GR

Corporate Governance

Good Governance

Growthfund aims to transform its subsidiaries, whether listed or not, focusing on changing and modernizing their governance in terms of sustainability.

In this spirit, we perceive corporate governance as a structured and functional system of relations between the Management, the Board of Directors, the shareholders and stakeholders of each company.

Corporate Governance serves as the fundamental structure guiding Growthfund in pursuing its corporate objectives and implementing the necessary strategies, while also identifying and effectively managing key risks.

It is crucial to monitor the performance of the corporate governance model by implementing appropriate policies and rules. Especially for companies the purpose of which includes serving the public interest, it is particularly important to upkeep lofty standards of corporate governance and transparency.

Our core principles for the corporate governance of State-Owned Companies are centered on three key pillars:

Establishing a robust framework of operation, rules, and corporate governance procedures, along with regulatory compliance, aimed at continuous improvement of transparency and effectiveness.

Assembling and empowering all Boards of Directors and committees based on professional criteria. The portfolio companies’ Boards of Directors are entrusted with clear performance objectives and targets, while being accountable for their successful attainment.

Monitoring the performance of the portfolio companies’ Boards of Directors to uphold the principles of meritocracy and efficient management of their assets.

Corporate Governance Code

Our goal is to modernize State-Owned Enterprises while ensuring positive performance and returns on a stable and long-term basis, and rebuilding trustful relationships with the Greek society. Achieving this objective is contingent upon adhering to high standards of corporate governance and transparency.

This goal is served by the Corporate Governance Code, which was established in May 2017 by the General Assembly of our shareholder, the Ministry of Finance, in compliance with the regulatory framework governing the Hellenic Corporation of Assets and Participations (HCAP/ Growthund) and holds a similar status to that of listed companies.

Growthfund modernizes the operations of State-Owned Enterprises by introducing systems and structures that prioritize transparency and efficiency – two essential components highly valued by the citizens.

Committed to the long-term competitiveness of our ecosystem, we embrace the Corporate Governance Code for each one of our portfolio companies as a value-adding process, rather than a mere compliance obligation.

To ensure effective implementation, we provide comprehensive education and guidance to the top management of our portfolio companies on optimal governance practices, while simultaneously enhancing the flow of public information to shareholders and all other stakeholders.

Good Governance

Our approach to corporate governance is built upon clear principles that guide the Boards of Directors of all companies within our ecosystem, along with the Senior Management, each equipped with extensive expertise and knowledge. These guiding principles are directly aligned with Growthfund’s objectives and achievements. Our key priorities include:

  • Delineating distinct roles and responsibilities for both executive and non-executive members, while outlining authorities through the articles of association.
  • Forming committees comprising professionals with specialized knowledge and experience, with a specific focus on the Audit Committee.
  • Ensuring a Board of Directors that operates with independence.
  • Avoiding conflicts of interest.
  • Complying with accurate and transparent accounting practices.
  • Regularly monitoring the company’s financial position and performance, through periodic reports and the annual report.
  • Establishment of appropriate internal controls, based on an annual plan, and reporting by the Internal Auditor.
  • Ensuring the quality of external audit.
  • Identification, assessment, and strategic management of significant risks.
  • Crisis management and operational readiness.
  • Open dialogue and communication with the investment community.
  • Promoting consultation with all stakeholders to enhance transparency and trust.