To many stakeholders, good corporate governance is an important contribution to risk management, an element of corporate social responsibility and generally one of the main yardsticks of its corporate culture. OMV strives to earn stakeholders’ confidence by implementing a high standard of corporate governance and by maintaining high standards of transparency and predictability. The Company has therefore committed itself to compliance with the Austrian Code of Corporate Governance. Any deviations from the Code are disclosed and explained.
The Austrian Code of Corporate Governance
The Code provides Austrian corporations with a framework for responsible and transparent management and control. It is based on the OECD Principles of Corporate Government and the EU recommendations, as well as the relevant legal provisions. The Code relies on voluntary self-regulation. In addition to the most important statutory requirements under Austrian law – L-Rules of the Code (legal requirement) – the Code also contains rules which are considered common international practice; the C-Rules (comply or explain). Non-compliance with these rules must be explained and the reasons stated. The Code also contains mere recommendations, the R-Rules.
Austrian Code of Corporate Governance as amended in January 2021 (PDF, 932,6 KB)