State corporations going under the purview of Greece’s privatizations hyperfund will undergo sweeping changes in management and regulations.
These enterprises will run according to corporate governance rules, and be obliged to publish their quarterly financial figures and translate their annual financial report into English. Their financial data will have to adhere to the International Financial Reporting Standards, they will have internal auditing committees, annual and five-year business plans, etc.
The Hellenic Corporation of Assets and Participations – as the hyperfund is officially named – sets strict rules for the operation of its subsidiaries. Its regulations also dictate the creation of a mechanism for the coordination of the state’s targets and objectives with those of the hyperfund and of the state corporations acceding to it.
The new operating rules will concern all of the hyperfund’s subsidiaries, with each company setting up its own procedures for internal monitoring and its management undergoing assessment every two years. The state enterprises that constitute general government entities will continue to submit monthly fiscal reports.