AUSTRIA: NATURA WARNING BY WIRTSCHAFTSKAMMER

Article Abstract:

Austria's Wirtschaftskammer warns that unless the Austrian authorities take corrective measures, the European Union's environmental directives may cause costs of up to Sch 3bn per year in Austria. A spokeswoman estimates that the number of permit proceedings for big investment projects may multiply as a result of Natura 2000. As a result of the new criteria, the number of environmental impact studies in Austria in year 2000 will double to 100. Each study costs between Sch 10mn and Sch 20mn. In addition to environmental impact studies, so-called nature impact studies may be needed by up to 30,000 companies at 3,000 locations. This might require about 2,000 such studies per year. So-called strategic environmental studies may be required in about 500 planning decisions per year.

Environmental Management, International economic relations, Public Affairs, Public relations

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Austria: New laws for auditors?

Article Abstract:

On 24 October 2001 a group of economic experts is to meet to discuss changes in the law which will redefine the role of auditors in drawing up and checking companies' balances. As well as making the role of auditors clearer, the changes will give them greater jurisdiction in uncovering malpractice on the part of the companies' directors, and larger companies, especially those listed on the stockmarket, are to be forced to adopt international accounting standards. The bookkeeping of large companies is also to be constantly monitored, not just in the form of spot checks.

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AUSTRIA: AMENDMENTS TO CARTEL LAW

Article Abstract:

Austria's new government is planning another amendment to cartel legislation, after a reform of the cartel law took effect at the beginning of year 2000. The present plans involve the creation of the position of a special federal attorney for competition policy. According to the reform at the beginning of year 2000, the cartel court can take action on its own initiative.

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