Both the Erste Group and the BAG explained this in response to a preliminary report by the news magazine “profil”, according to which Catasta violated the Banking Act with her supervisory board work at Erste, because according to the Banking Act she was only allowed to work on two supervisory boards in addition to an executive function. According to Paragraph 28a of the Banking Act, supervisory boards of banks are “only allowed to exercise a total of only one executive function in connection with two activities as a member of a supervisory board”. This regulation is intended to guarantee that bank supervisory board members have sufficient time for their tasks. However, in addition to her new role as BAG managing director, Catasta is also on the supervisory boards of Verbund, Casinos Austria and Austrian Airlines.
After resigning from the supervisory board mandate at Erste, it would now be possible for Catasta to move into other supervisory boards of BAG companies such as OMV or Post. Upon request, the Financial Market Authority could also grant an exception to the provisions of the Banking Act, writes the “profil”. After Thomas Schmid’s resignation on June 8th, Catasta was appointed the new sole director of the BAG.
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