Vienna has introduced a new Public Corporate Governance Code (WPCGK) aimed at enhancing transparency and accountability in city-owned enterprises.

This initiative, led by Vice Mayor Christoph Wiederkehr, comes in response to criticisms highlighted by the Court of Audit regarding the management of city-affiliated companies like Wien Energie.

The code establishes clear guidelines for the composition and responsibilities of supervisory boards and management, emphasizing the need for expertise and transparency in decision-making processes.

It includes mandatory annual corporate governance reports and reforms in the appointment process for supervisory board members, including cooling-off periods to prevent conflicts of interest.

The WPCGK, which will affect over 140 companies, is set to be fully implemented by 2026, marking a significant step towards modernized corporate governance in Vienna.