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Criteria for Independance

Criteria for Independence of Supervisory Board Members according to the Austrian Corporate Governance Code

The Supervisory Board of Raiffeisen Bank International stipulates following criteria for the independence of Supervisory Board members of the Company according to Rule 53 of the Austrian Corporate Governance Code:

  • The supervisory board member shall not have served as member of the management board or as management-level staff of the company or one of its subsidiaries in the past five years.
  • The supervisory board member shall not maintain or have maintained in the past year any business relations with the company or one of its subsidiaries to an extent of significance for the member of the supervisory board. This shall also apply to relationships with companies in which a member of the supervisory board has considerable economic interest. The approval of individual transactions by the supervisory board pursuant to L-Rule 48 does not automatically mean the person is qualified as not independent.
  • The exercise of functions within the Group or the mere exercise by a supervisory board member of duties as a member of the board of management or as a managing director shall not result in the relevant enterprise being considered an “enterprise in which the supervisory board member has a substantial economic interest” unless the circumstances give reason to believe that the supervisory board member draws a person benefit from such enterprise.
  • The supervisory board member shall not have acted as auditor of the company or have owned a share in the auditing company or have worked there as an employee in the past three years.
  • The supervisory board member shall not be a member of the management board of another company in which a member of the management board of the company is a supervisory board member.
  • A supervisory board member may not remain on the supervisory board for more than 15 years. This shall not apply to supervisory board members who are shareholders with a direct investment in the company or who represent the interests of such a shareholder.
  • The supervisory board member shall not be a closely related (direct offspring, spouses, life partners, parents, uncles, aunts, brothers and sisters, nieces, nephews) of a member of the management board or of persons who hold one of the aforementioned positions.

All members of the Supervisory Board meet the criteria applying to the independence of Raiffeisen Bank International's Supervisory Board members.