Declaration of Commitment to the ACCG
Lenzing AG respects the ACCG and, for the first time in 2010, committed itself to compliance with the documented provisions. The Supervisory Board also passed a unanimous resolution to adhere to the ACCG in full. The current version of the code is available on the Internet at https://www.corporate-governance.at. One focus of the 2023 Code revision was on sustainable corporate governance, taking ESG criteria into account. In addition, even greater emphasis was placed on transparency via the company’s website.
Lenzing AG and its executives fulfil all binding L-rules (“Legal Requirements”) and comply with all C-rules with one exception as described below.
C-Rule 27 of the ACCG is the only rule that is not fully complied with, as no non-financial criteria have been established in one board member´s contract.
The remuneration policy for the Managing Board generally applies to all board members. However, for the Chief Transformation Officer contract, the Supervisory Board decided to deviate from the policy to focus the variable compensation elements solely on financial KPIs (group performance and financing) and exclude non-financial KPIs. This reflects the temporary nature (until December 31st, 2025) of the CTO´s engagement in the Managing Board and should ensure full incentivization on his specific area of responsibility, namely the further development and implementation of Lenzing’s performance program.
In accordance with L-Rule 60 of the ACCG, Lenzing AG is required to prepare and publish a Group Corporate Governance Report. The Group Corporate Governance Report of Lenzing AG also represents the Corporate Governance Report for the Lenzing Group.
This Corporate Governance Report is published on the website of Lenzing AG in accordance with C-Rule 61 of the ACCG at https://www.lenzing.com/investors/corporate-governance/evaluations-reports.