Austria's Permanent Introduction of Virtual Meetings in Company Law

22 Sep 2023

The COVID-19 Act made it possible for meetings to be held virtually, and this idea became so popular that there was a call for permanency to virtual meetings in Austrian company law. This call was responded to in July 2023 with the Virtual General Meetings Act (VirtGesG) that applies to corporations, including cooperatives and associations. The law only applies to general assembly meetings, not meetings of corporate bodies such as executive boards. Further, the Statutes must be amended to provide for virtual, hybrid, and decisions regarding meeting types. This call will give medium to large stock LLCs with international shareholders a more leisurely time meeting.