The seminar addressed the question of what options the governing bodies of a public limited company (Aktiengesellschaft, AG) have to promote environmental interests. Dr Alexander Wimmer, an assistant professor and habilitation candidate at the University of Vienna, was invited to speak on this topic.

Dr Wimmer first explained the developments that prompted this discussion, including changes to the Austrian Code of Corporate Governance (ÖCGK) and the German Corporate Governance Code (DCGK), as well as several court rulings. He began by exploring what ‘environment’ means and outlined the numerous factors that define this concept. He then discussed in detail the options available to the different governing bodies of a public limited company to influence the company. Special attention was given to the question of how the corporate objective of public interest in § 70 (1) of the Austrian AktG is to be understood and to what extent environmental interests are included. For example, the board of directors must regularly consider the environmental impacts of their decisions. Dr Wimmer further explored how the potential conflict between the company’s economic success and the promotion of environmental interests can be resolved.

The seminar, co-organised by Prof Dr Susanne Augenhofer, LL M (Yale), successfully facilitated a dialogue on a topic of growing importance in the legal field.