State Commissioner

The Federal Minister of Finance must appoint a state commissioner and a deputy state commissioner at every Pensionskasse for the purpose of conducting his rights of supervision. (Article 34 PKG). A state commissioner and a deputy state commissioner must also be appointed for credit institutions whose total assets exceed EUR 1 billion (Article 76 BWG). Furthermore, for investment fund management companies, real estate investment fund management companies and corporate provision funds, a state commissioner as well as a deputy state commissioner are required to be appointed. The state commissioner and deputy state commissioner must be invited in a timely manner to attend the general meetings and any other meetings of the members, to the meetings of the supervisory board and of executive committees of the supervisory board. The state commissioners must immediately raise objections to resolutions which they consider to violate legal or other provisions or administrative decisions of the Federal Minister of Finance or the FMA, and report to the FMA accordingly. Such objections postpone the effectiveness of the resolution until a decision is issued by the supervisory authority (Article 76 paras. 2 to 8 BWG).