The Articles of Association authorize the Supervisory Board to appoint committees from among its ranks and to define their rights and responsibilities. The committees may also be given the right to make decisions. In accordance with the ratio defined in Section 110 (1) Austrian Labor Constitution Act (Arbeitsverfassungsgesetz – ArbVG), the employee representatives on the Supervisory Board have the right to nominate members with a seat and a vote for Supervisory Board committees. At its meeting on June 2, 2020, the Supervisory Board resolved a comprehensive revision of the rules of procedure for the Supervisory Board. The following Supervisory Board committees have been established pursuant thereto:
General Committee
The General Committee simultaneously serves as the Nomination Committee as defined in the Code. The Chairman of the Supervisory Board and one or all of his deputies are members of the General Committee. With the exception of matters concerning relations between the company and the members of the Management Board, pursuant to Section 110 (1) ArbVG one or two employee representatives also are members of the General Committee.
The General Committee is responsible for executing, amending, or rescinding director’s contracts with members of the Management Board as well as for all matters associated with the administration of Management Board members’ stock option plans. As the Nomination Committee, the General Committee submits recommendations to the Supervisory Board concerning potential candidates for positions on the Management and/or Supervisory Board that are becoming vacant. The General Committee is authorized to make decisions in urgent cases.
Members of the General Committee of the Supervisory Board:
- Dr. Joachim Lemppenau (Chairman)
- Dr. Heinrich Schaller
- Hans-Karl Schaller
Audit Committee
The Audit Committee is tasked with the responsibilities set forth in Section 92 (4a) AktG as well as in Rule 40 of the Code. Hence it is responsible for monitoring the financial reporting process; reviewing and monitoring the auditor’s independence and supervising their work; reviewing and preparing the approval of the annual financial statements; reviewing the proposal for the appropriation of earnings, the Management Report, and the Consolidated Corporate Governance Report; as well as approving non-audit services. It is also tasked with reviewing the Group’s Consolidated Financial Statements and submitting a recommendation for the selection of an auditor. The Audit Committee also is responsible for monitoring the effectiveness of the Group-wide internal control system, Internal Audit, and the Risk Management system as well as for reporting the findings of its reviews to the Supervisory Board.
Members of the Audit Committee of the Supervisory Board:
- KR Dr. Franz Gasselsberger, MBA (Chairman)
- Dr. Wolfgang Eder
- Dr. Joachim Lemppenau
- Dr. Heinrich Schaller
- Hans-Karl Schaller
- Josef Gritz
Compensation Committee
The Compensation Committee consists of at least two shareholder representatives, including the Chairman of the Supervisory Board. It prepares proposals for the compensation policy applicable to the members of the Management Board and monitors whether the directors’ contracts with Management Board members comply with the policy.
Members of the Compensation Committee of the Supervisory Board:
- Dr. Joachim Lemppenau (Chairman)
- Dr. Heinrich Schaller
- Hans-Karl Schaller
