RSM survey: Who manages the Greek listed companies

By George Lampiris

A key feature of several listed companies on the Athens Stock Exchange is the concentration of positions in the same person, a parameter that limits the feature of diversity in corporate boards.

According to a survey conducted by the auditing firm specializing in risk management services, corporate finance and other similar industries, RSM, 51 listed companies have a chairman who is also a managing director, 46 companies have a chairman without executive powers and 2 companies are chaired by an independent non-executive member. In addition, 54 companies have a chairman with executive duties. All of the above comes at a time when, under Law 4706 of 2020, best corporate governance practices require a distinction between the role of chairman and CEO, and in the event of non-compliance, the appointment of a non-executive vice-chairman is necessary.

At the same time, in 20 companies the CEO is at the same time vice-chairman of the board.

Representation by women in senior management positions is limited

According to the same survey, out of a total of 1,224 board members, 1,115 are filled by natural persons, of whom 838 are men and 272 are women.

The boards are represented by 799 ordinary members and 425 senior members. In particular, out of a total of 799 members, 137 are executive, 222 are non-executive and 440 are independent non-executive.

Examining the representation of the two races in the managements of listed companies in Greece, 59 senior positions are held by women and 366 senior positions are filled by men, with a ratio of 1 to 6. However compared to a previous RSM survey, where the The number of women in senior management positions was 47, which reflects the gradual strengthening of female human resources in these positions. In any case, however, the representation of women in senior management positions, in relation to men, continues to be significantly limited. This practically means that 86% of the managers are men and only 14% are women, while the corresponding percentages before July 17, 2021 were 88% and 12% respectively.

104 members of administrations are not of Greek nationality and family character

Regarding the nationality of the members of the boards of directors in listed companies on the Athens Stock Exchange, 104 members, ie 8.5%, are not of Greek nationality.

It should be noted that the family character of companies in Greece is strongly reflected in the listed companies. 52% of listed companies have a more “family” character, as at least 2 members affiliated with the main shareholder participate in their boards of directors. It is characteristic that in 7% of the companies, the affiliated members constitute the majority of the members of the board of directors.

35% of the board members are under 50 years old

Examining the age of the participants in the administrations, 7% of the members are under 40 years old, 28% are under 50%, while 33% of the members are between 51 and 60 years old, 26% are between 61 and 70 years old and 14% over 70 years old. Overall, however, 35% of the board members are under the age of 50, based on data from 17 July 2021 onwards.

The independence factor of the members

Regarding the factor of independence of the members of the boards, the research shows that the representation from independent members exceeds 40%.

In addition, 3 companies have 8 independent non-executive members and 19 companies at least 5 members each. At the same time more than 80% of companies have a higher number of non-executive members (including independent ones) than the number of executive members.