Stock exchanges
Number of listed companies
Domestic market capitalization
million US$

Warsaw Stock Exchange

Name Warsaw Stock Exchange
Country Poland
Number of listed companies 810
Domestic market capitalization 197389.02 million US$
SSE Partner Exchange Yes
Has annual sustainability report No

ESG reporting required as a listing rule No

Has written guidance on ESG reporting Yes

Offers ESG related training Yes

Market covered by sustainability-related index Yes

  • In August 2019 the exchange launched a new equity index which provides exposure to blue-chip stocks listed in Poland while tilting to those with the strongest environmental, social, and governance (ESG) profiles. The WIG-ESG Index includes 60 of the largest and most-liquid securities trading on GPW, deriving its constituents from the large-cap WIG20 Index and mid-cap mWIG40 Index. Constituents are assigned ESG scores using insights from Amsterdam-based ESG analytics firm Sustainalytics. (Source).
  • RESPECT Index:  The RESPECT Index is Central and Eastern Europe’s first social responsibility index (SRI). The project was initiated by Warsaw Stock Exchange in 2009 when the first index portfolio was published. The RESPECT Index portfolio covers Polish and foreign companies listed on the WSE Main Market which follow the highest corporate governance, disclosure and investor relations standards, and which also take into account environmental, social and governance factors. The participating companies are screened by WSE and the Association of Listed Companies (SEG) in a three-stage process of review of all these factors and additionally audited by the project partner since the first edition: Deloitte.

Has sustainability bond listing segment Yes

In June 2023, GPW Launched Warsaw Sustainable Segment (source)

Has SME listing platform Yes

Women on boards mandatory minimum rule No

Additional information
Organizational model of stock exchange
  • Public listed company; IPO in 2010.

Regulatory bodies

Regulatory model

Limited Exchange Self-Regulatory Organization (SRO) Model

  • The Warsaw Stock Exchange publishes a set of rules and regulations and possesses its own regulations management board and supervisory board.  However, the Polish Financial Supervision Authority appears to dictate market rules and develop the acts that the exchange must follow. The Warsaw Stock Exchange is able to engage in limited self-regulatory activities, including tasks such as market monitoring.

About the stock exchange

Location: Warsaw, Poland

  • WSE started operation in 1991 as a company held 100% by the State Treasury. In 2010, the State Treasury arranged a public offering of WSE shares; as a result, shares of the Exchange were newly listed on the WSE Main Market on 9 November 2010. Warsaw Stock Exchange is the largest national financial instruments exchange in the region of Central and Eastern Europe1 and one of the fastest-growing exchanges in Europe. The Group offers a wide range of products and services within its trading markets of equity, derivative, debt and structured products, electricity, natural gas, property rights, as well as clearing of transactions, operation of the Register of Certificates of Origin of electricity and sale of market data. As at 31 December 2013, WSE was a leader in the CEE Region in terms of capitalisation of listed companies, the value of turnover in shares and the volume of turnover in derivatives. The share of WSE in trading in shares in the Region increased from 54.3% in 2012 to 58.5% in 20132 . Furthermore, the electricity market comprised of the spot and the forward market operated by the Polish Power Exchange (“PolPX”), was the largest electricity market as measured by the volume of trade in 2013 in the CEE Region. More details here. 

Criteria for Stock Exchange Database

The SSE maintains a database of sustainability activities for all stock exchanges that are either members of the SSE initiative and/or members of the World Federation of Exchanges. This database is the most comprehensive database of stock exchanges worldwide and contains data on all main stock exchanges. The information in this database is intended to inform investors and other stakeholders on the work stock exchanges are undertaking to advance sustainability in their respective markets.

The information provided in this database is based on publicly available information prepared by the SSE Secretariat with input from stock exchanges in most instances. Sources and explanatory notes on sustainability information have been included in individual Stock Exchange Fact Sheets. The criteria for each category can be found below.

While every effort is made to keep the information in this database up to date, please be aware that certain factors change frequently and therefore may not be exact, such as the number of listed companies or market cap.


Criteria Considered

Country Country of primary residence or registration
Has signed the SSE Commitment Letter? To be considered an SSE Partner Exchange, the CEO or Chairperson of the exchange must sign an SSE commitment letter. Contact the SSE for more information if your exchange would like to join.
Has annual sustainability report? For a yes, stock exchanges must report, either in a stand alone report or integrated into their financial report, on their environmental and social impact and corporate governance.
ESG reporting required as a listing rule? For a yes, all three factors have been considered (environmental, social and governance) within the listing rules for some or all listed companies. This requirement may come from the regulatory authority or the exchange, depending on the market.
Offers written guidance on ESG reporting? For a yes, all three factors have been considered (environmental, social and governance). The SSE has developed a model guidance that all exchanges can use to develop their own guidance to issuers. For more details, click here.
Offers ESG related training? For a yes, training must have taken place in the previous 12 months, and must be interactive. The topic of the training must be on some area of sustainability.
Market covered by sustainability-related index? Sustainability-related indices may include environmental or social  indices, or ESG indices. This could include specific themes, such as low carbon indices, or general sustainability indices. The index must be specific to the market the exchange operates in (a region or world index is not included).
Has sustainability bond listing segment? For a yes, the exchange has developed the rules and regulations allowing for sustainability bonds to be listed, and provides a separate segment for listing making the bonds easy to find and identify.
Has an SME listing platform? For a yes, the exchange offers a listing platform specifically for Small-and-Medium sized enterprises.
Additional Information Additional Information captures exchanges’: sustainability section of websites,  sustainability products not captured under indices; information on future sustainability commitments and other information on the exchange
Organizational model of stock exchange Whether the exchange is listed or not, and when it was demutualized
Regulatory bodies The regulatory authority that sets listing requirements and capital market regulation for the exchange's market
Regulatory model

The extent to which exchanges have regulatory authority in their market. This may include:

  • Limited exchange SRO
  • Strong exchange SRO
  • Independent member SRO
  • Government (Statutory)
  • Non-SRO
About the stock exchange The location of the headquarters of the exchange, and any additional details about the stock exchange.