Austrian Court Rules State-Affiliated Banks Must Disclose Information

Austria's Constitutional Court has affirmed the principle of freedom of information over official secrecy, mandating that state-affiliated banks issuing bonds must disclose information.

The court's decision stems from a case where a journalist requested access to a report concerning Hypo Vorarlberg Bank's dealings with the Signa Group. The bank, majority-owned by the state of Vorarlberg, argued it was exempt from disclosure under the Freedom of Information Act (IFG) because it issues bonds traded on a regulated market, even though its shares are not listed on a stock exchange.

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the Constitutional Court found that the journalist had been violated in his fundamental right to access information.

The regional administrative court had initially sided with the bank, interpreting the exemption for "listed companies" broadly. However, the Constitutional Court disagreed, stating that the regional court had made a significant error in its application of the law. The Constitutional Court clarified that the exemption for "listed companies" applies only to those whose shares are admitted for trading on a stock exchange.

While the court acknowledged that exempting listed companies from general information duties is not unconstitutional, it emphasized that this exception must be interpreted restrictively. The ruling underscores that only companies subject to information obligations comparable to those under the IFG, such as publishing specific information online, should be excluded. Consequently, the journalist's right to access information was upheld.

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It interpreted the term 'listed companies' too broadly.