AHP: Discharge of the Board of Management


At the ordinary stockholders’ meeting of VERBUND-Austrian Hydro Power AG (AHP), a subsidiary of VERBUND, a special audit in connection with the results for 2002 was adopted upon a motion proposed by the AHP minority stockholder KELAG on February 14.

KELAG had accused the AHP Board of Management of having granted unjustified special advantages to the principal stockholder VERBUND. In its audit report, which was presented at a special meeting of stockholders today, Thursday, “Europa Treuhand - Ernst & Young”, the auditing company that was commissioned to carry out the special audit, concludes that all accusations raised against the AHP Board of Management are unjustified, and that the Board cannot be accused of any breach of duty or misconduct whatsoever in connection with any aspect of the special audit.

Thus the majority stockholder VERBUND was not granted any special advantages. In addition to that the auditor confirms the economically correct and appropriate conduct of the Board of Management.