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Kinstellar Capital Markets series: Shareholder activism in Austria – Outlook 2026
Austria has not historically been regarded as a primary venue for aggressive shareholder activism. Activist engagement has traditionally been less confrontational and has typically taken the form of shareholder proposals, counter motions, open letters and active participation at annual general meetings (AGMs), rather than hostile campaigns. This comparatively moderate landscape is largely attributable to the concentrated ownership structure of many Austrian-listed companies, which are frequently controlled by a core shareholder or shareholder group. Notwithstanding this structural backdrop, an increase in both the frequency and sophistication of activist campaigns can be observed and is expected to continue. Although
ESG legal update: Central and Eastern Europe and Central Asia regions (Q4 2025)
The final quarter of the year confirmed that ESG regulation across the region is entering a more mature and operational phase. While legislative alignment with EU sustainability frameworks continues, the focus has increasingly shifted towards implementation, enforcement and market readiness. A key theme of Q4 was the consolidation of sustainability reporting regimes following the transposition of the Corporate Sustainability Reporting Directive (CSRD) and the practical impact of the Stop-the-Clock measures. Several jurisdictions moved from legislative uncertainty to clearer compliance pathways, while companies continue to navigate the evolving scope and timing of reporting obligations amid ongoing EU-level reform discussions.
Kinstellar advises BIG Mega Renewable Energy on over EUR 100 million financing for the Vacareni Wind Farm in Romania
December 2025 – Kinstellar has successfully assisted the leading renewable energy developer BIG Mega Renewable Energy on an approximately EUR 100 million project financing with a syndicate of lenders for the construction and operation of the Vacareni wind farm located in Tulcea County, Romania. The financing will support the development, construction, and long-term operation of 17 wind turbines. With a total installed capacity of 102 MW, the Vacareni wind farm represents another significant milestone in BIG Mega Renewable Energy’s commitment to advancing Romania’s transition to clean and sustainable energy. The syndicate of lenders comprised Erste Group Bank, Banca Comerciala Romana, Banca Comerciala Intesa Sanpaolo Romania
ISS & Glass Lewis – The end of standardised proxy voting recommendations?
For years, proxy advisors Institutional Shareholder Services (“ISS”) and Glass Lewis & Co. (“Glass Lewis”) have shaped voting behaviour at annual general meetings (“AGMs”) of publicly listed companies, including in Austria, through their uniform “benchmark” voting recommendations. This approach, it appears, will soon be history. What’s new Beginning in 2027, Glass Lewis will discontinue its long-standing practice of issuing single, default “benchmark” voting recommendations and instead collaborate with institutional clients to create fully customised voting policies supported by company-specific research reports ahead of AGMs. Glass Lewis aims to have all clients transitioned
Stop-the-Clock directive: transposition progress in Central and Eastern Europe
The Stop-the-Clock Directive (Directive (EU) 2025/794), which postpones the application of certain provisions of the EU's Corporate Sustainability Reporting Directive (CSRD) and Corporate Sustainability Due Diligence Directive (CSDDD), giving companies breathing room and time to prepare for new sustainability reporting and due diligence requirements, is to be transposed by 31 December 2025. It has been gradually transposed across Central and Eastern Europe. Here’s a short overview of its transposition status: Country Status Austria Not yet transposed
ESG legal update: Central and Eastern Europe and Central Asia regions (Q3 2025)
Drawing on insights from Kinstellar’s ESG Service Line members, we present you summary of the most recent regulatory and policy updates impacting ESG across the Central and Eastern European and Central Asian region. Q3 of 2025 saw continued momentum in ESG regulation, marked by following themes. First, progress on the transposition of the Corporate Sustainability Reporting Directive (EU) 2022/2464 (CSRD) and related due diligence legislation under the new direction of the Omnibus proposals remained uneven across the region. Several countries managed to adjust timelines and thresholds in response to the EU’s Directive (EU) 2025/794 (the Stop-the-Clock Directive). At the same time, national authorities are moving
Kinstellar announces new promotions in the Budapest office
Kinstellar Budapest is pleased to announce that Ákos Nagy has been appointed as Partner and Head of the local Competition, Dispute Resolution, Risk & Investigations, and ESG Service Lines, and Zsuzsa Andrékó and Máté Nagy have both been promoted to Of Counsels. Ákos has been with the Firm since its launch in 2008 and has been a key pillar in the development of the Budapest Office. He brings more than 20 years of experience in corporate, M&A, commercial, regulatory, and compliance matters, with a strong focus on the automotive, battery and defence sectors. He has supported numerous strategic investors on their greenfield investments in Hungary and across the CEE region, including leading players in the electric
Three new state aid schemes are driving Romania’s move toward zero-emission transport
The Ministry of Transport and Infrastructure (MTI) in Romania has recently launched three state aid schemes, financed through the Modernisation Fund, to accelerate the transition to zero-emission transport: Zero-emission vehicle acquisition (EUR 299 million); e-MOVE RO (EUR 250 million); e-Mobility RO (EUR 299 million). All schemes are managed by MTI and awarded through a competitive selection process. Click on the image below or use the following link to read our detailed overview of the schemes in English.
Stop-the-Clock directive: Where things stand in Kinstellar jurisdictions
As part of the European Commission’s agenda to simplify and enhance competitiveness in relation to sustainability reporting obligations under the Corporate Sustainability Reporting Directive (CSRD) and the Corporate Sustainability Due Diligence Directive (CSDDD), the EU adopted the Stop-the-Clock Directive in April 2025. This directive postpones reporting obligations for certain companies under both the CSRD and the CSDDD. Member States are required to transpose these adjustments to the reporting timeline by 31 December 2025, but progress varies across jurisdictions. To help you navigate the changes where it matters most, we’ve summarised the latest legislative steps and timelines in the jurisdictions where Kinstellar
ESG legal update: Central and Eastern Europe and Central Asia regions (Q2 2025)
Our ESG Legal Update provides a snapshot of recent regulatory developments across Central and Eastern Europe and Central Asia, with input from Kinstellar’s ESG Service Line members. Several cross-border trends emerge. The transposition of the Corporate Sustainability Reporting Directive (CSRD) and the Corporate Sustainability Due Diligence Directive (CS3D) remains ongoing in many jurisdictions, often delayed or adapted in response to recent EU-level changes. In parallel, regulators in multiple countries—such as Austria, the Czech Republic, Turkey, and Ukraine—are strengthening ESG risk management requirements in the financial sector. There is also a clear push toward more robust environmental compliance and
New Hungarian rules on waste management fines
On 23 June 2025 the Government Decree 156/2025. (VI. 23.) on the amount of waste management fines and on the detailed rules for the assessment, criteria for determining and imposing waste management fines and on the application of other sanctions ("Decree") was published. The Decree specifies the amounts of waste management fines and provides for additional sanctions for specific infringements. The basic amount of the waste management fine to be imposed for each infringement and the method of calculating the fine are set out in the annexes of the Decree. The amount of the waste management fine may be increased in the case of certain aggravating factors, but the total amount may not exceed HUF 50 million for natural
Defence Readiness Omnibus: EUR 800 billion to be spent on defence in the next four years
As part of the European Commission's ReArm Europe Plan, Readiness 2030, European Union Member States will mobilise EUR 800 billion over the next four years to finance a massive ramp-up of their defence spending. On 17 June 2025, the Commission adopted the Defence Readiness Omnibus ("Omnibus") to facilitate these defence investments. The Omnibus is the response to the call of the European Council from March this year[1] for the Commission to enable the simplification of both legal and administrative frameworks relevant to defence readiness, in line with the 2022 Versailles declaration by EU leaders calling for Member States to bolster their defence capabilities following the Russian invasion of Ukraine. In its March