In a landmark decision (18 OCg 3/22y), the Austrian Supreme Court has established specific requirements for arbitration agreements addressing shareholder disputes concerning defective resolutions. This decision aligns with similar standards set by the German Federal Court of Justice (BGH).
In response to this development, the VIAC Secretariat under the direction of Dr. Nikolaus Pitkowitz, President of the Vienna International Arbitral Centre (VIAC), has convened a specialised working group comprised of experts from both academia and practice including VIAC Vice President Franz Schwarz, Prof. Christian Koller and Prof. Paul Oberhammer. This group's mandate is to draft an amendment to the Vienna Rules, ensuring they reflect the prerequisites outlined by the Austrian Supreme Court, including the proper involvement of all shareholders in the formation of the arbitral tribunal and throughout the arbitration proceedings.
Dr. Pitkowitz emphasised the importance of this initiative, stating, "Adapting the Vienna Rules in accordance with the Supreme Court's requirements is crucial to uphold the integrity and inclusiveness of arbitration in shareholder disputes concerning defective resolutions."
The working group will also address other significant aspects of the decision, consulting with various stakeholders and experts in arbitration. Once the draft amendment is finalised, it will be presented to the VIAC Board for approval, ensuring that the updated Vienna Rules maintain VIAC's commitment to excellence in arbitration services.