VERBUND Supervisory Board Rejects “Profil” Allegations

10/16/2006Wien

The claims featured in the latest edition of “Profil” magazine referring to alleged co-dependencies of individual VERBUND supervisory board members have no valid ground whatsoever. “The VERBUND supervisory board has examined and decided on everything within its realm of competence in orderly fashion. There is nothing whatsoever that could possibly constitute an infringement of the strict VERBUND corporate governance guidelines,” Erhard Schaschl, chairman of the supervisory board, rejects the allegations.

In line with an open information policy vis-à-vis all shareholders, all corporate governance related conditions can, additionally, be viewed on the VERBUND website. The importance of the corporate governance code to all VERBUND controlling bodies is underscored by the fact that the adherence to the same is willingly subjected to a twofold inspection: First, by the regular auditor, second, by another, independent auditor. “I believe that this supplies us with a particularly high level of transparency,” says Schaschl. Moreover, it would not be an exaggeration to say that the exceptionally high outward performance of VERBUND by European standards undoubtedly bears substantial witness to VERBUND and the work of the controlling bodies of this stock-listed company.