A rePort: How is a head- liner actually produced? friedrich ... - polytec
A rePort: How is a head- liner actually produced? friedrich ... - polytec
A rePort: How is a head- liner actually produced? friedrich ... - polytec
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36<br />
CORPORATE<br />
GOVERNANCE<br />
The Austrian Corporate Governance Code was publ<strong>is</strong>hed in October<br />
2002 and was added to and adapted in February 2005 as well<br />
as in January 2006. It <strong>is</strong> based on the regulations of the Austrian<br />
company law and capital market rights as well as the fundamental<br />
principles of the Corporate Governance of the OECD. The code<br />
should serve Austrian companies as a monitoring system for effi<br />
cient and sustained company management and superv<strong>is</strong>ion. It<br />
achieves validity by means of the voluntary self commitment of<br />
the company.<br />
With the l<strong>is</strong>ting of Polytec-shares on the Vienna Stock Exchange,<br />
POLYTEC HOLDING AG <strong>is</strong> obliged to keep to the Austrian Corporate<br />
Governance Code as per the January 2006 version.<br />
POLYTEC HOLDING AG fulfi ls the binding L-regulations (“Legal<br />
Requirement”) and sticks to all the C-regulations (“Comply or Explain”)<br />
of the Austrian Corporate Governance Code with the exception<br />
of the following regulations:<br />
RULES 39, 41 AND 43<br />
setting up of committees of the superv<strong>is</strong>ory board <strong>is</strong> not carried<br />
out. Since the superv<strong>is</strong>ory board only cons<strong>is</strong>ts of fi ve capital representatives,<br />
the setting up of a committee (aside from the legally<br />
required audit committee) would not increase the effi ciency of the<br />
superv<strong>is</strong>ory board. The audit committee cons<strong>is</strong>ts of the members<br />
Andreas Szigmund (Chairman), Fred Duswald and Gerhard Wildmoser.<br />
RULE 45<br />
concerning positions of members of the superv<strong>is</strong>ory board in competing<br />
companies, <strong>is</strong> complied with in general. The superv<strong>is</strong>ory<br />
board can however agree to assume such a position in advance.<br />
RULE 80<br />
concerning the functionality of business specifi c r<strong>is</strong>k management<br />
will not be complied with, because the r<strong>is</strong>k management systems<br />
are set up on the level of the Group companies. The Group <strong>is</strong> currently<br />
in the process of implementing a group-wide r<strong>is</strong>k management<br />
system. Management believes that the implementation of<br />
th<strong>is</strong> system will be completed in 2007.<br />
DIRECTORS’ DEALINGS<br />
In the 2006 fi nancial year, 69,526 shares altogether were purchased<br />
by the management of POLYTEC HOLDING AG or the members<br />
of related parties and -designated as Directors’ Dealings – and<br />
publ<strong>is</strong>hed over the website of the superv<strong>is</strong>ion of the fi nancial market.<br />
A table of these transactions can be founded below.<br />
NAME OF THE REPORTING PERSON REASON FOR THE OBLIGATION TO INFORM BUY DATE PRICE PER SHARE IN EUR<br />
Ulrike Huemer Closely related to a member<br />
of the management 5,000 22.5.2006 6.50<br />
Markus Huemer Closely related to a member<br />
of the management 2,000 12.6.2006 6.05<br />
Friedrich Huemer CEO 20,000 19.6.2006 5.90<br />
Friedrich Huemer CEO 20,000 27.6.2006 5.75<br />
Friedrich Huemer CEO 1,026 28.6.2006 5.60<br />
Friedrich Huemer CEO 20,000 17.8.2006 6.00<br />
Gerald Weidemann Managing Director 1,500 28.11.2006 7.31<br />
POLYTEC<br />
ANNUAL REPORT 2006<br />
CORPORATE<br />
GOVERNANCE
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