Formal procedure for privatisation projects
23.06.2003 15:48

Privatisation mandate
Is based on a decision of the Council of Ministers, is awarded to OIAG by the Minister of Finance as representative of the Republic of Austria during the annual general meeting.
Basis: §7 (1) OIAG Act.

Multi-year privatisation programme
To be prepared by the Managing Board and submitted to the Supervisory Board for approval (after the award of the privatisation mandate).
Basis: §8 (4) OIAG Act.

Privatisation concept
To be prepared by the Managing Board and to be approved by the Supervisory Board; to be submitted yearly within the framework of the duty to report as per § 81 of the Austrian Stock Corporation Law. Contains the privatisation methods and avenues planned for the respective project.
Basis: §8 (4) OIAG Act.

Sale of shares
To be requested by the Managing Board and to be approved by the Supervisory Board; the application especially includes the purchaser and the purchase price.

Privatisation Committee
The Supervisory Board shall institute a Privatisation Committee that is responsible for preparing decisions of the Supervisory Board on measures for privatisation and for monitoring the execution of these decisions; the Privatisation Committee can also be granted the authority to make decisions in individual cases.
Basis: §3 (3) OIAG Act.

Report on the progress of the implementation of the privatisation programme
The Managing Board shall report on the progress of the implementation of the privatisation programme during the general annual meeting when the annual financial statements are submitted (ordinary general meeting). The Minster of Finance then reports to the federal government.
Basis: §8 (5) OIAG Act.