Corporate governance refers to a number of principles adopted by a company, aiming to uphold its performance and the interests of its shareholders and all stakeholders.
Recognizing the importance of corporate governance principles and the benefits derived from their adoption, we follow international practice and standards in this area and opt for the systematic implementation of these principles throughout its operations.
OTE S.A. as a large capitalization company listed on the Athens and London Stock Exchanges, complies fully with applicable domestic and international legislation and, as far as corporate governance practices are concerned, OTE applies the Hellenic Corporate Governance Code (HCG Code) for listed companies, as currently in force following its revision/amendment by the Hellenic Corporate Governance Council (HCGC) in 2013.
In the abovementioned context, the Company has adopted regulations, policies as well as corporate governance practices above the requirements of the Law, which follow the international standards and are applied by the Group companies.
The applied by the Company principles and practices are incorporated in the Company's Articles of Incorporation, Internal Regulation of Operations, the OTE Group Code of Conduct and other Company's by-laws regulating its operations.
Fundamental Principles of the Corporate Governance System
The fundamental principles on which the corporate governance system is based involve the following:
· Ensuring transparency and effective control over management
· Two-way communication between company stakeholders and Company's management
· Assurance of operational efficiency.
The three main pillars for the application of corporate governance rules and practices concern the role of the Board of Directors, the executive members and the control, the protection of shareholders' rights and the enhancement of transparency and information disclosure.
The following regulations are also applicable at OTE: