Originally it had been planned to relieve the entire board. With this decision one does not want to anticipate the result of ongoing investigations, said the head of the supervisory board, Mark Garrett, on Friday afternoon at the general meeting.
“Too much trust in Russia”
“Looking back, we have to say that the investments made in Russia after 2015 were based on too much trust in Russia and Russia’s role in the international community,” said Garrett, summing up the former CEO Seele’s strategy for Russia.
“However, the Management Board and the Supervisory Board would like to expressly emphasize that this decision was made on the basis of the current level of information, of course not anticipating the result of ongoing investigations and that it is therefore naturally possible for the Annual General Meeting to deal with this topic again,” said Chairman of the Supervisory Board Mark Garrett Friday afternoon at the reading of the items on the agenda.
“A turning point in history”
The motion for a resolution on the agenda originally read: “The Management Board and the Supervisory Board propose that the members of the Management Board in office in the 2021 financial year be granted discharge for this period.” This application was changed at short notice, now only the other board members are to be granted discharge.
“February 24 is a turning point in history,” Garrett said. It marks the end of trust in an important political and economic partner.” Not only Austrian and European politicians, but also OMV “placed a trust in Russian politics that proved to be unjustified”.
Investing in Russia after 2015 “was a mistake ex post,” Garrett said. “If we now have to write off two billion euros in the first quarter of 2022, everyone involved must stop trying to defend the decisions. You cannot sugarcoat what cannot be sugarcoated.”
“Painful but affordable”
According to the AR chairman, one does not want to hold partner companies responsible for the political development, but to significantly reduce the commitment in Russia. The value adjustments in Russia are “painful but affordable”.
The supervisory board supports the management board’s decision not to make any more investments in Russia. “The responsibility for the security of supply in Austria and other parts of Europe requires compliance with the long-term gas supply contracts.”
Source: Nachrichten
