The Management Board and the Supervisory Board of voestalpine AG resolved as early as in 2003 to recognize the Austrian Corporate Governance Code (the “Code”), and they have also implemented all of the amendments introduced in the meantime without exception.
In addition to the mandatory “L rules” (legal requirements), voestalpine AG voluntarily complies with all of the Code’s “C rules” (comply or explain) and “R rules” (recommendations). The Code provides Austrian stock corporations with a framework for managing and monitoring their companies. It is based on the provisions of Austrian stock corporation, stock exchange, and capital market law as well as, generally, on the OECD Principles of Corporate Governance. It was most recently revised in January 2020. The Code achieves validity when companies voluntarily undertake to comply with it. It aims to establish an accountable corporate governance system for companies and Groups that is geared to the creation of sustainable value in the long term. By voluntarily undertaking to abide by the Code, voestalpine supports these objectives and commits to providing a high degree of transparency to all of the company’s stakeholders.
Business transactions with associated companies and parties as well as pending legal proceedings are reported in the semi-annual and annual financial statements of voestalpine AG.