OMV Supervisory Board: Confirmation of Dr. Ruttenstorfer as CEO
November 25, 2010 - 10:00 am (CET)
Since the investigations became public, the Supervisory Board has been kept informed about the latest developments and in particular about the outcome of these investigations. The Supervisory Board will continue to closely monitor the proceedings and collect further information if necessary.
The Supervisory Board’s decision has been taken on the basis of numerous reputable expert opinions, all of which came to the conclusion that no misconduct had occurred.
In today’s meeting, following detailed discussion and extensive consultation, the Supervisory Board has taken a decision over the further course of action in connection with the indictment against Mr. Ruttenstorfer.
The Supervisory Board holds the view that there are no grounds at present for a change in the CEO's position.
Background information:
OMV Aktiengesellschaft
With Group sales of EUR 17.92 bn and a workforce of 34,676 employees in 2009, OMV Aktiengesellschaft is one of Austria’s largest listed industrial companies. As the leading energy Group in the European growth belt, OMV is active in Refining & Marketing (R&M) in 12 countries. In Exploration & Production (E&P) OMV is active in 16 countries on four continents. In Gas & Power (G&P) OMV sells approximately 13 bcm gas per year. Through its 2,000 km long gas pipeline network in Austria G&P transports approximately 75 bcm gas annually. OMV’s Central European Gas Hub is with around 23 bcm annual trading volume one of the most important gas hubs in Continental Europe.
OMV is the leading energy Group in the European growth belt with oil and gas reserves of approximately 1.19 bn boe, daily production of around 316,000 boe in Q3/10 and an annual refining capacity of approximately 26 mn t. OMV now has 2,310 filling stations as of Q3/10. The market share of the group in the R&M business segment in the Danube Region is now 20%.
OMV further strengthened its leading position in the European growth belt through the acquisition of a stake in Petrol Ofisi, Turkey’s leading company in the retail and commercial business.
Under its 3plus strategy, OMV combines the strengths of its E&P, G&P and R&M business units in order to ensure that it provides the best possible supply service to its three core markets of Central and Eastern Europe, Southeast Europe and Turkey. OMV uses the synergies that result from the combination of these strengths to extend its supply chain from oil and gas through to electricity and eventually renewable energy.
Sustainability
OMV is a signatory to the UN Global Compact, and an active supporter to the values enshrined in its Code of Conduct. These include a strong sense of responsibility towards the social and natural environment, especially in economically weak regions. OMV continuously addresses economic, environmental and social issues related to its business in a responsible manner. The Company reports on its activities in a sustainability report in accordance with the Global Reporting Initiative Guidelines. This report is published at the same time as the annual report.