The corporate governance of Eurobank ensures that the Bank, the Group and its subsidiaries operate with credibility and in a responsible, just and transparent manner. We implement the Greek law, the international best practices on corporate governance, and the Bank’s contractual obligations to the Hellenic Financial Stability Fund (HFSF). We safeguard the legal interests of anyone connected with Eurobank: our shareholders, customers and human resources.
The Corporate Governance principles applied by the Bank and at Group level ensure that:
TransparencyThe composition and operation of the Board of Directors of the Eurobank Group ensures it reaches its decisions with transparency, credibility and consistency during the decision-making process.
We meet our commitments towards the Eurobank shareholders and any third parties, in compliance with the Greek legislation and international best practices on corporate governance, as well as the Bank’s contractual obligations with the Hellenic Financial Stability Fund (HFSF).
We treat all our shareholders, young and old, fairly and equally and we safeguard their interests. We inform out shareholders adequately and on time about the progress and performance of Eurobank and the Group.
We expend all efforts to avoid situations that may lead to internal or external conflict of interests.
Separation of duties
In our corporate governance, everyone has clear and distinct duties and responsibilities. This is further assisted by:
- The organisational structure of Eurobank and the Group, which is clearly stipulated in our Articles of Association.
- The Internal Governance Control Manual (as approved by Governor’s Act No. 12/30.07.2003 and last amended on 27 March 2017).
- The Internal Governance Regulations and the organisational structure of the subsidiaries and the Eurobank Group.
This way we establish a solid internal control framework.
Independent external audit
We safeguard the independence of the external auditors in our corporate governance. The External Auditor Independence Policy stipulates the external auditor rules, according to 3 basic principles:
- An auditor may not audit their own work.
- Αn auditor may not perform any administrative roles.
- An auditor may not provide any services prohibited by the Law or the Bank’s policy.
The Policy was approved by the Eurobank Group Audit Committee on 21 November 2007. It is reviewed every year.
Best practices in all operations
We implement the corporate governance principles across all our operations as best possible. The Eurobank Group Company Secretariat:
- Determines the management, operational and auditing frameworks of Eurobank and the Group subsidiaries.
- Ensures that each framework is implemented correctly.
- Notifies the competent supervisory authorities, in compliance with the legislation in force.
Corporate governance framework
The Eurobank Corporate Governance Code incorporates:
- The Greek legislation (Law 3016/2002, Law 3864/2010, Bank of Greece Governor Act 2577/2010).
- The contractual obligations of Eurobank against the Hellenic Financial Stability Fund, in compliance with the Relationship Framework Agreement (RFA).
- International corporate governance best practices.
- Previous versions of our Corporate Governance Code:
2018 | 2017 | 2016 | 2015 | 2014 |2013 | 2012 | 2011
The Corporate Governance Statement (29.03.2019) is a special section of the Eurobank Board of Directors Executive Report. It outlines how the principles stipulated by the Corporate Governance Code were applied during the previous financial year.
The Code of Professional Conduct applies to the human resources of the entire Eurobank Group and provides the framework for the principles, rules, conduct and decisions that the human resources ought to follow during their professional engagement. To this end, we offer ongoing training to our people. The Code of Professional Conduct is eventually approved by the Audit Committee of the Board of Directors.
The Articles of Association state how the Eurobank Board of Directors is formed, what responsibilities it has and how it operates.
Eurobank Directors’ & General Managers Remuneration Policy covers the remuneration framework for the members of the Board of Directors and the General Managers of Eurobank, in line with Law 4548/2018, applicable as of 1st January 2019. The objective of the Policy is to safeguard that remuneration is both reasonable and sufficient to retain and attract directors and senior management with appropriate skills and experience to develop and implement Eurobank’s business strategy and ensure its long-term interests and sustainability, while avoiding excessive risk taking.
The Internal Control System ensures the efficiency, credibility and compliance of the Eurobank Group to the legislative and regulatory framework in force.