Greece's 'super fund' wants state-run companies in its portfolio to emphasize corporate governance, regulatory compliance

Monday, 11 February 2019 14:50
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By F. Zois 

Greece's "super fund", officially called the Hellenic Corporation of Assets and Participations S.A. (HCAP), convened a meeting on Friday to iron-out cooperation with several major state-run companies under its supervision, which include ATHEX-listed utilities such as the Public Power Corp. (PPC) and the Athens Water Co. (EYDAP), as well as rail property manager and developer Gaiose, the urban bus operator in greater Athens (OASA) and the Thessaloniki International Fair (TIF), among others.

Practically all of Greece's state-run entities are experiencing cash-flow problems, while some are burdened with hundreds of millions of euros in outstanding debts and annual operating losses.

Officially, the meeting, convened at the Helexpo convention center in north Athens, was held to discuss cooperation and present latest technological achievements. The last such meeting took place in September 2018.

HCAP was established in February 2017 as per an agreement with institutional creditors within the framework of the third bailout memorandum.

According to HCAP officials, the "super fund" wants entities under its supervision to become more cost-effective, to boost transparency at all levels and improve the quality of services provided.

In terms of specifics, HCAP wants board of directors at supervised entities to operate, as its officials said, "independently and with professionalism", as well as to implement best practice corporate governance rules and regulatory compliance.

The standard, according to super fund officials, is for state-run companies in its portfolio to reach the same level corporate governance as listed companies.

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