Ex-boss relieved – OMV: “No actionable misconduct” at Seele

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As part of a special audit commissioned by OMV’s Supervisory Board and now completed against ex-boss Rainer Seele, no “action-oriented misconduct” was found, according to the audit body. For that reason, no action for damages will be brought and the general meeting will propose the exemption of the former CEO, OMV announced Wednesday evening.

“Possible dereliction of duty” was investigated, among other things, in connection with the amendment of gas supply contracts with Gazprom Export and the conclusion of a sponsorship agreement with football club Zenit St. Petersburg in 2018. The conclusion of an ancillary agreement with an OMV executive was also investigated. With regard to the gas supply contracts, the former CEO acted “within the scope of his authorization,” according to the findings of the law firms in charge of the audit.

“Notes About Anomalies”
In the course of the investigation, however, there were “indications of deviations from internal company requirements” in the conclusion of the side agreement and the sponsorship contracts. However, it can be assumed that both agreements have been concluded with legal effect, according to the lawyers, according to the announcement. And: “Despite deviations from the internal company guidelines, there was no misconduct on the part of the ex-CEO,” says lawyer Johannes Zink of law firm hba. Nothing stands in the way of an exemption of the former manager by the general meeting.

The Supervisory Board intends to follow this recommendation “after extensive discussion”. “We took the allegations very seriously and commissioned an external investigation. The Supervisory Board therefore follows the recommendation of the lawyers and, in view of the current perspective, will not initiate any lawsuits and will propose to exonerate the ex-chairman during the next General Meeting,” said the chairman of the Supervisory Board of OMV. Mark Garret in the announcement.

Careless handling of compliance rules
However, the test results “also showed that the former CEO was negligent in interpreting OMV’s strict compliance and conduct rules,” admitted Garret. Such behavior has no place at OMV. That is why the internal rules have been tightened so that strategically important contracts require the formal approval of the Supervisory Board.

Source: Krone

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