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.
This new group aspires to aid in the appointment of acclaimed and experienced professionals to governing boards, as well as to help members to evolve, cooperate and exchange ideas, experience and information regarding corporate governance.
Finance Minister Christos Staikouras told the event that the government welcomes the initiative and assured that “we will take every necessary measure toward transparency and respect for the principles of proper governance. Violation of those principles will not be tolerated and will be punished hard, as it should be.”
Steve Playford, global director of the Financial Times NED Club, stated that “the FT Board Program enthusiastically supports the creation of NED Club Greece,” while Ernst & Young presented a survey on the role of governing board members.