Summary

In Austria, the "Section 243 UGB management report" was introduced in 2005 as part of the Austrian Commercial Code (UGB). This section requires all companies registered in Austria to provide a comprehensive management report as part of their annual financial statements. The management report is intended to provide stakeholders with a clear understanding of the company's financial position, as well as its operational and strategic performance over the past year. It covers a range of topics, including the company's business model and strategy, financial performance, and risk management practices. It also includes information on the company's corporate governance structure, management systems, and environmental and social impact. The management report is mandatory for all companies registered in Austria, with some exceptions for very small companies. It is intended to promote transparency and accountability among companies, and to support informed decision-making by stakeholders, including investors, employees, and customers. Companies are required to comply with the requirements of the management report section of the UGB and to ensure that the information provided is accurate and reliable.