In her recent posting to Lexology Panoramic Next, Bettina Knoetzl takes a closer look at how ESG obligations and litigation are developing in Austria.

Despite continuing attention, Austria still has no single ESG framework. Obligations are scattered across sector-specific laws, with the Sustainability and Diversity Improvement Act (NaDiVeG) introducing non-financial reporting for only a very small group of large public-interest companies. Much of the ESG momentum, therefore, is borne in environmental, social and governance regulation and increasingly from soft law such as the recently-revised Austrian Corporate Governance Code.

With no central ESG authority and rising (but still challenging) climate litigation, the Austrian ESG landscape remains fragmented, searching and legally complex.

Read the full article here https://www.lexology.com/library/detail.aspx?g=8e096f2e-1785-4c95-93e6-10663256ceef