Ultimate responsibility for reducing carbon emissions lies with OMV’s Executive Board. The Chief Executive Officer (CEO) is responsible for overall management and coordination and is therefore also responsible for overseeing climate-related issues. OMV Executive Board members meet regularly (at least quarterly) to discuss current and upcoming environmental, climate, and energy-related policies and regulations, related developments in the fuels and gas market, the financial implications of carbon emissions trading obligations, the status of innovation project implementation, and progress on achieving climate targets. The Executive Board’s remuneration is linked to the achievement of OMV’s GHG emissions reduction targets (for more information, see Sustainability Governance). OMV’s Supervisory Board also oversees the carbon emissions reduction topic. The Sustainability & Transformation Committee was formed in 2021 to support the Company’s Supervisory Board in reviewing and monitoring OMV’s sustainability strategy, ESG-related standards, performance, and processes, and specifically, the Group’s performance in HSSE (Health, Safety, Security, Environment) and climate change. For example, one of their responsibilities is to review and evaluate the progress we are making toward OMV’s objectives in relation to our carbon footprint, climate change, and the energy transition.
The Sustainability & Transformation Committee (STC) of the Supervisory Board was established in November 2021. Meeting quarterly, the STC oversees strategy related to sustainability, ESG standards, performance, processes, HSSE, and OMV’s climate action and transition plan. The Sustainability Coordination Forum was formed under the Executive Board in 2023. This committee is chaired by OMV’s CFO and consists of senior managers with responsibility and ownership for material topics, as well as relevant business representatives responsible for implementing OMV’s sustainability and transformation agenda. Its mandate is to coordinate the development of the sustainability agenda at OMV, monitor progress on target achievement, propose measures in the event of deviations, discuss emerging business opportunities, and prepare sustainability topics to be discussed by the Executive and Supervisory Boards. The committee meets at least twelve times per year. For more details, see Sustainability Governance in General Information.
The Strategy department is responsible for developing the OMV strategy in collaboration with business segments and corporate functions, aligning the strategic ambitions, priorities, and opportunities across OMV into a coherent and holistic corporate strategy. This strategy is approved by the OMV Executive Board and ratified by the Supervisory Board. It encompasses OMV’s entire value chain and explores new business areas and market opportunities, such as organic and inorganic growth, partnerships, technology, and innovation. Strategy implementation roadmaps are developed in close cooperation with the business segments.
Additionally, the Strategy department conducts the annual Strategy Implementation Review (SIR), which addresses strategic guidance on potential portfolio decisions based on major market disruptions or threats, reviews changes in the strategy implementation portfolio, and assesses the impact on implementation roadmaps. It includes gap analyses, deep dives, and segmental analyses to address identified gaps and identify new strategic projects. This review also encompasses a health check, including risk and opportunity assessment and associated risk mitigation actions, conducted in cooperation with Risk Management.
Strategic actions to follow OMV’s transition plan and achieve our climate targets are approved by the OMV Executive Board through OMV’s mid-term planning and investment approval processes. OMV’s risk management is a central element of these processes and comprehensively addresses both physical and transition climate-related risks, including risks related to locked-in emissions. It ensures a systematic approach to identifying, assessing, and mitigating potential impacts on the company’s operations and assets.
At Group level, the responsibility for GHG accounting and management, sustainability reporting, and ESG governance lies with Group Sustainability within Investor Relations & Sustainability, overseen by the CFO. The Group Sustainability department is tasked with generating OMV’s GHG inventory based on international standards and best practices to ensure a consistent approach across the Group. The main responsibilities of the team involve defining, implementing, and managing OMV’s GHG Management Framework, including the Group’s climate targets, monitoring, calculating, and reporting OMV’s GHG emissions (Scopes 1–3), and defining the GHG accounting and reporting protocols and tools. The team coordinates activities across the business, providing guidance and training on GHG and energy-related topics to subsidiaries, business units, and assets. This comprehensive approach ensures alignment and effectiveness in OMV’s sustainability efforts across the entire organization.