The ÖBIB Act came into force on March 19, 2015 and changed the legal form of the former Österreichische Industrieholding AG (ÖIAG) which was a corporation (or Aktiengesellschaft under Austrian law), into a limited liability company (or GmbH) now known as Österreichische Bundes- und Industriebeteiligungen GmbH (ÖBIB).
The act also laid out the federal government’s objectives for ÖBIB and its mandate:
- ÖBIB must represent the federal government’s interests as an owner in strategically important shareholdings.
- ÖBIB aims to preserve and increase the value of important shareholdings of the federal government as well as to promote the Republic of Austria’s advantages as a destination for trade, business and research, whilst creating and maintaing employment in Austria.
- The objective of the new legislation is to manage and monitor the shareholdings with a focus on responsible, sustainable, and long-term value creation, which is in the best interests of all Austrian taxpayers.
- ÖBIB implements the owner’s strategic decisions efficiently and professionally.
- The members of the supervisory boards of the companies ÖBIB owns a stake in are designated by a Nominating Committee, which acts in accordance to the highest professional standards and deploys strict selection criteria.
The benefit to the federal government and Austrian taxpayers is at the center of all of ÖBIB’s endeavors.
Full text of the ÖBIB-Act in German (cover sheet and notes)