The Company after the Board of Directors resolution dated 28/2/2011, has voluntarily decided to apply the Hellenic Corporate Governance Code which has been prepared by a recognised body. More specifically, the Hellenic Corporate Governance Code was initiated by SEV (Hellenic Federation of Enterprises) and then amended in the context of its first revision (28/6/2013) by the Hellenic Corporate Governance Council (ESED). The Hellenic Corporate Governance Code is adapted to Greek law and business reality and has been drafted based on the principle of "compliance or explanation", thus including issues that go beyond existing laws and regulations. The Code does not impose obligations, but explains how to adopt good practices and facilitates the formulation of corporate governance policies and practices that will meet the specific conditions of each company. 

 

The Hellenic Corporate Governance Council (HCGC) has been established at 2012 as a non-profit company with the joint initiative of Athens Stock Exchange and the Hellenic Federation of Enterprises (SEV). Since October 2018, the Hellenic Banking Association has become a regular member of the HCGC while, as of June 2019 Hellenic Fund and Asset Management Association is a regular Member of the HCGC.

 

The purpose of HCGC is incessant growth of Greek market’s credibility among international and domestic investors and improvement of competitiveness of Greek companies. It operates as a specialized body for the expansion of the principles of the corporate governance and aims to develop the culture of good governance in Greek economy and society. Its general plan of action includes: formation of views regarding institutional framework, submission of proposals, participation in deliberations and working groups, organization of educational and informational activities, monitoring and assessment of corporate governance practices and implementation of corporate governance codes, subscription tools supply and rating of Greek companies’ performance.

 


HCGC, as a Non-Profit company, has Members, which are distinguished in Founding (Athens Stock Exchange and SEV), Regular (HBA, HFAMA), Participating and Other. HCGC’s supreme body is the General Assembly (GA). HCGC is directed by Administration Council consisted of 7 members elected by the GA and has a term of 5 years. Besides the Administration Council, the HCGC also operates Corporate Governance Council, in which specialists from different sectors participate (audit, investment, business, supervision, legal, consulting, banking and stock market).


Since October 2018, a Working Committee has been established with the participation of representatives of Founding Members and the Regular Members (Athens Stock Exchange, SEV, HBA, HFAMA) with responsibilities to implement the action plan, organize other actions (conferences, events, promotional actions), find sponsors and other resources, as well as fulfill and implement other purposes of HCGC.

 

 

The Hellenic Corporate Governance Code is posted on the websites of the Greek Council of Corporate Government at: http://www.esed.org.gr.

 

Related Material:

Hellenic Corporate Governance Code for Listed Companies

Corporate Governance Statement of FOURLIS HOLDINGS S.A. for the period 1/1/2020 - 31/12/2020

 
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