Further rules
The Supervisory Board has established an Audit Committee, which is comprised of Helmut Schwager (Chairman), Michael Kaufmann and Guido Schmidt-Chiari. Helmut Schwager meets the qualifications for designation as a financial expert according to the Corporate Governance Code.
A management letter prepared by the auditor of the annual financial statements and the report of this auditor on the effectiveness of risk management in the IMMOFINANZ Group were submitted to the Chairman of the Supervisory Board and discussed by this body.
IMMOFINANZ gives the highest priority to the equal treatment and provision of comprehensive information to all shareholders. In order to ensure the equal treatment of all shareholders in the determination of a price for a mandatory offer, the annual general meeting of IMMOFINANZ on 22 September 2003 approved the exclusion of the 15% discount permitted by § 26 Par. 1 of the Austrian Takeover Act. This step guarantees that every shareholder will receive the same price for his/her IMMOFINANZ shares in the event of a mandatory takeover offer. IMMOFINANZ AG has no core shareholder.
The Issuer Compliance Regulations announced by the Austrian financial markets supervisory authority took effect on 1 April 2002. These guidelines establish principles for the distribution of information within companies listed on the Vienna Stock Exchange, and are designed to prevent the misuse of such information. IMMOFINANZ complies with the provisions of the Issuer Compliance Regulations, and also extends these regulations to the activities of the Supervisory Board. Compliance with these rules is monitored on a regular basis.
Information on the purchase and sale of the company’s shares by members of the Executive Board and Supervisory Board is provided on the IMMOFINANZ website (www.immofinanz.com) under “Directors’ Dealings”.
The implementation and correctness of our public statement was reviewed by KPMG Wirtschaftsprüfungs- und Steuerberatungs GmbH based on the rules issued by the International Federation of Accountants (IFAC) for activities related to the review of annual financial statements (ISRE 2400).
A management letter prepared by the auditor of the annual financial statements and the report of this auditor on the effectiveness of risk management in the IMMOFINANZ Group were submitted to the Chairman of the Supervisory Board and discussed by this body.
IMMOFINANZ gives the highest priority to the equal treatment and provision of comprehensive information to all shareholders. In order to ensure the equal treatment of all shareholders in the determination of a price for a mandatory offer, the annual general meeting of IMMOFINANZ on 22 September 2003 approved the exclusion of the 15% discount permitted by § 26 Par. 1 of the Austrian Takeover Act. This step guarantees that every shareholder will receive the same price for his/her IMMOFINANZ shares in the event of a mandatory takeover offer. IMMOFINANZ AG has no core shareholder.
The Issuer Compliance Regulations announced by the Austrian financial markets supervisory authority took effect on 1 April 2002. These guidelines establish principles for the distribution of information within companies listed on the Vienna Stock Exchange, and are designed to prevent the misuse of such information. IMMOFINANZ complies with the provisions of the Issuer Compliance Regulations, and also extends these regulations to the activities of the Supervisory Board. Compliance with these rules is monitored on a regular basis.
Information on the purchase and sale of the company’s shares by members of the Executive Board and Supervisory Board is provided on the IMMOFINANZ website (www.immofinanz.com) under “Directors’ Dealings”.
The implementation and correctness of our public statement was reviewed by KPMG Wirtschaftsprüfungs- und Steuerberatungs GmbH based on the rules issued by the International Federation of Accountants (IFAC) for activities related to the review of annual financial statements (ISRE 2400).
Further topics:
Statement of compliance
Report of the Supervisory Board
Remuneration of Corporate Bodies
Statement of compliance
Report of the Supervisory Board
Remuneration of Corporate Bodies
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