IMMOEAST Annual Report 2006/07

Corporate
Governance
Report
Commitment to the Austrian Corporate Governance Code
The Austrian Corporate Governance Code is a voluntary, self-regulating work that comprises elements
of Austrian stock corporation law and recognised international standards of good corporate
management. The goals of the code include the creation of more transparent corporate structure
and effective control as well as the provision of information on the financial position and development
of a company to all stakeholder groups. IMMOEAST is committed to compliance with the rules
of the Austrian Corporate Governance Code in its current version from January 2006, and is dedicated
to the principles of responsible management in order to realise a sustainable and long-term
increase in the value of the company. Furthermore, special emphasis is placed on the development
and continuous improvement of an efficient system of corporate control and risk management.
The code comprises important legal requirements (“L rules”) as well as recognised international
standards, whereby any failure to observe these standards (“C rules”) must be disclosed and
explained. In addition, the code includes a number of recommendations (“R rules”) that exceed
mandatory requirements and call for voluntary compliance. IMMOEAST complied with the Austrian
Corporate Governance Code during the 2006/07 financial year. The company deviated from the following
C rule during the past year, and explains this difference as follows:
Rule 18
Depending on the size of a company, an internal audit function must be installed as a separate staff
department or these activities must be outsourced to a qualified institution. A risk analysis performed
by IMMOEAST indicated that the creation of a traditional internal audit department would
not support the reasonable optimisation of risk management because of the specific characteristics
of the group. In accordance with the results of this analysis, internal control and audit functions are
carried out as part of group controlling activities. The Executive Board provides regular reports to
the Supervisory Board on the results of monitoring and controls. IMMOEAST will also comply with
the regulations of the Austrian Corporate Governance Code during the 2007/08 financial year. Since
an internal audit department was established as a separate staff department at the beginning of
2007/08, IMMOEAST now also meets the requirements defined in rule 18 of the code.
Executive Board and Supervisory Board
Members of the Executive Board
Karl Petrikovics, born 20 May 1954, appointed to 30 April 2010
Chairman and Chief Executive Officer
Norbert Gertner, born 15 February 1956, appointed to 30 April 2010
Member of the Executive Board
Christian Thornton, born 28 January 1969, appointed to 30 April 2010
Member of the Executive Board
Edgar Rosenmayr, born 14 November 1956, appointed to 30 April 2010
Deputy Member of the Executive Board
Report
Report by the Executive Board 51
Highlights 2006/07
Business Model and Strategy
Portfolio Structure
Corporate Governance and Outlook
Property Portfolio
Development of Business
Consolidated Financial Statements
Service and Glossary
Support for Code in the
version from January 2006