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Business & Corporate Governance: What changes in black money, bankruptcy code, corporate governance

"The Ministry of Finance has planned a dense legislative work, with draft laws to be submitted to Parliament, to vote in July "….

he told the Financial Affairs Committee, the Minister of Finance Christos Staikouras.

The Minister was placed at the beginning of the elaboration in the Committee on Financial Affairs, of the bill of the Ministry of Finance for the Capital Market on "Corporate governance of public limited companies, modern capital market, integration into the Greek legislation of the Directive (EU) 2017/828 European Parliament and Council, measures to implement the Regulation (EU) 2017/1131 and other provisions ".

  • Mr.. Staikouras announced in the coming days that the bill to strengthen economic transparency and oversight and controls against money laundering and the reform of the Bankruptcy Code, which will be voted by the end of the House, will be submitted to Parliament. of the month.

also, informed the Commission that by tomorrow, Thursday, The Joint Ministerial Decision will also be issued in the context of the allocation of resources for the second phase of the refundable advance that will concern 100.000 companies.

Referring to the bill under discussion for the Capital Market, Finance Minister Christos Staikouras says he is part of the government's plan "to promote structural reforms", in order to strengthen the competitiveness of the Greek economy ". The purpose of this bill is “reform, strengthening and modernizing corporate governance of public limited companies and the capital market ".

They are, he said, "Compatible with corporate governance models applicable in other Member States of the European Union. It's cohesive, as it fully regulates the legal framework for corporate governance and introduces rules that meet the increased demands of the modern capital market. It is targeted, to achieve effective compliance of the company with the new framework and to ensure transparency. It is flexible, as it provides companies with the opportunity to adapt to the size and complexity of their activities ".

  • With the provisions introduced, "Legislative framework for corporate governance of public limited companies is updated, so that on the one hand it meets the increased requirements set by the modern capital market, and on the other hand not to affect the functional and decisive autonomy of the company, which is governed by corporate law, as well as the existing legislation of the capital market "explained Mr.. Staikouras, and added:

"Alongside, seeks to clarify issues that have preoccupied both legal practice and theory. As a detailed network of provisions governing the operation of the Board of Directors of listed companies is introduced. Two new ones are introduced, in addition to the audit committee, committees of the Board of Directors, aimed at ensuring the effective and rational compliance of the company with the legal framework. The required organizational structures of the company are substantially upgraded. Moreover, Clear and specific information obligations are introduced by the company to shareholders and the investing public ".

Finance Minister, He also referred to the other provisions in the bill for the development of the modern capital market, as well as provisions relating to organizational matters, administration and operation of the Hellenic Capital Market Commission.

Specifically, he said, regulated, including, recommendation issues, licensing, operation and availability of Alternative Investment Organizations and the legislative framework is reformed on the requirements for the publication of a bulletin in cases of public offering of securities or when the introduction of securities to be traded on a regulated market.

Christos Staikouras, In conclusion, the current bill aims at "the most effective and transparent corporate governance of public limited companies.", while adapting the existing operating framework of the capital market to the latest Greek and European data, strengthening its competitiveness. Furthermore, we contribute to the protection of shareholders and investors, attracting international investors and facilitating the establishment of flexible forms of Alternative Investment Organizations, in order that, including, to boost investment in start-ups (start ups)».

He also sent another message to entrepreneurs, saying that "the government is proving that it is taking business seriously- understanding the key importance of corporate governance, increasing the confidence of shareholders and stakeholders in the business and consolidating effective management practices for long-term sustainable development. We hope so, but also that companies will take their share of responsibility, showing the required degree of compliance with the rules and codes of corporate governance "

  • Responding to the intervention of KINAL MP Andreas Loverdou regarding the creation of a national bad bank instead of the "Hercules" plan for red bank loans, The finance minister said that "this discussion would be better done in detail at the end of August, when there is evidence of bank profitability, the quality of bank portfolios, the financial needs and liquidity of the banking system and not now… "and pointed out that red loans amount to 60,9 billion. euros with their number going down.

The government, he said, received red loans 75,3 billion. euros today, thanks to the systematic effort made in a difficult time, they went down to 60,9 billion. euro.

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