2015 Proxy Season Review: Greece


  • There is continued ongoing political and economic uncertainty about Greece’s future in or outside the Eurozone, its monetary stability, and its international debt repayments.
  • Greece, currently classified as a developed market by FTSE, is on the FTSE Watch List for a possible demotion in the September 2015 review to an advanced emerging status due to ongoing concerns over off-exchange transactions, stock lending, and omnibus account facilities available to international investors.
  • Average board independence decreased slightly from 2014 to 2015 (2015: 28.5 percent, 2014: 30 percent). Only 20 percent of the large cap companies operate fully independent audit committees. Approximately two-thirds of the large cap companies have a remuneration committee, and one out of two large cap companies have a nomination committee.
  • Disclosure of information on 2015 AGM proposals remained at the same levels as in 2014. Greek issuers remain hesitant in disclosing detailed information about executive compensation.
  • Greek banks participating in the Greek government’s support scheme have not distributed dividends to shareholders since 2009. This will continue as long as they receive State support.

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