Project Description


The current concept of the RESPECT Index project is a follow-up of Warsaw Stock Exchange measures taken in 2009 that led to the creation of the first CSR index in the Central and Eastern Europe. The examination in 2009 ended up with the announcement of the first composition of the index on 19 November 2009.

The RESPECT Index project, similarly to the first edition held in 2009, aims at identification of companies managed in a responsible and sustainable manner, but additionally it puts strong emphasis on investment attractiveness of companies that are characterized, among others, by reporting quality, level of investor relations or information governance. Thanks to the incorporation of the liquidity aspect into the eligibility criteria the RESPECT Index, similarly to other exchange indices, represents a real reference for professional investors.

The project is executed by Warsaw Stock Exchange in collaboration with external partners.

Project Objective

The audit carried out cyclically is targeted at the Polish companies listed on the WSE Main List and aims at updating the composition of RESPECT index.
Pursuant to revision of the degree of compliance with adopted criteria the RESPECT Index comprises each time only and exclusively listed companies operating in compliance with best corporate governance, information governance and investors relations standards and also in adherence to environmental, social and personnel criteria.

Audit methodology, phases and frequency

Scope of audit
The audit covers companies listed on Warsaw Stock Exchange, excluding companies listed on the NewConnect Market, foreign companies and with dual listing. The first two audit phases are carried out independently and without participation of interested companies, exclusively on the basis of information in public domain. Only in the third audit phase there will be direct site visits at companies’ registered offices and their consent for project participation is required.

Pursuant to screening of companies in terms of degree of their compliance with liquidity criterion the audit covers the compliance of companies’ practices with best corporate governance, information governance and investors relations standards and also in adherence to environmental, social and personnel criteria.

Audit phases
Company classification process is divided into three phases.

  1. Phase I aims at identification of companies with highest liquidity, which means that they are underlying companies of the following indices:
  • WIG20
  • mWIG40
  • sWIG80
  1. Phase II includes the evaluation of corporate governance practice at the companies, information and investor relations governance, performed by the Warsaw Stock Exchange in collaboration with the Polish Association of Listed Companies on the grounds of publicly available reports published by the companies and on the grounds of their Websites.
  2. In Phase III an assessment is made of the company maturity in terms of the social responsibility dimension in their operations on the grounds of questionnaires completed by the companies that are revised in detail by Deloitte, Project Partner.
The deliverables of Phase III lay grounds for the preparation of ultimate list of RESPECT index underlying companies.

Audit frequency
Pursuant to new principles the list of index underlying companies is updated on bi-annual, which means that audit process is performed with the same frequency.

Index methodology and principles of its publication

The RESPECT Index is an income-based index, which implies that during its calculation the proceeds from dividend and allotment certificates. The index comprises companies that were revised positively by the Project Partner during Phase III of audit. The number of index underlying companies is variable.

Blocks of shares in the index (weights) represent a number of shares in any type of trading less a number of shares introduced into trade. The numbers are rounded up to full thousands. The share of major companies in the index are limited to 25%, whereas the index has less than 20 underlying companies and to 10% when the number of index underlying companies exceeds 20.

The index is calculated continuously at one-minute intervals. The index opening value is published after session opening when companies’ stock prices allow to price at least 65% of index underlying companies during such session. The index closing value is broadcast once the session has been closed.