Corporate Governance              

As a citizen participation company, W.E.B feels particularly committed to a responsible and transparent form of corporate management. 

For this reason, WEB Windenergie AG has already been complying with the Austrian Code of Corporate Governance since mid-2006, which is applied in accordance with the explanatory notes set out below.   
  
Commitment of W.E.B to Corporate Governance  

The Austrian Code of Corporate Governance basically serves as a set of rules for listed companies in Austria and was designed to supplement Austrian laws on stock markets and capital markets with a set of self-regulatory standards. Unlisted stock corporations may also apply the Code voluntarily.

The Code aims to establish a system of management and control of companies and groups that is accountable and geared to creating sustainable, long-term value. This objective is achieved by means of extensive rules of transparency and internal organization. 

WEB Windenergie AG considers the Austrian Code of Corporate Governance to play a vital role in strengthening the trust of shareholders, business partners, employees, and the general public in the company. 

The amended version of the Austrian Code of Corporate Governance may be accessed at
http://www.corporate-governance.at/
 

The Austrian Code of Corporate Governance defines different categories of rules: 

• L-Regel (Legal Requirement):This rule refers to mandatory legal requirements.
  
• C-Regel (Comply or Explain): This rule is to be followed; any deviation must be explained and the reasons stated in order to be in compliance with
  the Code.
• R-Regel (Recommendation): The nature of this rule
  is a recommendation; non-compliance with this rule requires neither disclosure nor explanation. 
    

Articles of Association of WEB Windenergie AG as amended.