VERBUND Board of Management unanimously reappointed

The managing board memberships of Hans Haider, Dr. Michael Pistauer and Dr. Johann Sereinig were renewed for the five-year maximum term provided for by the Stock Corporation Act and in compliance with the age limit prescribed by the Corporate Governance Code. The allocation of responsibilities also remains unchanged, so that continuity at the top management of the largest domestic power service provider is ensured until the year 2008.

Also, Hans Haider and Dr. Michael Pistauer were appointed chairman and deputy chairman of the board of management respectively according to the guidelines of the Corporate Governance Code.

The unanimous resolution reflects the VERBUND supervisory board’s appreciation of the extremely successful work done by proven management trio, which has completely reorganized the group since the year 1994 from a monopolistic power supplier into a modern service company, a company which positioned itself extremely successfully in the liberalized European power market in spite of stiffest national and international competition. The most recent proof of the successful work are the recently presented results for the year 2002, one of the best results in the more than 50 years of VERBUND history, the unfavourable overall economic conditions notwithstanding.

“In our resolution we stuck to the principle of never to change a winning team. We believe the gentlemen will continue the successful course they adopted”, says DDr. Erhard Schaschl, chairman of the VERBUND supervisory board, by way of explaining the clear vote.