Comply or Explain
Similarly, the company endeavours to comply with all the requirements contained in the code's "Comply or Explain" section.
In the 2023|24 financial year, AGRANA adhered to all C rules of the Code except as explained below:
Rule 49 (contracts requiring approval) |
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| Under section 95 (5)(12) of the Austrian Stock Corporation Act, the approval of the Supervisory Board is required for contracts with members of the Supervisory Board by which members undertake, outside their role on the Supervisory Board, to provide a service to the Company or a subsidiary for a material consideration. This also applies to contracts with companies in which a Supervisory Board member has a significant economic interest. At the time of the initial commitment to the Austrian Code of Corporate Governance in 2005, the Supervisory Board decided, for business policy and competition reasons, not to publish the object and terms of such contracts in the annual report as stipulated in rule 49. |