
Singers. 10. A lucky raffle winner. 11. Alon Riedlich, International Technology Sourcing; Ilona Chodorowska and Martin Oxley, Greenberg; Przemysław Siuda, Amway Business Center Europe. 7. Jacek Kasz, RR Donnelley; Dorota Adamska, BP. 8. Marta
BPCC. 12. Iwona Makowiecka, German-Polish Chamber of Industry and Commerce; Ilona Chodorowska, Joanna Bensz, Am- Konopacka and Teresa Filipek-Przybyłowicz, Goodyear Poland. 9. Paul Fogo, AmCham Board Member; Marzena Drela, Am-
Cham Wrocław Director. Cham Deputy Director.
J A N UA R Y 2 0 1 1 AMERICAN INVESTOR 37
EVENT: AmCham General Meeting Sponsors: EVENT: Wrocław
4 5 6
11
8 9
1. Adam Szejnfeld, M.P; William Heidt, Deputy Chief of Mission, U.S. Embassy. 2. AmCham members vote. 3. Dorota 12
Dabrowski, AmCham Executive Director, with Board Members: Tony Housh, APCO Worldwide; Peter Kay, KPMG; Joseph
Wancer, Deloitte; Roman Rewald, Weil, Gotshal & Manges; Stan Popow, FinaCorp; Judith Gliniecki, Wierzbowski Eversheds; 1. Bill Hall, Pittsburgh Glass Works. 2. Dorota Dabrowski, AmCham Executive Direc-
Robert Koński, Kulczyk Investments; Piotr Jucha, McDonald's Polska; Paul Fogo, Miller Canfield; Thomas Kolaja, Alvarez & tor; Bill Hall; Joanna Bensz, Amcham Wrocław Director. 3. Aldona Wiktorska-
Marsal Poland; Rick Lada, Telesto and Anna Sieńko, IBM Polska. 4. Roman Rewald; Marzena Drela, AmCham Deputy Director; Święcka, University of Wrocław. 4. Krzysztof Sachs, E&Y; Bill Hall. 5. Paweł Tenerow-
Dorota Dabrowski, Anita Kowalska, AmCham. 5. Janusz Wołejko, Kato Lab; Angelo Pressello, Direct Communication. 6. Peter icz, Miller Canfield; Radek Majda, Hamilton Sundstrand; Joanna Bensz; Mike Whit-
Kay; Paul Fogo. 7. Matthew Tebeau, Heidrick & Struggles; Judith Gliniecki; Thomas Kolaja. 8. Anna Sieńko; Roman Rewald; ney, Adoria Winery, promoting his products. 6. Radek Majda delivers his presenta-
Tony Housh. 9. Adam Szejnfeld; Rick Lada. 10. Piotr Jucha; William Heidt. 11. Lesław Kuzaj, GE International; John Lynch. 12. tion. 7. Krzysztof Sachs; Tomasz Wroński, IBM Polska. 8. Krzysztof Sachs; Joanna
Lisa Caruso, U.S. Commercial Service; Peter Święcicki, Squire Sanders. Bensz. 9. Joe Kozlak, C. H. Robinson Europe; Dorota Dabrowski; Bill Hall.
38 AMERICAN INVESTOR J A N UA R Y 2 0 1 1
SUMMARIES: in Polish AMCHAM: Guide to Committees
W tym numerze:
For the most recent information about the work of AmCham Committees, and upcoming events: www.amcham.com.pl
COVER STORY Agri & Food European Union Affairs Pharmaceutical
Nie tylko technologia jest siła napę- solving issues and identify-
ing opportunities for com-
information on E.U. re-
lated issues, including
and exchange information re-
garding Poland’s pharmaceu-
Consumer Products
Financial Services
www.amcham.com.pl/financial Political Discussion Forum
www.amcham.com.pl/pdf
duktów i usług mają krytyczny www.amcham.com.pl/consumer
Mission: to provide a
Mission: The Financial
Services Committee aims
to identify and promote is-
Mission: To build relation-
ships with key players in
wpływ na działanie poszczególnych sues related to and in sup- Polish politics, regardless of
forum to share knowl-
port of the financial serv- whether within the govern-
edge and exchange ex-
ices sector, as well as to ment or not, in small groups
technologie, którymi się posługują, system and exchange of the real estate market in
facilitate responsible busi-
knowledge and experience Poland, and exchange infor-
ness practices among Am-
with national counterparts, contribute to the positive mation. To be an educa-
str. 16.
Cham members to support
developments in the sector and promote the U.S. ex- tional and networking forum
them to improve the quality
perience and capital while establishing the best con- for members and to lobby and influence legislative
and effectiveness of their
ditions and opportunities for investments.Co-Chairs: departments of the Polish government. Chair: Halina
CSR programs. Co-Chairs: Wojciech Arszewski,
Elisabeth Asirifi, IBM Polska; Jolanta Chlebicka-Do- Więckowska, K & L Gates; John Bańka, Colliers Inter-
UPS Polska; Anna Jawor, IBM Polska.
General Meeting miniak, Johnson & Johnson. national.
kredytów hipotecznych będą stanowić bardziej efektywny instrument
dla zabezpieczania tranzakcji, str. 33 Small & Medium-Sized Enterprises
zaprzyjaźnij się z Przyjaznym Państwem Gość walnego
Defense & Security Infrastructure www.amcham.com.pl/sme
cena przewidywalności Organy odpowiedzialne za ochronę www.amcham.com.pl/defense www.amcham.com.pl/infrastructure
zgromadzenia członków AmChamu, poseł Adam Szejnfeld, konkurencyjności rynku mają tendencję do nakładania wysokich kar Mission: To provide a forum
wypowiada się na temat prac sejmowej komisji Przyjazne Mission: To serve as a plat- Mission: To discuss is-
za łamanie zasad konkurencyjności, ale sądy mogą mieć inne zdanie for exchange of ideas/best
Państwo, str. 17 form for defense industry is- sues of the development practices to improve the per-
na ten temat, str. 34 sues and exchange relevant of infrastructure; to pro- formance of SMEs; to iden-
co z transgranicznym cit? Gorąca debata na temat reform sys- information. The committee mote infrastructure solu- tify and promote solutions to
Spis członków AmChamu temu opodatkowania transgranicznego, str. 35
creates a networking forum
and fosters a positive work-
ing relationship with the government and people of
tions for cooperation be-
tween private and public
partners. Co-Chairs: Krzysztof Wierzbowski,
facilitate and support the
managerial and operational
efforts of SMEs through educational, networking or lob-
Firmy członkowskie Spis alfabetyczny, str. 19
Relacje zdjęciowe
Poland. Co-Chairs: Leda Zilinskas, Raytheon Inter- Wierzbowski Eversheds; Andrew C. Kapusto, bying efforts that leverage the resources and knowl-
national; Paul Zalucky. Raytheon Homeland Security. edge of AmCham and its membership. Co-Chairs:
członkowie indywidualni Spis alfabetyczny, str. 22
Alain Bobet; Cezary Krasodomski, Cisco Systems.
Międzynarodowy wieczór bożonarodzeniowy we Wrocławiu, str. 36 Intellectual Property Rights
Zimowe mikser biznesowy w Krakowie, str. 37 Walne zgromadzenie Employee & Labor Relations www.amcham.com.pl/ipr
Focus członków Amerykańskiej Izby Handlowej, str. 38 Spotkanie bizne-
sowe we Wrocławiu, str. 39
www.amcham.com.pl/labor Mission: To advocate for
IPR protection and provide
Tax
www.amcham.com.pl/tax
Mission: To create an infor-
mocniejsza organizacja z roku na rok Wywiad z dyreko- mation exchange forum of leadership that will bring
Mission: To provide a platform
rem zarządzającym Amerykańskiej Izby Handlowej, Dorotą together interested part-
Działy stałe
HR professionals and so- for identifying tax issues and
Dabrowski, str. 23 ners; to share information
cial policy experts from create an educational forum to
with decision-makers and
multinational and local keep AmCham members in-
krocząc drogą do sukcesu Wywiad z byłym prezesem Briefing redakcyjny, str. 2 law enforcement. The police, judiciary, prosecu-
formed on current and up-
Amerykańskiej Izby Handlowej, Romanem Rewaldem, str. 24 companies to share, dis- tors, customs officials, legislators and journalists
cuss and learn about the latest trends in HR man- coming legislation. To create a
List Dyrektor Zarządzającej AmCham, str. 4 are among the target groups, while the curriculum
network to share information, comments and best prac-
energia przyszłości Tworząc program energii atomowej pol- agement and collectively influence local policy and of law schools should have more emphasis on IPR.
tices. To lobby decision-makers in the government.
ski rząd powinien skorzystać z potencjału technologicznego Informacje o firmach członkowskich Izby, str. 5 decision-makers for modern solutions in labor leg- Co-Chairs: Agnieszka Wyszyńska-Szulc, Philip Mor-
Co-Chairs: Peter Kay, KPMG; Piotr Bartuzi, Bank BPH.
firmy GE Hitachi Nuclear Energy, str. 26 islation. Co-Chairs: Jolanta Jaworska, IBM Poland; ris; Anna Lasocka, Łaszczuk & Partners.
Informacje o działalności Komitetów Izby, str. 8 Peter Strupp, United Business Development.
Telecom
Eksperci
Podsumowanie zawartości numeru w języku polskim, str. 40
Outsourcing/High Tech www.amcham.com.pl/telecom
Environment & Energy www.amcham.com.pl/outsourcing
Przewodnik po Komitetach Izby, str. 41 www.amcham.com.pl/environmental Mission: To create a platform
akcyza Nowe przepisy regulujące wysokość akcyzy na Mission: To provide a plat- under the AmCham umbrella
poszczególne towary spowodują wzrost cen wyrobów tyto- Mission: To help members form for discussing, identi- for the exchange of members’
develop their environmental ideas and views on trends in
niowych, str. 30 © American Chamber of Commerce
fying and addressing com-
and renewable energy busi- mon SSC/BPO issues re- the telecommunications sec-
in Poland 2011. All rights reserved. ness and help learn about,
Rekordziści rozwoju Badanie rozwoju firm technolo- lated to high tech opera- tor in Poland; to take steps to
gicznych przeprowadzone przez Deloitte w Europie Środkowej identify and overcome any tions; to maintain contact influence decision-makers in telecommunications legis-
American Investor to oficjalny magazyn Amerykańskiej Izby Handlowej w Polsce. Magazyn difficulties connected with with local authorities, educational and governmental lation, policy and practice; to promote innovative
i Wschodniej, str. 31 environmental laws, and develop a discussion forum
reprezentuje głos środowisk międzynarodowego biznesu w Polsce. Celem magazynu jest institutions to present a unified business perspective trends in telecommunications; to modernize communi-
liderzy biznesu Przywódzwto w biznesie polega na podej- among members about environmental issues and and to suggest ways of possible cooperation. To cations technology for business and the average Polish
dostarczanie członkom Izby i innym czytelnikom aktualnych informacji na temat działal-
maintain contacts with Polish authorities responsible identify the possibilities/areas of state assistance, to consumer. Co-Chairs: Jarosław Roszkowski, Crowley
mowaniu dzialań a nie zajmowanej pozycji w strukturze firmy, ności Izby a także trendów biznesowych i polityce społecznej firm. for making and implementing environmental policies.
str. 32 share experience and leverage knowledge. Co- Data Poland; Piotr Muszyński, TP SA.
listy do rekacji prosimy wysyłać na adres poczty elektronicznej: Co-Chairs: Adam de Sola Pool, Jerzy Chlebowski, Mit- Chairs: Ramón A. Tancinco II, Cisco Systems
tomasz.cwiok@amcham.com.pl subishi.
Rynek kretytów hipotecznych Nowe regulacje dotyczące Poland; Jacek Stryczyński, Lionbridge.
40 AMERICAN INVESTOR J A N UA R Y 2 0 1 1
AmCham Member to Member
We’re all
in this
together