In the elegant ambience of the Rothschild Hall at Schoellerbank’s Vienna branch Dr. Johannes Prötzner (Schoellerbank) und Dr. Michael Walbert provided an update on the current status of the planned reform of the Private Foundation Act.
Following publication of the ministerial draft amendment act of 30th June 2017, a heated debate arose on many of the proposed amendments. Critiques focused inter alia on incompatibility rules applicable to members of a foundation’s board, which are considered too strict also in the form proposed in the draft amendment act. Furthermore, the proposed amendments on strengthening of creditors’ rights and extension of disclosure obligations are considered as too far reaching by many experts.
It remains to be hoped that the ministerial working group in charge of the draft amendment act considers and takes up the expressed criticism and that soon a revised version of the draft amendment act can be presented, which will be passed in parliament.