In October 2002, the Austrian Code of Corporate Governance was enacted. This code gives Austrian stock corporations a framework for managing and supervising their enterprises.
The goal of the Code is to create responsible management and control of companies and groups, which is oriented toward sustained and long-term asset creation and which provides a high degree of transparency for all stakeholders of an enterprise.

The basis of the Code are the provisions of Austrian stock corporation law, securities law and capital markets law, as well as the principles of the OECD guidelines on corporate governance. The Code was amended several times since 2002; the last changes were implemented in June 2007.

The Code comes into force through the voluntary self-obligation of a company.

The Management Board and the Supervisory Board of voestalpine AG had already resolved in 2003 to recognize the Corporate Governance Code and have implemented the changes to the rules that have taken place since that time.

You can find further information on the following homepage:

Austrian Working Group for Corporate Governance

In addition to the binding “L rules”*, the “C rules” of the Code are also complied with, with only one exception. Contrary to Rule 57, neither the Articles of Association nor the Internal Rules of Procedure stipulate an age limit for nominations for members of the Supervisory Board of the Company.


* The Code of Corporate Governance contains the following rules:
"L-Rules" (= Legal), which are the mandatory measures prescribed by law;
"C-Rules" (Comply or Explain), of which non-compliance must be justified;
"R-Rules" (Recommendations), which are only recommendations, but that voestalpine AG largely complies with.

According to compliance rule 58 of the Austrian corporate governance codex other supervisory board mandates or similar functions in Austrian or foreign listed companies of every supervisory board member shall be published in the annual report or on the homepage of the company. 

Currently no member of the supervisory board of voestalpine AG holds any other supervisory board mandate or similar function in Austrian or foreign listed companies.