Disruptive actions at OMV general meeting, activists carried out

Europe is faced with the task of filling these adequately despite the limited global availability of liquefied natural gas (LNG). This requires coordination and market stability.

Constant climate protests

Young climate activists repeatedly disrupted the shareholders’ meeting with protests over a long period of time. Supervisory Board Chairman Lutz Feldmann had to interrupt the meeting several times due to loud singing and shouting and called on the other shareholders not to take action against the disruptors themselves. After unsuccessful warnings, he had the security service take the activists out of the hall “into the fresh air.” bring. When the protests didn’t stop, Feldmann commented: “It’s amazing what level of energy there is in this weather,” and had other disruptors ejected to the applause of the audibly angry shareholders. Feldmann repeatedly accused the activists of “disrespect.”

Geopolitical tensions and the Iran war have led to massive disruptions in global trade since the beginning of the year and have significantly restricted the availability of raw materials. The shortage is real and the outcome is uncertain, Stern warned. Europe’s dependence on large quantities of imports is greater than ever. In view of this tense situation, the manager sharply criticized government market interventions such as special taxes or price caps. These would only exacerbate the problem of scarcity instead of promoting additional European energy production. OMV itself has now broadly diversified its gas purchases and is no longer dependent on a single supplier.

Borouge International in Integrationsphase

Stern described the founding of the new chemical group Borouge International as one of the most important milestones in the company’s recent history. The company, founded at the end of March with partner Adnoc, brings together the companies Borealis, Borouge and Nova Chemicals. The OMV boss explained that the project is now in the integration phase. A European-led, global platform in the plastics industry is being created that creates long-term value for shareholders.

The fund company Deka Investment had already demanded a special dividend from the Austrian oil and gas group and announced that it would refuse to approve the new compensation system for the board of directors. OMV and its partner Adnoc from the United Arab Emirates announced in March that they would postpone the IPO of the joint venture Borouge International to 2027 due to the difficult market conditions and halve its dividend for the current year.

Thanks to the predecessors

In a very personal farewell speech at the Annual General Meeting, Stern thanked his predecessors; without them, the successes of the past five years would not have been possible. In addition to Schenz, Ruttenstorfer and Roiss, he also mentioned Rainer Seele that he had increased OMV’s share in Borealis, thus enabling an equal partnership.

It was Stern’s last appearance at a general meeting before BP manager Emma Delaney takes over the helm in September. In a greeting, the designated OMV boss referred to her experience with profound transformations in the industry. In times of great change, what counts are clear strategic decisions, their consistent implementation and the ability to take the workforce with you, explained Delaney in excellent German.