OPINION

Breaking basic rules of business

Certain members of the government need to finally wake up to the fact that we are no longer in the 1980s. The manner in which these individuals deal with companies in which the state may hold a stake but which are listed on the stock exchange, gives rise to many problems. One recent example of this phenomenon is sports betting company OPAP, whose annual general meeting was postponed by the state because a suitable chairperson could not be found. The behavior of the minister who made the relevant decision as well as of others in similar cases, paints a negative picture of the country and leaves us exposed in the eyes of foreign institutional investors, who expect the government to abide by at least the most fundamental rules of corporate governance. Unfortunately, this handful of government officials persist in managing companies that are important for the country’s prestige as though they were mere offshoots of their own ministries. Of course, we shouldn’t be surprised, as this kind of thing is inevitable when ministers spend more time giving interviews than doing their jobs.