Corporate governance should strengthen investor confidence and corporate competitiveness by focusing less on bureaucracy and more on substance, speakers said at the 12th Corporate Governance Conference organised by the American-Hellenic Chamber of Commerce.
According to a post by the chamber on social media, Hellenic Capital Market Commission Chair Vasiliki Lazarakou said the European legal and regulatory framework had become highly complex, often making it difficult for both companies and investors to focus on the issues that matter most.
She said investors need information that is “clear, concise and comparable,” together with standardised metrics that allow meaningful assessment of companies’ financial position and performance.
“Not a box-ticking exercise”
U.S. Securities and Exchange Commission (SEC) Commissioner Mark T. Uyeda said the credibility of capital markets depends on the quality of corporate governance at listed companies. Corporate governance, he said, is not a box-ticking exercise but the foundation for building trust between companies and investors, enabling the latter to make informed investment decisions.
Independent governance and regulatory adviser Chris Hodge said corporate accountability has changed significantly in recent years, with boards assuming greater responsibilities amid a more demanding regulatory environment, rapid technological change and an increasingly unpredictable global landscape.
Speaking during a panel on linking targeted corporate governance to business effectiveness, PwC Greece’s Head of Governance, Risk, Compliance and Internal Audit, Spyros Rasias, said Greek companies had invested substantial resources to meet legal and capital market requirements, with the next challenge being to leverage those investments to create greater value.
George Liakopoulos, Group General Counsel at Piraeus Group, stated that corporate governance extends beyond the operation of an individual company to encompass areas including risk management, data governance and balancing the interests of the group with those of its individual subsidiaries.
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