Commitment to the Austrian Corporate Governance Code
The Austrian Corporate Governance Code provides Austrian stock corporations with a framework for managing and monitoring their company. The Code aims to establish a system of management and control of companies and Groups that is accountable and geared to creating sustainable, long-term value. It is designed to increase the degree of transparency for all stakeholders of a company.
The Code is based on the provisions of Austrian stock corporation, stock exchange, and capital market law, the EU recommendations regarding the responsibilities of members of Supervisory Boards and the compensation of company directors as well as the OECD Principles of Corporate Governance. Since 2002, the Code has undergone a number of revisions. The present Corporate Governance Report is based on the most recent amendment of the Code, which was adopted in July 2012. The Code can be accessed by the public at .
The Code achieves validity when companies voluntarily undertake to adhere to it. The Management Board and the Supervisory Board of voestalpine AG recognized the Corporate Governance Code in 2003 and have also accepted and implemented the amendments introduced since that date. voestalpine AG has thus committed itself to comply with the most recent version, as amended, of the Austrian Corporate Governance Code.
In addition to the mandatory “L rules,” the Company also complies with all of the “C rules” and “R rules” of the Code1.
With reference to Rule 49 of the Code, it is noted herewith that the law firm of Binder Grösswang Rechtsanwälte GmbH, where Supervisory Board member Dr. Michael Kutschera is a partner, has served as legal counsel to voestalpine AG in the business year 2013/14 in matters concerning stock corporation and capital market law and corporate law issues in respect to an Austrian joint venture company. Fees for these matters are invoiced at the general hourly rates of the law firm of Binder Grösswang Rechtsanwälte GmbH applicable at the time. Total net fees of EUR 102,483.67 were incurred for services provided by the law firm of Binder Grösswang Rechtsanwälte GmbH in the business year 2013/14 (2012/13: EUR 35,420.83).
All Supervisory Board positions held by shareholders’ representatives terminate as of the close of the Annual General Shareholders’ Meeting of voestalpine AG, which adopts resolutions relative to the business year 2013/14. This Annual General Meeting takes place on July 2, 2014.
One of the members of the Supervisory Board missed more than one meeting of the Supervisory Board meetings during the last business year.
Linz, May 19, 2014
The Management Board
1 The Corporate Governance Code contains the following rules: “L rules” (= Legal) are measures prescribed by law; “C rules” (= Comply or Explain) must be justified in the event of non-compliance; “R rules” (= Recommendations).