Governance

Two years after the scandal of jewelry company Folli Follie broke out, a new bill by the Finance Ministry is seen leading to the strengthening of corporate governance and the institutional shielding of the Greek stock market.

Slovenia scored 53.8 points, and fared best in terms of governance efficiency, trailing only Ireland and the Czech Republic.

Governance efficiency measures the results of core state areas and investments - infrastructure, market and employment structure, and the provision of a framework for sustained and sustainable wealth generation.

A year-and-a-half after the Folli Folie scandal broke, tainting the reputation of Greek business internationally, the market itself has created a new entity with a mission to promote good corporate governance and entrepreneurship. The Non-Executive Directors' Club in Greece, or NED Club, was launched at an event at the British ambassador's residence in Athens on Monday night.

Changes will be introduced to the legislative framework governing the operation of the Greek Agricultural Insurance Organization (ELGA) to allow private companies access to the sector's insurance system, according to Agriculture and Food Minister Makis Voridis.

Restoring the integrity of Greece's key institutions should be top priority after what the country went through in the past four years at the hands of the previous, leftist administration.

The new conservative government will have to show determination in this task, but it will have to combine this with a good measure of wisdom and moderation.

The governmental organisational chart presented by incoming Prime Minister Kyriakos Mitsotakis is by all accounts innovative and is the first reform at the highest administrative level of the country.

Essentially it is the first attempt to apply principles and rules of corporate governance that have existed for decades in the private sector to the government and the state.

Outlining his administration's action plan, Prime Minister Kyriakos Mitsotakis on Wednesday set out 12 key priorities and a new model of governance in the first session of the new cabinet. 

Istanbul Innovation Days have started on Nov. 27 to gather technology experts, academics and politicians to discuss global trends and innovative approaches impacting governance mechanisms.     

Attracting investment, restoring confidence and helping the economy rebound may rank high on the Greek government's agenda, but one of the factors keeping Greek assets off the radars of foreign investors - the corporate governance of local enterprises - is becoming increasingly important.

Titan Group announced on Tuesday it has joined the newly established Global Cement and Concrete Association (GCCA), a global organization dedicated to strengthening and promoting the sector's contribution to sustainable construction.