The joint initiative of BSE, Hellenic Exchange and the Bank Association to improve corporate governance, the quality and validity of Greek corporate financial data and more effective functions of the audit authorities was presented today by representatives from three institutions.
Cases like Folli – Follie, Aegean Maritime etc. has damaged Greece's business credibility and has created a growing controversy over the investment climate in Greece.
Chairman of SEV Theodoros Fessas, President of the Greek Bank Association Mr. Nikos Karamouzis and CEO HELEX, Mr. Socrates Lazaridis, presented and submitted 14 publicity proposals today to improve corporate governance. This effort concerns both private companies and state-owned companies seeking investors, auditing authorities but also the legislators themselves.
According to Mr. Fessa, "meeting the rules of modern and strict corporate governance is a daily challenge for all of us. This is primarily a gamble to restore Greece's economic credibility, won through close institutional cooperation, effective control and increased sense of responsibility. Now is the time to see our own business. Do our best to improve the quality and reliability of financial information and corporate governance, especially for large companies, whether they are listed on the Stock Exchange or not. "
BSE, together with Hellenic Exchange, the Banking Association and the State Holding and Stockholding Company, has formed a National Council for Corporate Governance (ESED), whose mission is to strengthen the culture of corporate governance in registered and unregistered companies by the targeted training actions and with improve the regulatory framework and self-regulation.
In detail, 14 actions – proposals for business, audit authorities and legislators:
Actions to improve conformity
Assessment of the level of implementation of the Greek Corporate Governance Code by Greek companies.
Updating Greek Corporate Governance Codes with Individual Codes (for example for large companies registered in Greece, unregistered small and medium enterprises, state property, etc.)
Independent board members and development of benchmarking tools for corporate governance practices
Developing a business model for the Business Council and Committee (drawing up recommendations and recommendations)
Actions to improve the quality and completeness of results and financial and non-financial disclosures
- Acceleration of financial information requirements for companies registered and unregistered within 5 months after the end of the financial year, not 9 months
- Tax certificate publication
The act of changing business culture
- Training actions of members of the Board of Directors
- Training workshops for management executives, internal auditors and audit committees
Actions to strengthen the capacity and effectiveness of supervisory and controlling authorities
- Strengthening the capabilities of the Capital Market Commission staff & increasing the number and quality of audits
- Extension of sample quality control (ELTE) for the work of Certified Auditors
Actions to integrate, improve and update institutional frameworks
- JMC to determine sanctions for not complying with publicity obligations in GEMI and enforcement procedures
- Harmonization of Company Law with Tax Regulations
- Increase the publicity of the element of economic transformation