Date: 26th September 2020
A new law on the “corporate governance of societies anonymes, modern capital markets and implementation of EU Directive 2017/828” has been enacted in Greece (Law 4706/2020), within which Articles 1 to 24 replace longstanding Law 3016/2002 on corporate governance of listed companies. Although the new provisions bring no revolutionary changes, the general thrust is welcome and some of the modifications important.
The most salient new provisions vis-à-vis the existing corporate government framework are the following:
Less in-depth but also significant are the following changes:
All in all it is obvious that the success of the new framework shall be judged on the basis of the impact it will have on the change of the governance culture of the Greek companies and on their more efficient operation.
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