Supervisory Board of the week: Peter Löscher

Peter Löscher

Former Siemens CEO Peter Löscher plans to resign as Chairman of the Supervisory Board of the Austrian oil and gas group OMV next year. The 61-year-old announced at the end of last week’s Annual General Meeting on May 14, 2019 that he would leave the company. According to media reports, the reason for the decision is that the native Carinthian dislikes the route of the conservative right-wing populist government and above all the new model of a state holding company: The government strives for too much influence on partial state companies in Austria.

Löscher insists on independent supervisory board chairmen

According to the reports, Löscher is particularly annoyed by Finance Minister Hartwig Löger’s plan for the government to appoint the chairman of every supervisory board if possible. According to Löscher, the strength of the previous model is based on the involvement of “independent personalities with business experience at the head of supervisory bodies”. The Austrian state holds 31.5 percent of OMV AG. A spokesman for the Ministry of Finance told the Handelsblatt that it was not a question of more state influence, but of”more active investment management”. The ÖVP-near Löger has announced that he wants to change Löscher’s mind.