Corporate Governance Report

Corporate governance is of high importance to Petro Welt Technologies AG beyond its obligations to fulfil the requirements of the applicable legal regulations. It is the duty of the Company’s Management Board and Supervisory Board to manage and control the Company in accordance with national and international standards.

Petro Welt Technologies AG is a publicly listed company limited by shares with its registered office in Vienna, Austria. The applicable principles of corporate governance are therefore those under Austrian law, in particular stock corporation law and the laws governing capital markets, as well as the Articles of Association of Petro Welt Technologies AG. Due to the fact that the shares of the Company are quoted on the Frankfurt stock exchange, the Company is also bound to observe the laws governing the German capital markets, in particular the laws governing the admission of shares to the capital markets.


In order to ensure a high degree of transparency and clarity for all persons participating in the capital markets, the Company’s bodies decided in 2006 to apply the German Corporate Governance Code.

The Executive Bodies
of Petro Welt Technologies AG

Upon submission of proof of shareholding (sec. 10a of Stock Corporation Act [AktG] and sec. 16 of the Articles
of Association), the shareholders are entitled to exercise their rights, in particular their voting rights, at the Annual
General Meeting. Each share in the Company entitles the holder to one vote. There are no multiple or preferential voting
rights and there is no cap on the number of voting rights.

Functions of the Supervisory Board
and the Management Board
Pursuant to the applicable legal provisions, the Company is managed on the basis of a dual
board system characterized by a strict separation of management and supervisory bodies.
It is not permissible to simultaneously be a member of both bodies.
Remuneration of Supervisory Board
and Management Board
Petro Welt Technologies AG follows the recommendations of the German Corporate Governance Code,
stating that the remuneration of the Supervisory Board and the Management Board should
be disclosed individually for each member. The amount of remuneration awarded
is disclosed in the remuneration report, which is part of the notes to the Consolidated
Financial Statements.
Measures for the Promotion of Women
in Managerial Roles

For many years Petro Welt Technologies AG has been pursuing the aim of promoting the diversity and variety of its employees
with regard to qualifications, experience and age, cultural background, gender and other aspects.

We place a particular emphasis on gender equality when selecting our employees. In numerous areas women
have attained the necessary qualifications to assume managerial roles and so women occupy top level
management positions throughout the Group.

Risk Management

The responsible treatment of risk is one of the fundamental principles of good corporate governance. The Management Board of Petro Welt Technologies AG and the managerial employees within the entire Petro Welt Technologies Group have at their disposal comprehensive group and company-specific reporting and control systems for the monitoring, assessment and control of risks.

These systems are being constantly developed and adapted to changing framework conditions. Furthermore, these systems are regularly checked for efficiency and functionality by the annual auditor.


The Management Board updates the Supervisory Board on a regular basis with information on all existing risks and their development. The risk report as a part of the annual report of Petro Welt Technologies AG contains further details on risk management within the Group. The risk report also includes the obligatory report on the internal control and risk management systems for the accounting procedures.


Petro Welt Technologies AG informs the participants in the capital markets, interested parties and the general public
immediately, regularly and simultaneously of the current economic situation of the Group.

The management report, half year financial report and interim quarterly reports are all published within
the time periods specified by the Frankfurt stock exchange. In addition, Petro Welt Technologies AG also informs interested
parties of all events and new developments via press releases and, if necessary, ad hoc notifications.

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