SEV: Greece needs a more strict framework on corporate governance

Greece needed a more strict framework on corporate governance, fines on those breaching the law, accountability for auditors and a more frequest release of financial results by non-listed companies, the president of SEV, Theodore Fessas, the president of Hellenic Bank Association, Nikos Karamouzis, and the chairman of Hellenic Exchanges Socrates Lazaridis said during a joint news conference on Monday.

Fessas referred to isolated but emblematic cases of bad corporate governance that have cast a shadow over the credibility of Greek enterprises and added that Greek enterprises, listed and non-listed, needed to improve quality and credibility of their financial results.

Karamouzis said an exit from the crisis becomes even more difficult when fame is hit and the business community fails to respond to modern data. He presented a package of proposals including raising the frequency of releasing information for non-listed and for large companies, intensifying controls by auditors, allowing independent members in boards and control commissions and raising the funds of the Capital Market Commission.

Lazaridis said it was important for listed companies to have a corporate governance that allows them to have access to the international investment community.