In an interview, Edith Hlawati, CEO of ÖBAG, talks about the legal mandate as well as her views on independence, securing locations and the challenges facing the associated companies.
What do you personally associate with change, the theme of this report?
I'm a lawyer and therefore have a strong affinity for facts. Personally, I associate change with my nomination as CEO of ÖBAG. I previously worked as a lawyer for over 30 years and advised ÖBAG and its predecessor organizations on a wide variety of issues. Therefore, when I applied for this position, it was clear to me that all of ÖBAG's portfolio companies are undergoing a transformation. This transformation, which we will be supporting here as owner representatives, attracted me to apply for this position. In this respect, the topic of change has been very important to me personally, especially in the second half of 2021.
You describe the composition of the supervisory boards of your investment companies as your most important tool. What expectations do you have of the supervisory board members you nominate?
We expect them to use their professional expertise and experience to best support the respective company, thus best representing the interests of the Republic as the owner. When selecting supervisory board members for our portfolio companies, we base our selection on a requirement profile that reflects the challenges facing the companies. Based on this, we search within our existing pool of experts or initiate an external search for individuals with the appropriate profile and the required expertise.
Which companies in ÖBAG's portfolio are currently undergoing radical change or making decisive strategic decisions, and how is ÖBAG, as a core shareholder, influencing this?
Companies are undergoing change, just like the entire global economy. The major challenge is dealing with this change. Is it perceived as a threat or an opportunity? I've been in my role since February, and all the listed companies in our portfolio are facing a completely new challenge due to the war in Ukraine, some of which also have significant strategic implications. Our job is to advise management on their decisions from the perspective of a long-term-oriented core shareholder and to guide them through the crisis with a steady hand.
ÖBAG's portfolio companies currently provide 157.500 jobs. How does ÖBAG fulfill its resulting social responsibility?
That's a good question, because it allows me to clarify what our task is. Companies themselves bear social responsibility; it is one of their most fundamental responsibilities. We at ÖBAG can exert influence through the supervisory boards, and we do so. For example, we introduced the Women's Career Index through the supervisory boards at Post and Telekom. And we're already seeing successes and progress after just the first few years. ÖBAG's task is the professional management—in the best sense of the word—of the companies in which the Republic holds a stake. Our task is not to constantly yell at management from the sidelines what they should do.
The largest companies in ÖBAG's portfolio perform essential functions in securing Austrian infrastructure and utilities. What can ÖBAG do to ensure these tasks receive the highest priority?
Infrastructure serves the common good. The quality of infrastructure, on the other hand, benefits from the innovation and productivity of the private sector. I am convinced that we have a good model: a model in which infrastructure companies are subject to the mechanisms of competition, while an independent core shareholder ensures that fundamental public interests are strategically protected. However, this model only works if the companies in which the state has a stake can be managed without influence from day-to-day politics.
ÖBAG describes itself as an "independent holding company." Is that true?
In our actions, we are committed to the whole of Austria, that is, to the state as a whole. This applies beyond the term of our board appointments and legislative periods. If we describe ourselves as an independent holding company, that is correct, albeit a shortened version. Of course, there is no such thing as an independent stock corporation. It would be absurd to make a corporation independent of the will of its owners. And after all, we have a sole owner, the Federal Ministry of Finance, representing the Republic. But we are independent in our minds. We deliver measurable results, free from political overtures, and the transparency of our actions makes us independent.
The conditions for this are excellent: We have a solid legal foundation. We have a compact, dedicated team. And we have successful companies in our portfolio. ÖBAG is well-structured and positioned, and it is doing valuable work for Austria.
The interview was conducted in Annual Report 2021 published by the ÖBAG.
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