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Codes of Ethics and CSR in Austria

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CSR and Codes of Business Ethics in the USA, Austria (EU) and China and their Enforcement in International Supply Chain Arbitrations

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Abstract

Pursuant to Sect. 70 (1) of the Austrian Stock Corporation Act (Aktiengesetz, “AktG”) (Sect. 70 of the AktG: “Der Vorstand hat unter eigener Verantwortung die Gesellschaft so zu leiten, wie das Wohl des Unternehmens unter Berücksichtigung der Interessen der Aktionäre und der Arbeitnehmer sowie des öffentlichen Interesses es erfordert.“), it shall be the responsibility of the management board (Vorstand) to manage the company in the best interest of the company considering the interests of the shareholders and the employees as well as the interests of the public.

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Notes

  1. 1.

    Section 70 of the AktG: “Der Vorstand hat unter eigener Verantwortung die Gesellschaft so zu leiten, wie das Wohl des Unternehmens unter Berücksichtigung der Interessen der Aktionäre und der Arbeitnehmer sowie des öffentlichen Interesses es erfordert.”

  2. 2.

    Nowotny in Doralt/Nowotny/Kalss, AktG2 § 70 (April 2012, rdb.at) para. 15.

  3. 3.

    Nowotny in Doralt/Nowotny/Kalss, AktG2 § 70, para. 11.

  4. 4.

    Reich-Rohrwig in Artmann/Karollus, AktG II6 § 70 (1 October 2018, rdb.at) para. 105; Nowotny in Doralt/Nowotny/Kalss, AktG2 § 70 (April 2012, rdb.at) para. 14.

  5. 5.

    Section 84 (1) of the AktG: “Die Vorstandsmitglieder haben bei ihrer Geschäftsführung die Sorgfalt eines ordentlichen und gewissenhaften Geschäftsleiters anzuwenden.”

  6. 6.

    BGBl I 2015/112.

  7. 7.

    Section 84 (1a) of the AktG: “Ein Vorstandsmitglied handelt jedenfalls im Einklang mit der Sorgfalt eines ordentlichen und gewissenhaften Geschäftsleiters, wenn er sich bei einer unternehmerischen Entscheidung nicht von sachfremden Interessen leiten lässt und auf der Grundlage angemessener Information annehmen darf, zum Wohle der Gesellschaft zu handeln.”

  8. 8.

    Reich-Rohrwig/Grossmayer/Grossmayer/Zimmermann in Artmann/Karollus, AktG II6 § 84, para. 194.

  9. 9.

    Austrian Supreme Court (OGH) 23 February 2016, 6 Ob 160/15w.

  10. 10.

    Reich-Rohrwig/Grossmayer/Grossmayer/Zimmermann in Artmann/Karollus, AktG II6 § 84, para. 204.

  11. 11.

    Bydlinski/Potyka in Artmann/Karollus, AktG6, Ergänzungsheft § 78a AktRÄG 2019 (1 September 2019, rdb.at); Gregory/Deutsch, Praktische Überlegungen zur Erstellung der Vergütungspolitik für den Vorstand und für den Aufsichtsrat, GesRZ 1/2020, p. 26 (p. 32).

  12. 12.

    Austrian Code of Corporate Governance (January 2021), Preamble, p. 9, https://www.corporate-governance.at/uploads/u/corpgov/files/code/corporate-governance-code-012021.pdf (last accessed on 11 February 2021).

  13. 13.

    Austrian Code of Corporate Governance, Preamble; Notes to the Code, p. 9 et sqq.

  14. 14.

    Austrian Code of Corporate Governance, Preamble, p. 10.

  15. 15.

    Rules Prime Market, Wiener Börse AG (20 February 2019), Admission Criteria, p. 8, https://www.wienerborse.at/uploads/u/cms/files/issuers/shares/rules-prime-market.pdf (last accessed on 21 January 2020).

  16. 16.

    Rules Prime Market, Wiener Börse AG, General, p. 4; Österreichisches Gesellschafts- und Wirtschaftsmuseum, The Austrian Capital Market (2013) p. 9, https://www.wirtschaftsmuseum.at/media/publikationen/wanderausstellungen/WBAG_2013_englisch_Web.pdf (last accessed on 21 January 2020).

  17. 17.

    Austrian Code of Corporate Governance, Preamble, p. 9.

  18. 18.

    Section 243c of the Austrian Business Code (Unternehmensgesetzbuch, “UGB”).

  19. 19.

    Austrian Code of Corporate Governance, Annex 2b, p. 59 et sq.

  20. 20.

    The free float “refers to the number of a company's outstanding shares owned by public investors, excluding locked-in shares held by company managers and officers, controlling-interest investors, governments and other private parties.” See Free float, https://capital.com/free-float-definition (last accessed on 21 January 2020).

  21. 21.

    One-tier structures (board of a directors composed of executive and non-executive directors) are usually characterized by a market-based finance model and a high degree of ownership dispersion. See Ernst & Young, A view on the current and future role of audit committees—impact for Germany, Switzerland and Austria. European Corporate Governance 2019 analysis, p. 11, https://www.ey.com/Publication/vwLUAssets/ey-european-corporate-governance-2019-analysis/$FILE/ey-european-corporate-governance-2019-analysis.pdf (last accessed on 24 January 2020).

  22. 22.

    Two-tier structures (management board and supervisory board) are usually characterized by bank-based finance and a high degree of ownership concentration (controlling shareholders). See Ernst & Young, A view on the current and future role of audit committees—impact for Germany, Switzerland and Austria. European Corporate Governance 2019 analysis, p. 11, https://www.ey.com/Publication/vwLUAssets/ey-european-corporate-governance-2019-analysis/$FILE/ey-european-corporate-governance-2019-analysis.pdf.

  23. 23.

    Peter, Die Verwaltungsstruktur der Aktiengesellschaft, p. 164 et sqq.

  24. 24.

    Peter, Die Verwaltungsstruktur der Aktiengesellschaft, p. 164 et sqq.

  25. 25.

    Aschauer/Rohatschek, Corporate Governance Monitor 2019, p. 15, http://asa.jku.at/wp-content/uploads/2019/07/Coroporate-Governance-Monitor_online.pdf (last accessed on 28 January 2020).

  26. 26.

    Aschauer/Rohatschek, Corporate Governance Monitor 2019, p. 52 et sqq., http://asa.jku.at/wp-content/uploads/2019/07/Coroporate-Governance-Monitor_online.pdf.

  27. 27.

    Section 92 (4a) (4.) (f.) of the AktG.

  28. 28.

    Nowotny in Straube/Ratka/Rauter, UGB II/RLG3 § 243c (1 February 2018, rdb.at) para. 14.

  29. 29.

    L-Rule 40 ACCG; Sect. 92 (4a) (4.) AktG.

  30. 30.

    Nowotny in Straube/Ratka/Rauter, UGB II/RLG3 § 243c, para. 13.

  31. 31.

    Nowotny in Straube/Ratka/Rauter, UGB II/RLG3 § 243c, para. 16; Rohregger in Höpfel/Ratz, WK2 StGB § 163a (1 December 2018, rdb.at) para. 59.

  32. 32.

    OMV AG, Our Business, https://www.omv.com/en/our-business (last accessed on 15 May 2020).

  33. 33.

    “The co-determination rights of employees’ representatives on the supervisory board form part of the statutory Austrian system of corporate governance in addition to the codetermination rights at the operational level in the form of works councils. The employees’ representatives are entitled to appoint to the supervisory board of a stock corporation one member from among their ranks for every two members appointed by the general meeting (but not external members from the trade union).” See L-Rule 59 of the ACCG.

  34. 34.

    OMV Annual Report 2019/Consolidated Corporate Governance Report, p. 100 et sqq., https://reports.omv.com/en/annual-report/2019/servicepages/downloads/files/entire_omv_ar19.pdf (last accessed on 16 May 2020).

  35. 35.

    STRABAG SE, On the Safe Side. Annual Report 2019, https://www.strabag.com/databases/internet/_public/files.nsf/SearchView/0372881BB65FB800C12585580054309F/$File/STRABAG%20SE_Geschäftsbericht%202019_E_Website.pdf?OpenElement (last accessed on 14 May 2020).

  36. 36.

    STRABAG Consolidated Corporate Governance Report 2019, p. 6 et sqq., https://www.strabag.com/databases/internet/_public/files.nsf/SearchView/BE5E6B7CEAF423F7C1258559001E3F2D/$File/STRABAG_SE_Konsolidierter%20Corporate%20Governance-Bericht%202019_E_mit%20Unterschriften.pdf (last accessed on 16 May 2020).

  37. 37.

    voestalpine, Overview, https://www.voestalpine.com/group/en/group/overview/ (last accessed on 15 May 2020).

  38. 38.

    voestalpine Consolidated Corporate Governance Report 2018/2019, https://www.voestalpine.com/group/static/sites/group/.downloads/en/share/agm/agm2019/2019-agm-consolidated-corporate-governance-report.pdf (last accessed on 16 May 2020).

  39. 39.

    Erste Group Ethical and Environmental Code of Conduct for Suppliers of Goods and Services, p. 2, https://www.erstegroup.com/en/about-us/sustainability (last accessed on 15 May 2020).

  40. 40.

    Erste Group Bank AG (Consolidated) Corporate Governance Report 2019, p. 84 et sqq., https://www.erstegroup.com/en/about-us/corporate-governance (last accessed on 16 May 2020).

  41. 41.

    Nowotny in Straube/Ratka/Rauter, UGB II/RLG3 § 243c, para. 27.

  42. 42.

    PwC, Compliance-Kompass. Unternehmen bleiben weiter auf Kurs (October 2013) p. 9 et sqq., http://files.pwc.at/publications/branchen-und-wirtschaftsstudien/compliance-kompass.pdf (last accessed on 24 January 2020).

  43. 43.

    Gewerkschaft der Privatangestellten, Verhaltenskodizes (September 2003) p. 14, https://www.nesove.at/wp-content/uploads/2018/05/soz-audit-teil-4-Verhaltenskodizes.pdf (last accessed on 24 January 2020).

  44. 44.

    Neuhold in Neuhold/Pelzl, Ethik in Forschung und Technik, p. 51 et sqq.

  45. 45.

    Alvarez & Marsal/Schneider ǀ Minar ǀ Jenewein Consulting, Compliance Report Österreich (2013) p. 9 et sqq., https://www.smj.at/wp-content/uploads/2015/07/compliance_studie.pdf (last accessed on 24 January 2020).

  46. 46.

    Ernst & Young, A view on the current and future role of audit committees—impact for Germany, Switzerland and Austria. European Corporate Governance 2019 analysis, p. 12 et sq., https://www.ey.com/Publication/vwLUAssets/ey-european-corporate-governance-2019-analysis/$FILE/ey-european-corporate-governance-2019-analysis.pdf.

  47. 47.

    OMV AG, Sustainability Report 2019. Non-financial report, p. 95, https://www.omv.com/services/downloads/00/omv.com/1522184656391/dload_sustainabilityreport2019_EN (last accessed on 15 May 2020).

  48. 48.

    OMV Code of Conduct—Our Values (April 2018) p. 4, https://www.omv.com/services/downloads/00/omv.com/1522177201471/dload_Code%20of%20Conduct_EN (last accessed on 26 January 2020).

  49. 49.

    OMV Code of Conduct—Our Values, p. 4, https://www.omv.com/services/downloads/00/omv.com/1522177201471/dload_Code%20of%20Conduct_EN.

  50. 50.

    OMV AG, Sustainability Report 2019. Non-financial report, p. 14 et sqq, https://www.omv.com/services/downloads/00/omv.com/1522184656391/dload_sustainabilityreport2019_EN.

  51. 51.

    OMV Code of Conduct—Our Values, p. 9 et sqq., https://www.omv.com/services/downloads/00/omv.com/1522177201471/dload_Code%20of%20Conduct_EN.

  52. 52.

    OMV Code of Conduct—Our Values, p. 20, https://www.omv.com/services/downloads/00/omv.com/1522177201471/dload_Code%20of%20Conduct_EN.

  53. 53.

    OMV AG, Sustainability Report 2019. Non-financial report, p. 103 et sq., https://www.omv.com/services/downloads/00/omv.com/1522184656391/dload_sustainabilityreport2019_EN; OMV, Stepping on the gas toward our energy future. Sustainability Report 2018, p. 84, https://www.omv.com/services/downloads/00/omv.com/1522167571398/dwl_Sustainability%20Report%202018_EN (last accessed on 5 February 2020).

  54. 54.

    OMV AG, Sustainability Report 2019. Non-financial report, p. 2, https://www.omv.com/services/downloads/00/omv.com/1522184656391/dload_sustainabilityreport2019_EN.

  55. 55.

    OMV AG, Sustainability Report 2019. Non-financial report, p. 121 et sqq., https://www.omv.com/services/downloads/00/omv.com/1522184656391/dload_sustainabilityreport2019_EN.

  56. 56.

    “Our procedures have been designed to obtain a limited level of assurance on which to base our conclusions. The extent of evidence gathering procedures performed is less than for that of a reasonable assurance engagement (such as a financial audit) and therefore a lower level of assurance is provided […] The objective of our engagement was neither a financial audit nor a financial audit review of past-oriented financial information. We did not perform any further assurance procedures on data, which were subject of the annual financial audit, the corporate governance report and the risk reporting. We merely checked this data was presented in accordance with the GRI Guidelines. Neither the detection and investigation of criminal offenses, such as embezzlement or other fraudulent actions, nor the assessment of effectiveness and efficiency of management were subject to our engagement. We did not test data derived from external surveys or prospective information. Our assurance engagement solely covers references directly specified in the GRI Content Index. It does not cover any further web references.” See OMV AG, Sustainability Report 2019. Non-financial report, p. 168 et sq., https://www.omv.com/services/downloads/00/omv.com/1522184656391/dload_sustainabilityreport2019_EN.

  57. 57.

    OMV Code of Conduct—Our Values, p. 28, https://www.omv.com/services/downloads/00/omv.com/1522177201471/dload_Code%20of%20Conduct_EN.

  58. 58.

    OMV Code of Conduct—Our Values, p. 28, https://www.omv.com/services/downloads/00/omv.com/1522177201471/dload_Code%20of%20Conduct_EN.

  59. 59.

    OMV Code of Business Ethics (2017), https://www.omv.com/services/downloads/00/omv.com/1522138416551/Business%20Ethics%20brochure_EN (last accessed on 26 January 2020).

  60. 60.

    OMV Code of Conduct—Our Values, p. 28, https://www.omv.com/services/downloads/00/omv.com/1522177201471/dload_Code%20of%20Conduct_EN.

  61. 61.

    OMV Code of Business Ethics, p. 32 et sq., https://www.omv.com/services/downloads/00/omv.com/1522138416551/Business%20Ethics%20brochure_EN.

  62. 62.

    STRABAG Business Compliance, https://www.strabag.com/databases/internet/_public/content.nsf/web/EN-STRABAG.COM-business_compliance.html (last accessed on 26 January 2020).

  63. 63.

    STRABAG SE, On the Safe Side. Annual Report 2019, p. 123, https://www.strabag.com/databases/internet/_public/files.nsf/SearchView/0372881BB65FB800C12585580054309F/$File/STRABAG%20SE_Geschäftsbericht%202019_E_Website.pdf?OpenElement.

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    STRABAG SE, On the Safe Side. Annual Report 2019, p. 123, https://www.strabag.com/databases/internet/_public/files.nsf/SearchView/0372881BB65FB800C12585580054309F/$File/STRABAG%20SE_Geschäftsbericht%202019_E_Website.pdf?OpenElement.

  65. 65.

    STRABAG Code of Conduct (January 2015) p. 3, https://www.strabag.com/databases/internet/_public/files.nsf/SearchView/F803C6C9603DA4B6C1257F940040D874/$File/Code_of_Conduct_en-01-01-2015.pdf (last accessed on 26 January 2020).

  66. 66.

    STRABAG SE, On the Safe Side. Annual Report 2019, p. 79, https://www.strabag.com/databases/internet/_public/files.nsf/SearchView/0372881BB65FB800C12585580054309F/$File/STRABAG%20SE_Geschäftsbericht%202019_E_Website.pdf?OpenElement.

  67. 67.

    STRABAG Code of Conduct, p. 5, https://www.strabag.com/databases/internet/_public/files.nsf/SearchView/F803C6C9603DA4B6C1257F940040D874/$File/Code_of_Conduct_en-01-01-2015.pdf.

  68. 68.

    STRABAG Code of Conduct, p. 9 et sqq., https://www.strabag.com/databases/internet/_public/files.nsf/SearchView/F803C6C9603DA4B6C1257F940040D874/$File/Code_of_Conduct_en-01-01-2015.pdf.

  69. 69.

    STRABAG Code of Conduct, p.16, https://www.strabag.com/databases/internet/_public/files.nsf/SearchView/F803C6C9603DA4B6C1257F940040D874/$File/Code_of_Conduct_en-01-01-2015.pdf; STRABAG SE, Personnel Structure of the STRABAG Ethics-Business Compliance System (1 June 2019) p. 2, https://www.strabag.com/databases/internet/_public/files30.nsf/SearchView/9866FB3218AC9546C1258315003E558D/$File/Personelle%20Struktur_en.pdf (last accessed on 14 May 2020); STRABAG SE, On the Safe Side. Annual Report 2019, p. 123, https://www.strabag.com/databases/internet/_public/files.nsf/SearchView/0372881BB65FB800C12585580054309F/$File/STRABAG%20SE_Geschäftsbericht%202019_E_Website.pdf?OpenElement; STRABAG Business Compliance Guidelines for Business Partners (January 2015) p. 4, https://www.strabag.com/databases/internet/_public/files.nsf/SearchView/083A855D71E7EC7BC1257F94004248A6/$File/Leitfaden_BC_f_Geschäftspartnerinnen%20und%20Geschäftspartner_en-01012015.pdf (last accessed on 26 January 2020).

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    STRABAG SE, On the Safe Side. Annual Report 2019, p. 106, https://www.strabag.com/databases/internet/_public/files.nsf/SearchView/0372881BB65FB800C12585580054309F/$File/STRABAG%20SE_Geschäftsbericht%202019_E_Website.pdf?OpenElement.

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    STRABAG Code of Conduct, p. 3, https://www.strabag.com/databases/internet/_public/files.nsf/SearchView/F803C6C9603DA4B6C1257F940040D874/$File/Code_of_Conduct_en-01-01-2015.pdf; STRABAG Personnel Structure of the STRABAG Ethics-Business Compliance System, https://www.strabag.com/databases/internet/_public/files30.nsf/SearchView/9866FB3218AC9546C1258315003E558D/$File/Personelle%20Struktur_en.pdf.

  72. 72.

    STRABAG Business Compliance Guidelines for Business Partners, p. 2 et sqq., https://www.strabag.com/databases/internet/_public/files.nsf/SearchView/083A855D71E7EC7BC1257F94004248A6/$File/Leitfaden_BC_f_Geschäftspartnerinnen%20und%20Geschäftspartner_en-01012015.pdf.

  73. 73.

    STRABAG Principles of Employment Conditions and Human Rights—Complementary Annex to the Code of Conduct, https://www.strabag.com/databases/internet/_public/files.nsf/SearchView/AAD9DA0241B194FBC1258176005AB820/$File/Grundsätze%20zu%20BB%20und%20MR_EN_final.pdf (last accessed on 26 January 2020).

  74. 74.

    Phase 1: Germany, Austria, Switzerland; phase 2: remaining countries.

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    STRABAG SE, On the Safe Side. Annual Report 2019, p. 125, https://www.strabag.com/databases/internet/_public/files.nsf/SearchView/0372881BB65FB800C12585580054309F/$File/STRABAG%20SE_Geschäftsbericht%202019_E_Website.pdf?OpenElement.

  76. 76.

    “An independent assurance engagement with the purpose of expressing a conclusion with limited assurance is substantially less in scope than an independent assurance engagement with the purpose of expressing a conclusion with reasonable assurance, thus providing reduced assurance. In spite of conscientious planning and execution of the engagement it cannot be ruled out that material mistakes, unlawful acts or irregularities within the non-financial reporting will remain undetected.” See STRABAG SE, On the Safe Side. Annual Report 2019, p. 19/p. 134 et sq., https://www.strabag.com/databases/internet/_public/files.nsf/SearchView/0372881BB65FB800C12585580054309F/$File/STRABAG%20SE_Geschäftsbericht%202019_E_Website.pdf?OpenElement.

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    STRABAG SE, On the Safe Side. Annual Report 2019, p. 134, https://www.strabag.com/databases/internet/_public/files.nsf/SearchView/0372881BB65FB800C12585580054309F/$File/STRABAG%20SE_Geschäftsbericht%202019_E_Website.pdf?OpenElement.

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    voestalpine Code of Conduct, https://www.voestalpine.com/group/static/sites/group/.downloads/de/konzern/compliance/Code-of-Conduct_EN.pdf (last accessed on 27 January 2020).

  79. 79.

    voestalpine Corporate Responsibility Report 2019, p. 44, https://reports.voestalpine.com/2019/cr-report/servicepages/downloads/files/ethical_corporate_management_va_cr19.pdf (last accessed on 27 January 2020).

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    voestalpine Corporate Responsibility Report 2019, p. 42, https://reports.voestalpine.com/2019/cr-report/servicepages/downloads/files/ethical_corporate_management_va_cr19.pdf.

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  85. 85.

    voestalpine Corporate Responsibility Report 2018, Transparency in the supply chain, p. 42 et sqq. https://reports.voestalpine.com/2018/cr-report/servicepages/downloads/files/supply_chain_transparency_va_cr18.pdf (last accessed on 8 February 2020).

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  87. 87.

    Code of Conduct for voestalpine Business Partners, p. 15, https://www.voestalpine.com/group/static/sites/group/.downloads/de/konzern/compliance/2019-CoC-for-Business-Partners_EN.pdf.

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  89. 89.

    See above Sect. ‎4.3.3.

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    What we value: The Code of Conduct of Erste Group, p. 7, https://www.erstegroup.com/en/about-us/sustainability.

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    Erste Group Ethical and Environmental Code of Conduct for Suppliers of Goods and Services, p. 2 et sqq., https://www.erstegroup.com/en/about-us/sustainability; Erste Group (Consolidated) Non-Financial Report as part of the Annual Report 2019, p. 65, https://www.erstegroup.com/en/investors/reports/financial-reports (last accessed on 15 May 2020).

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    Erste Group (Consolidated) Non-Financial Report as part of the Annual Report 2019, p. 76, https://www.erstegroup.com/en/investors/reports/financial-reports.

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    Dokalik in U. Torggler, UGB3 § 189a, para. 43 et sqq.

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    Kert in Artmann/Karollus, AktG III6 § 163a StGB (1 April 2019) para. 93 et sq.

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    Recitals 2, 3, 5 and 21 of Directive 2014/95/EU of the European Parliament and of the Council of 22 October 2014 amending Directive 2013/34/EU as regards disclosure of non-financial and diversity information by certain large undertakings and groups, https://eur-lex.europa.eu/legal-content/EN/TXT/PDF/?uri = CELEX:32014L0095&from = EN (last accessed on 29 January 2020); Nowotny/Ziskovsky in Straube/Ratka/Rauter, UGB II/RLG3 § 243b, para. 5.

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    BGBl I 2017/20.

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    Aschauer/Fuhrmann, RWZ 6/2009, p. 191; Baumüller, Nichtfinanzielle Berichterstattung und Bilanzstrafrecht. Strafrechtlicher Nachdruck hinter der Übernahme gesellschaftlicher Verantwortung durch Unternehmer, GesRZ 4/2017, p. 243 (p. 245).

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    Ernst & Young (1997) p. 7, cited in Aschauer/Fuhrmann, RWZ 6/2009, p. 191, and Cleary, Human Resource Accounting, in McGuire/Molberg Jorgensen (Ed.), Human Resource Development: Theory and Practice (2011) p. 49.

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    Section 243b (6) of the UGB.

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    Nowotny/Ziskovsky in Straube/Ratka/Rauter, UGB II/RLG3 § 243b, para. 3.

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    For an analysis of Sect. 163a StGB see below Sect. ‎4.4.5.

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    Baumüller, GesRZ 4/2017, p. 244 et sq.; Nowotny/Ziskovsky in Straube/Ratka/Rauter, UGB II/RLG3 § 243b, para. 10.

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    Feltl, UGB § 243b, remark 3).

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    Section 243b (7) of the UGB sets forth that subsidiaries of parent companies seated in the EU shall be exempted from the disclosure obligation if they are included in the consolidated management report of their parent company.

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    The deadline was on 22 November 2018.

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    “Limited assurance is intended to evaluate that no significant errors have been found and that the report was drafted in line with the reporting criteria. The result of an audit with limited assurance is a declaration that no significant errors were found that could lead to believe that the report was not drafted in line with the reporting criteria.” See Ernst and Young, Sustainability Reporting Assurance, https://www.ey.com/ch/en/services/specialty-services/climate-change-and-sustainability-services/ey-sustainability-reporting-assurance (last accessed on 3 February 2020).

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    “Reasonable assurance aims at verifying the completeness and accuracy of the information supplied. The result of the audit is meant to give sufficient assurance that the sustainability information has been compiled in accordance with the reporting criteria.” See Ernst and Young, Sustainability Reporting Assurance, https://www.ey.com/ch/en/services/specialty-services/climate-change-and-sustainability-services/ey-sustainability-reporting-assurance.

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    “This option indicates that a report contains the minimum information needed to understand the nature of the organization, its material topics and related impacts, and how these are managed.” See GRI 101: Foundation 2016, p. 21, https://www.globalreporting.org/standards/media/1036/gri-101-foundation-2016.pdf (last accessed on 3 February 2020).

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    The comprehensive option “builds on the Core option by requiring additional disclosures on the organization’s strategy, ethics and integrity, and governance. In addition, the organization is required to report more extensively on its impacts by reporting all the topic-specific disclosures for each material topic covered by the GRI Standards.” See GRI 101: Foundation 2016, p. 21, https://www.globalreporting.org/standards/media/1036/gri-101-foundation-2016.pdf.

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    See above Sect. 4.5.2.1.

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    Article 3 of the Proposed Directive.

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    Article 2 of the Proposed Directive.

  166. 166.

    Article 3 of the Proposed Directive.

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    Article 4 (2) of the Proposed Directive.

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    Article 4 (5) of the Proposed Directive.

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    Article 4 (8) of the Proposed Directive.

  170. 170.

    Article 4 (9) and (10) of the Proposed Directive.

  171. 171.

    Article 5 (1) and (2) of the Proposed Directive.

  172. 172.

    Article 12 (2) of the Proposed Directive.

  173. 173.

    Article 5 (4) of the Proposed Directive.

  174. 174.

    Article 15 (6) of the Proposed Directive.

  175. 175.

    Article 11 (1) of the Proposed Directive.

  176. 176.

    Article 19 (1) and (2) of the Proposed Directive.

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    Adolf Peter

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Peter, A. (2021). Codes of Ethics and CSR in Austria. In: CSR and Codes of Business Ethics in the USA, Austria (EU) and China and their Enforcement in International Supply Chain Arbitrations. Springer, Singapore. https://doi.org/10.1007/978-981-33-6073-0_4

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