2023 European Proxy Season Review (Greece edition)

Morrow Sodali 2023 European Proxy Season Review
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Morrow Sodali is pleased to share its review of the 2023 Proxy Season in Greece. This comprehensive review highlights several key trends in corporate governance and shareholder engagement.

The season marked a dynamic shift in shareholder meeting formats and participation. Greek issuers have transitioned from virtual-only annual general meetings (AGMs) to a mix of physical and hybrid formats, with a notable decrease in virtual meetings. Moreover, strategic shareholders have seen their positions strengthen in the last three years, driving higher overall participation rates at AGMs, reaching 76.5% of share capital in 2023. Despite these changes, free float participation remains steady at around 50%. Board elections have witnessed increased support, although concerns persist regarding board independence and gender balance.

The review also delves into board composition, revealing a decline in board independence and a majority of board chairs with executive roles. Gender diversity on Greek boards is improving but still lags behind European standards. Remuneration issues remain a focal point, with a majority of remuneration policies and reports facing negative recommendations. Additionally, other remuneration items, such as fees for board members and incentive plans, are receiving lower approval rates. The insights highlight the evolving governance landscape in Greece, including the growing importance of sustainability skills, international expertise, and the impact of recent regulatory changes in the banking sector, adding complexity to remuneration structures.

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