PUBLIC POWER CORPORATION S.A.
"PPC S.A. operates and advances to the interest of its shareholders, its employees and the Greek society complying with the current legislation on societe anonyme and the basic principles of Corporate Governance. The company's development strategy is defined through internal procedures securing collectivity, strict internal and external controls, and decision-making based on clearly defined actions."
The aforementioned were stated by Dimitris Maniatakis, CEO of PPC S.A., in reply to reporters' questions concerning an alleged interference of the Ministry of Development in the company's internal operations and activities. In specific, Mr. Maniatakis unequivocally contradicted any kind of external intervention in the company's integral operation and pointed out that:
· PPC is a listed company conditioned by the legislation on anonyme societe and adheres to all obligations arising from the firm stock market legislation.
· The BoD is the supreme administration authority which after talks takes decisions based on the suggestions submitted by the relevant services. It should be reminded that the PPC BoD constitutes of 11 members, 6 of whom are appointed by the Greek government, which is the main shareholder owing 51%. There are also 2 minority shareholders, 2 employees and a member of OKE (Greek Economic and Social Committee).
· The CEO, as an executive, bears the responsibility of the company's smooth internal operation and the submission of the relevant services' suggestions to the BoD so as to be discussed and a decision to be made.
· The Greek government's role, as a shareholder and supervising ministry, have already been mentioned clearly in the newsletters of PPC's flotation. It should be stressed that, while PPC remains a public benefit company serving the Greek people, it preserves its full administrative collectivity and operates on clearly private economic criteria in the new conditions created by the electric power market liberalization.
Mr. Maniatakis, PPC S.A. CEO concluded by accentuating the following:
"A firm choice of the current administration body is to strengthen decentralization and to support the activities and responsibilities of service agents in order to achieve greater collectivity and transparency in the decision-making process. Our constant concern is the continuous promotion of internal and external controls at all levels."
Athens, September 28, 2006 FROM THE PRESS OFFICE
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