Commenting on a relevant article that appeared today on the electronic press, PPC S.A. clarifies that pursuant to the usual practice for the election and/or replacement of Board Members that represent the Majority Shareholder, i.e. the Hellenic Republic, the relevant General Assemblies of PPC S.A. convene without the formalities required by law for the other General Assemblies of the Company which do not have as an agenda item the election of Board Members.
That is because, irrespective of the legislation about Societe Anonymes, the election of Board Member of PPC is performed in a special way according to its Articles of Incorporation (Presidential Decree 333/2000).
According to this procedure, only the Hellenic Republic can participate in the General Assembly which elects the representatives of the Majority Shareholder, without the participation of the minority shareholders. Accordingly, only the minority shareholders participate in the General Assemblies which elect the representatives of the minority shareholders, without the participation of the Hellenic Republic.
Each General Assembly which is competent for the election of Board Members is also competent for recalling them.