Looking back on the past year, what were the most important events for ÖBAG in 2024, a very turbulent year for global politics?

2024 was a year of major elections and therefore a year of great economic uncertainty. Around half of the world’s population was called to the polls. Elections were not only held in the US and Europe; presidential elections took place in around 30 countries worldwide and parliamentary elections were held in 20 others, including Austria. These have resulted in changes to the political conditions in many markets. In my view, this global super election year has clearly demonstrated one thing as far as ÖBAG is concerned, and that is that ÖBAG can be relied upon as a stable and reliable core shareholder even in turbulent times. ÖBAG once again made a very significant contribution to the budget in 2025 and our portfolio companies were able to continue pursuing their growth strategies calmly and cautiously even in uncertain times.

When you talk about growth strategies, are you alluding to OMV?

All of our portfolio companies have a clear growth strategy, which, as a core shareholder, we fully support. This is most evident in the agreement between OMV and ADNOC on the merger of Borealis and Borouge. The deal was finalised in March 2025, but most of the work happened in 2024. It is certainly OMV’s most important corporate policy decision in recent decades, and is very good news for Austria as a business location. The expansion into the North American market that was decided upon with the joint acquisition of NOVA Chemicals highlights the importance of this transaction for OMV and Austria in terms of industrial policy. From the outset, it was important to us at ÖBAG to negotiate an “Austria package” that will not only ensure the headquarter of the new OMV subsidiary is located in Austria, but also create more high-quality jobs in research and development and promote the Austrian capital market. Both parties have agreed to pursue a listing in Vienna in addition to the one in Abu Dhabi. This deal also shows how important stable and predictable core shareholders are in unstable times.

Staying with OMV, did the end of the Russia contracts come as a surprise to you?

No, we have of course been preparing for this for quite some time. In the winter of 2022/2023, for example, ÖBAG urged OMV to diversify its natural gas supplies and make provisions for a possible suspension of deliveries so that Austria’s supply is guaranteed at all times. When the arbitration tribunals ruled that Gazprom had to pay, we knew this would mean the end of gas deliveries from Russia. OMV was very well prepared for this. As we can see now, to the benefit of the whole country. It has always been important to us at ÖBAG that the supply of gas to the Austrian economy and households is secured thanks to the prudent efforts of OMV.

ÖBAG has a clear strategy for growth, sustainability, and strengthening the location, which we adhere to even in times of constant change.

– Edith Hlawati

The geopolitical challenges which ÖBAG’s portfolio companies are facing also became significantly greater in 2024. As a core shareholder, how do you handle this?

The speed at which the general conditions for economic policy-making are currently changing is extremely challenging. Moreover, we are now experiencing how quickly rules and shared values can evaporate into thin air. Our boards have been conscientiously preparing for potential crisis scenarios ever since the start of the war in Ukraine. We include Taleb’s Black Swan theory in our strategy discussions and analyse the “unthinkable”. But almost more importantly, ÖBAG has a clear growth, sustainability and location enhancement strategy and we adhere to this strategy even in times of unrelenting change. The more turbulent the times, the more important are stable and predictable core shareholders that can be relied on. The stability of our portfolio companies, even in difficult times, is clear evidence of this.

has a clear strategy for growth, sustainability, and strengthening our location, which we adhere to even in times of constant change. The more turbulent the times, the more important it is to have stable and predictable core shareholders on whom we can rely. The stability of our portfolio companies, even in difficult times, is clear evidence of this.

Back to Austria. There is currently intense debate about budget consolidation and, in this context, about savings and solidarity levies, e.g. on energy companies such as VERBUND. What is ÖBAG’s take on this?

Basically, these are issues that must be discussed and decided in Parliament. ÖBAG can, however, bring two points to the discussion. First of all, some good news: ÖBAG makes a consistently high contribution to the Federal budget with dividend payments of EUR 1.263 billion. We understand that there are discussions about reducing the budget by imposing location-specific corporate taxes. However, we would like to point out that our portfolio companies, which are reliable dividend payers, are subject to international competition and that such measures could weaken Austria as a whole. But, the recent discussions I have had give me confidence that the new federal government and the Austrian Parliament will strike the right balance here.

In this regard, what does the handover of responsibility from the Ministry of Finance to the Ministry of Economic Affairs mean for ÖBAG?

The Ministry of Finance was a good and active owner representative. I have no doubt that this will also be true of the Ministry of Economic Affairs. Our tasks are clearly set out in the ÖIAG Act: as an independent holding company and reliable shareholder, to further increase the value of our holdings, thereby strengthening Austria as a business and research location and safeguarding over 103,000 jobs in Austria over the long term.

ÖBAG in its current structure turned five in 2024. Is this cause for celebration?

The 2019 amendment of the ÖIAG Act made it possible for ÖBAG to make decisions independently from day-to-day events in the interest of Austria’s business economy as a whole and in terms of sustainability. This is invaluable in uncertain times, as the performance of our portfolio companies shows. However, another anniversary in 2024 was even more important for me personally, as it typifies several of our holdings. The OMV syndicate contract with the United Arab Emirates was concluded 30 years ago. The occasion reminded me of the “elegance of syndicate contracts”, if I may borrow this celebrated allegory from the Federal President. Our policy on syndicate contracts strengthens Austria as a location for business and research. Syndicate contracts have proven very successful not only with Abu Dhabi National Oil Company (ADNOC) for OMV, but also for the other leading national companies, Telekom Austria and EuroTeleSites (América Móvil) as well as for Casinos Austria (Allwyn). Not only do they secure opportunities for us to exert influence that go beyond our share, they also contribute to the attractiveness, innovative strength and the safeguarding and creation of jobs in Austria as a business location.

Some accuse Austria of “gold-plating” in its implementation of an EU directive on the advancement of women in management positions. What is your view on this?

It’s no secret that diversity and gender balance on the supervisory and executive boards of our portfolio companies are important to me. And I am proud that Austria is leading by example here in Europe. This will give our business location an important additional competitive advantage going forward. We have made a decent leap forward here over the past three years: we are way above the average for supervisory boards and we also made significant progress in terms of executive boards over the past three years. Women have a different view of risk, the language is different on the boards and they bring a different perspective to decisionmaking. I have been against a quota for a very long time, but have quickly noticed in terms of implementing the diversity issue that the introduction of a quota can be very helpful. It increases the pressure to do something and to get things moving. People are very quick to find excuses for why something cannot work.

Overall, you are very committed to strict ESG standards. Why exactly?

It’s not about strict ESG standards for me. It’s about internationally accepted standards that make us more acceptable and predictable to the capital market, and give us the leeway we need to efficiently protect our interests as a business location. Clear capital market orientation, a focus on promoting the location and full transparency are the values that guide us in this endeavour. Our standards are not excessive. They are standard practice internationally, have been tried and tested, and, above all, deliver visible and measurable success on the capital market and for Austria as a business location.

ÖBAG has had the mandate to enter into new investments since 2019, but no deal has been reached in five years. Why is that?

Expansion of the ÖBAG portfolio is not a question of quantity; it always has to be a question of quality. This is clearly specified by the legislator. We can and will only invest in companies that are fully on board with this and meet the specified criteria in terms of size, maturity, location relevance and economic health. We have taken a serious look at a number of companies in recent years. Unfortunately, none of these have met our quality standards or general requirements so far. But that doesn’t mean it won’t happen in the future. There are a number of key Austrian companies financed by the capital market that could generally benefit from a stable, core public shareholder. But let’s be clear about one thing: ÖBAG is not a dumping ground for ailing companies. The law clearly sets us targets for increasing value and this can only be achieved with companies that are fundamentally healthy.

A brief look ahead to 2025: What do you want for ÖBAG and its portfolio companies?

Let’s start with ÖBAG. Although we only have 25 employees, we now have an outstanding team of experts at ÖBAG, both in the operating team as well as on the Supervisory Board and advisory boards. I hope we can continue to work together as a team in the same objective, non-interventionist and successful manner as we have done over the past three years. As for the portfolio companies, it would be what I have been fighting for years, i.e. that they can continue to work without political intervention.

Lastly, is a state holding company structured as an independent stock corporation still appropriate in times of crisis?

To put it in a nutshell, if this structure did not already exist, the legislator would have to create it now. Recent years have clearly shown that the independence and therefore the flexibility and predictability of ÖBAG guarantees a high degree of reliability and certainty in times of crisis for some of the country’s most important key companies, even in the case of minority shareholdings.

That raises one last question. Who actually controls ÖBAG?

That’s a good question, and one that still causes some confusion. So bear with me as the answer is a little lengthy. ÖBAG currently has around 25 employees managing a portfolio worth around EUR 30 billion. I am the sole member of the company’s Executive Board, but of course I do not make my decisions on my own. Checks and balances are the basis of ÖBAG’s actions. We act in accordance with the rules laid down in law, strategic guidelines and statutory reporting requirements. Until recently, the Ministry of Finance, now the Ministry of Economic Affairs, exercised ownership rights at the Annual General Meeting and appointed our supervisory boards. The Minister can request a report on all material matters at any time. An annual report is sent to Parliament and the owner receives several reports on a quarterly basis. And once a year, we publish an Annual Report and our Corporate Governance Report.

Many thanks for the interview!

The interview appeared in Annual Report 2024 .