Investor Relations

Corporate Governance at VIG

The Austrian Code of Corporate Governance was introduced in 2002 and is amended periodically to account for changes in the law and current trends. It is the standard for good corporate governance and control in Austria. The provisions of the Code contribute to the strengthening of trust in the Austrian capital market, and the report that companies are required to publish on compliance with these provisions requires a high level of transparency.

VIG Holding views corporate governance as a continuous process that changes in response to new conditions and current trends and must be continuously improved for the benefit of the Group and all its stakeholders. The goal of all Corporate Governance measures is to ensure responsible corporate management aimed at long-term growth while simultaneously maintaining effective corporate control.

The Managing Board, Supervisory Board and employees consider observance of and compliance with the rules of the Austrian Code of Corporate Governance to be highly important for the practical implementation of corporate government. VIG Holding’s declaration of adherence to the Code, discussions regarding the areas of deviation, and detailed information on the composition of, procedures followed by, and the compensation of the Managing Board and Supervisory Board are clearly organized and presented below.

VIG Holding is committed to the application of and compliance with the applicable version of the Austrian Code of Corporate Governance.

The rules are divided into the following three categories:

  • Rules based on mandatory legal requirements (“Legal requirements”)
  • Rules based on standard international requirements. Non-compliance with these rules must be declared and explained in order to comply with the Code (“Comply or explain”)
  • Non-compliance with rules of a purely recommending nature does not need to be disclosed or explained (“Recommendation”)

Vienna Insurance Group Holding complies with the rules of the Austrian Code of Corporate Governance.

Last update 19 August 2021

Legal requirements
The L-Rules ("Legal Requirement") are observed in their entirety in accordance with the law.

Comply or Explain
VIG Holding differs from the rules of the Code for the reporting year 2021 for the following C-Rule ("Comply or Explain") and explains this as follows:

Rule 52a
According to C-Rule 52a ÖCGK, the number of members of the Supervisory Board (excluding employee representatives) shall not exceed ten. In 2021, the Supervisory Board of VIG Holding consists of twelve members elected by the Annual General Meeting. The non-compliance is due to the around 50 insurance companies of VIENNA INSURANCE GROUP AG Wiener Versicherung Gruppe being active in more than 30 countries. The number of Supervisory Board members of twelve enables VIG Group to utilise additional expertise considering the international presence and further growth of VIG Group and also in connection with increasing regulatory requirements.

Recommendation
All R-Rules ("Recommendation") are fulfilled in the spirit of transparency.