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Vienna, 26 November 2012 Fekter on Schenz's resignation: "He provided outstanding service to modernise Austria as a financial centre" Dr. Richard Schenz will leave his position as Government Advisor for Capital Markets at the end of 2012.

After eleven years of exemplary service for corporate governance in Austria, Dr. Richard Schenz is leaving his position as Government Advisor for Capital Markets for the Ministry of Finance. "During his term of office, Richard Schenz implemented major improvements for the Austrian capital market that greatly modernised Austria as a financial centre", commented Minister of Finance Dr. Maria Fekter on Schenz's decision.

His contribution to the development of the Austrian Corporate Governance Code was of particular importance. The Austrian Code became the standard of good corporate governance for listed companies and significantly increased transparency in the Austrian capital market during Schenz's term as chairman of the Austrian Working Group for Corporate Governance. "He was never afraid to quickly address sensitive topics and always attempted to find balanced and reasonable solutions for all capital market participants", stated Fekter. This ensured that the Austrian Corporate Governance Code was always in line with the most up-to-date European standards. "I would like to thank Richard Schenz in particular for these successful efforts to improve corporate governance", concluded the Minister of Finance.