The Austrian Corporate Governance Code was amended in January 2021 to reflect the provisions regarding compensation policies and the compensation report that were incorporated into the Austrian Stock Corporation Act by way of the 2019 Austrian Corporate Law Amending Act (Aktienrechts-Änderungsgesetz). In accordance with these new provisions, on June 2, 2020, the Supervisory Board resolved a compensation policy for the members of the Management Board and the members of the Supervisory Board of voestalpine AG and submitted the policy to the Annual General Meeting on July 1, 2020, for resolution.
The business year 2020/21 thus is the first time the compensation of the members of the Management Board and the members of the Supervisory Board will be accounted for as part of the compensation report to be prepared pursuant to Sections 78c and 98a Austrian Stock Corporation Act (Aktiengesetz – AktG). This Compensation Report will be submitted to the Annual General Meeting on July 7, 2021, for a vote and subsequently published on the company’s website. In contrast to previous years, therefore, there will be no reporting on compensation as part of the Consolidated Corporate Governance Report.