Other Subsidiaries

Within Growthfund corporate structure there are also included participations in State Owned Enterprises (SOEs) operating in core sectors of the Greek economy (energy, water and sewerage, infrastructure, transportation, services etc.). The aim of this is to achieve better management and value enhancement of these participations, building upon modern standards and policies in relation to corporate governance, compliance, supervision and transparency of procedures.

State Owned Enterprises can and shall become better by unleashing their true strength as well as their comparative advantages.

To this end, Growthfund aims to the:

Transformation and restructuring, where required, of the state owned enterprises (SOEs).

• Adoption of best practices and rules of corporate governance, similar to the rules applicable to listed companies.

• Setting the strategic objectives as the basis for the medium-term business and operational planning of their management, as well as their assessment upon specific KPIs.

• Performance monitoring through regular reportings.

• Technological and digital transformation for more efficient operation and better services offer.

• Commitment enhancement in relation to social and environmental issues, responsible management and consultation with all relevant stakeholders.

In this context, the Coordination Mechanism -which constitutes part of the Growthfund Internal Rules- shall be also applied. The Coordination Mechanism comprises the tool to define the business strategy of Other Subsidiaries and includes a cooperation framework among the State, Growthfund and the SOEs.

As part of the implementation of the Coordination Mechanism, Growthfund after consultation with the SOEs, proceeded to the definition of their main strategic and operational directions, as well as their key objectives, including them in the “Mandate” statements.

The Mandates of the SOEs, in accordance with the provisions of the Coordination Mechanism, were submitted and approved by the Cabinet Committee.

Growthfund participations in SOEs