Sustainable Development

Governance (G)

Governance Indices (G)* 

*It should be noted that the published indices for 2021 have not been finalized yet and they might change, as the final internal confirmation and the independent limited assurance from an external consultant are still in progress. Any changes that might arise will be clearly indicated (including what changed and when).

C-G1 | Composition of the Board of Directors

Total Number of Board Members 11 - 100%
The percentage of members of the BoD who are women* 2 - 18%
The percentage of BoD members who are non-Executive 3 - 27%
The percentage of BoD members who are independent non-executive 6 - 55%

In accordance with Law 4706/2020, there must be adequate representation of women on the Board of Directors at a rate equal to 25%

In accordance with the relevant decision of the Hellenic Capital Market Commission, in case of any fraction this is rounded to the previous integer.

In the BoD of PPC, 25% corresponds to 2.75 and with the rounding to the previous integer 25% ultimately corresponds to representation on the BoD of 2 women.

Included in the 2021 Financial Report, pp. 80-89, 99-100


C-G2 | Sustainability Oversight

The Sustainability Department has been established in June 2021 and a Director of the Sustainability Department was appointed reporting directly to the CEO in September 2021. Furthermore, based on the decision of the Board of Directors No. 142/9.11.2021, a Sustainability Committee was established with representation from the top management, which is responsible for the supervision of Sustainability and for informing the Board of Directors on Sustainability matters.

The establishment of this Committee was carried out relating to the following:
• supervision, coordination and promotion of policies and actions related to Sustainability and Climate,
• overseeing the identification, monitoring and management of risks and opportunities related to Sustainability and Climate,
• overseeing the establishment, implementation and monitoring of the Sustainability strategy and policy,
• overseeing and approving the Sustainability Report and the wider implementation of appropriate non-financial reporting and ESG (Environment, Society, Governance) disclosure frameworks,
• oversight and monitoring of the annual targets around Sustainability, CSV (Creating Shared Value) and Climate for all Group Departments and sections,
• reporting to the Board of Directors on these matters on a regular basis, with the ultimate objective of further enhancing the Board’s oversight and awareness.

The Sustainability Committee consists of seven (7) members as follows and meets once every trimester:

Member’s name

Position in Company Position in Committee
Georgios Stassis Chairman and CEO Chairman
George Karakousis Deputy CEO of Commercial Activities Member
Ioannis Kopanakis Deputy CEO of Production Operations Member
Alexander Paterakis Deputy CEO of Digital Transformation Member
Konstantinos Alexandridis

Chief Financial Office

Konstantinos Mavros CEO of PPC Renewables S.A. Member
Achilleas Ioakeimidis

Director of Sustainable Development

Secretary and Deputy Chairman of the Committee


C-G3 | Materiality

The methodology and results of the materiality analysis carried out in summer 2021 are presented in the Sustainability Report 2020 p.105-107

In the framework of the 2021 Sustainable Development Report, the Department of Sustainable Development will hold Focus Groups in the 3rd quarter of 2022 with the participation of PPC’s senior management to update the material topics as they emerged from the materiality analysis carried out in June 2021 for the purposes of the 2020 Sustainable Development Report.

The materiality analysis adheres to the GRI Standards 2016, incorporating some of the requirements for the materiality analysis of the GRI Standards 2021 (positive and negative impacts), aiming that the next report fully covers the Standards’ requirements in relation to the identification of the material issues that can add long term value to the Group’s business activity, while at the same time reflecting on the Group’s important financial, environmental and social impacts.


C-G4 | Sustainable Development Policy

PPC’s strategic ambition is "Creating Shared Value", in other words to create and measure the shared value (total value) between the company, society and the environment, as resulting from the transformation of the Company’s value chain and operation, and the development of a new corporate culture driven by Sustainable Development and the principles of the circular economy.

To this end, we approach Sustainable Development fully in line with our business model and its transformation needs, investing in integrated, innovative and high-quality services and products, creating a better working environment and mutually beneficial relationships, centered on economic growth (Prosperity), environmental care (Planet) and social well-being (People).  

PPC is laying the foundations for integrating the Sustainable Development Policy also at Group-level through the gradual harmonization and adoption of the Principles of this Policy by its subsidiaries, bringing about the requisite adaptations.

PPC aims at a comprehensive integration of sustainable development/CSV issues into the strategy, governance and operational model of the Group (as well as of the individual member-companies) and the improvement of ESG disclosures, taking into account the basic economic, social and environmental impact of PPC Group, not only through the products and services currently provided or to be provided in the future (sustainability of product) but also across the processes leading up to the development of products and services (sustainability of process) all along the value chain and taking into consideration all stakeholders (bottom up re-engineering for stakeholder vs. shareholder economy).

PPC invariably operates with a sense of duty and absolute transparency across the whole spectrum of its business activity. Its action and manner of conducting business demonstrate responsibility for the environment, readiness to apply best working practices and attention to the manner of interaction with its stakeholders (customers, employees, shareholders, suppliers, local communities, central and local government, civil society, the environment, etc.). It endeavours to act as a balancing factor for the benefit of society as well as itself. 

The Sustainable Development Policy of PPC Group is the Group’s basic commitment framework in terms of Sustainable Development, in view of the constant strive to create and measure shared value (CSV) for Society, for the Company and for Stakeholders, with the least possible impact on the Environment in order to make such development possible for future generations. 

The Sustainable Development Policy is fully aligned with the strategic plan and the ensuing need to transform the Group’s business model; Sustainable Development issues are also approached through the viewpoint of their financial impact on the Group.

In this respect, we are always on the lookout for mechanisms to integrate sustainable development enablers all along the value chain and adopt the principles of the circular economy in the production and development of new and existing products and services.

All across operations and actions, PPC looks to contribute to achieving the UN’s 17 Sustainable Development Goals, emphasizing those associated with the priorities resulting from materiality and from Stakeholders, as well as the Company’s performance and impact on these Goals, but also inversely, in view of their significance for the Company’s viability and business plan.

The basic principles of our Policy are as follows:

1. Reduce our impact on the environment and on biodiversity
2. Take the lead in energy savings
3. Become a catalyst in the transition towards meeting our national and international goals in addressing climate change by reducing the carbon footprint in generation, and in the value chain
4. Work out scenarios in relation to climate change in order to shield the company in the future
5. Be a driving force in the transition towards adopting the principles of the circular economy
6. Respect human rights
7. Be competitive and generate and provide energy and high-quality energy products and services that meet the needs of and are affordable for consumers
8. Raise standards in regard to sustainable development issues for our Group; create partnerships with others for the same purpose
9. Respect and capitalize on diversity, incorporate the principles of inclusion into our culture, offer equal recruitment and career opportunities, provide training and retraining to employees and become a priority for job seekers
10. Choose our partners and suppliers also in view of how they perform in sustainable development issues and ESG criteria
11. Contribute decisively to a Just Transition, in cooperation with state authorities and other institutions, in the context of the country’s energy transformation
12. Promote innovation and research and co-create solutions together with stakeholders
13. Respond to the legitimate interests and pursuits of all stakeholders and maintain open communication channels with Society
14. Demonstrate social responsibility and a sense of duty with emphasis on local communities, based on the principles of solidarity and mutual respect
15. Cater for health, safety and well-being for our personnel and for society at large
16. Link the remuneration of our executives also to sustainable development and ESG criteria
17. Aside from the environmental impact, evaluate also the social impact – either positive or negative – of important corporate activities, be it in respect of decommissioning units or new products, services and investments
18.   Inspire trust to our investors in order to create mutual competitive benefits and attract international long-term investment funds that will enable the deployment of our investment plan
19. Propose and support initiatives, policies, regulatory and statutory frameworks that will fortify the path towards just sustainable development for the country and for Europe at large
20. Be a model of good corporate governance
21. Comply with international rules of professional ethics and anti-corruption with transparency, integrity and emphasis on Business Ethics
22. Comply with the effective national and international regulatory and legislative frameworks. 


C-G5 | Βusiness Ethics Policy

In an effort to continuously improve its activities at all levels and to adapt to changes in the regulatory framework, based on international best practices, the Company is developing an “Ethics and Compliance” Programme.

A central tool of this programme is the Code of Conduct, which the Company has adopted since 2018, and which was revised by the BoD on 9.6.22 due to changes in the regulatory environment.

This Programme also includes Policies, which specify the principles and values of the business ethics, adopted and applied by the Company.

Specifically, these Policies and Regulations are:

• The Policy against Corruption and Bribery
• the Conflict of Interest Policy
• the Policy against Violence and Harassment at Work
• the Enforcement Policy & Reporting/Complaint Handling Procedure of the Company
• the Anti- Money Laundering and Terrorist Financing Policy
• the Personal Data Protection Policy
• the Human Rights Policy
• the Sustainable Development Policy along with the Environmental Policy as an integral part of it
• the Related Party Transactions Regulation
• the Inside Information Management Regulation

The aforementioned Policies, in combination with the revised Code of Conduct, contribute to the promotion of transparency and legal certainty processes within the Company and consolidate a culture of ethics.


C-G6 | Data Security Policy

The Data Security Policy is presented in the Financial Report 2021, p.62

Personal Data Protection Policy of PPC S.A. 


A-G1 | Business Model

PPC was established in 1950 as a public sector enterprise, tasked with the responsibility of providing electricity to the entirety of the country. Following its transition to a Societe Anonyme and the listing of its shares in the Stock Exchange, its operation has been governed by the law on ‘societes anonyms’, however, the influence of the State on PPC remained significant, especially regarding its public service obligations which have been assigned to PPC. As a result, until recently, PPC was subject to laws and regulations applicable in the Greek Wider Public Sector. Following the increase of the Company's share capital, which was completed at the end of 2021, and the reduction of the indirect State participation to 34.1%, PPC ceased to be controlled by the State and be considered as a Public Undertaking within the meaning of L. 3429/2005. Nevertheless, the Company, due to its business activity in the strategically important utility sector, continues to be a company of intense public interest. Due to the above, the operation of PPC and its choices continue to be influenced by a number of stakeholders who have legitimate interests related to its operation.   

PPC is being transformed from a vertically integrated company of Business Units, as it was in the early 2000s (Mines, Generation, Transmission, Distribution, Supply), into a Group of Companies, with PPC at its core, which will operate in the Supply and Power Generation from  conventional forms of energy (hydro energy and natural gas) and the subsidiaries HEDNO (Distribution) and PPC Renewables as the main agent of transition to power generation through Renewable Sources of Energy.

More in particular, the company is at the center of the energy transition, which is encapsulated in the threefold: Implementation of the “Green deal” in generation, digitalization and operational efficiency and expansion in new value-added activities and products with a customer-centric approach.

The development of renewable energy sources, the implementation of energy saving measures and the significant progress of the electrification and the digitalization of the economy constitute the main pillars for the promotion of the energy transition and the reinforcement of the socio-economic development. PPC considers that it will safeguard thereby its sustainable development, in order to achieve its goal of maximizing its value, while always taking into consideration its social role in the National Economy and its environmental impact. At the same time, the Company shall place great emphasis on its customers, developing and operating in new markets of energy products, with the medium/short-term goal of providing a wide range of products that will meet all customers’ needs and requirements.

More specifically, PPC’s new business plan outlines the Company’s medium-term goals and is based on three pillars:

1. Implementation of the “Green deal” in power generation, by decommissioning its lignite units and the respective mines and emphasizing in the uptake of RES as the new primary power generation technology. The detailed lignite phase out plan includes the decommissioning of lignite units with installed capacity of approximately 3.4 GW during the period 2019-2023. The lignite phase out plan is being carried out with full respect to PPC’s employees, local communities and the environment but also ensuring the country’s energy adequacy. In this fair transition framework, the Company has already proceeded to the design and implementation of a series of new development projects, but also to the maintenance of the existing ones with the appropriate modifications, as for example was the successful implementation of the district heating project, aiming at constantly supporting local communities.

The plan for the new PPC includes significant investments in RES through the subsidiary PPC Renewables as well as investments in storage units aiming at increasing installed capacity to 4.8 GW and 0.7 GW respectively until 2026.

2. Digitalization and operational efficiency for the achievement of cost-reduction and revenue-increase synergies, by applying new technologies across sectors, such as:

• Digital development of PPC through models of process digitalization and digital transformation
• Digitalization of the activities and infrastructures of the electricity Distribution network by investing in the networks’ upgrade by using tools such as smart meters, circuit breakers and GIS systems etc.
• Use of technology to ensure information and network security of the company as a Critical National energy infrastructure, based on best practices and safeguarding in a responsible way the natural persons involved, such as customers, and the society as a whole.
• Enhancement of PPC human resources digital culture, focusing on its particular characteristics, the conditions under which it operates, the flexible and modern functionality and the required digital cooperation.


3. Expansion in new value-added activities and products with a customer-centric approach, both in the retail electricity market and in new business sectors. More specifically, priority is given by PPC to the development in the most efficient way of the necessary infrastructures for the electrefication of transport and heating. A rapid increase in the number of electric vehicles is expected at international level, due to the fact that their cost is expected to approach the cost of conventional vehicles over the next few years. PPC will effectively contribute to the increase of electric vehicles in our country, investing in the necessary infrastructure and more in particular in the installation of more than 1,000 charging stations over the next few years, while the medium-term goal for PPC is to install more than 10,000 charging stations all over Greece.

Furthermore, the Company’ strategy is focused in the production of “green hydrogen” through synergies that are expected to enable the country’s energy transition to a zero-carbon environment.

Alongside the above, in 2021 PPC focused on designing and launching Value Added Services, as well as on designing integrated consulting services on energy upgrading and energy saving in end-use. Finally, in 2021 PPC made a systematic effort to design an integrated service aimed at informing and promoting heat pumps as the key technology for the electrification of heating. This service will be launched at the beginning of the year 2022.

Additionally, the development at national level of a fiber optic network platform by the Company is carefully considered in order for PPC to join the main high-speed broadband service providers thus creating a new source of revenue for the Company.

The Company’s organizational structure, at the level of Departments, took place within 2020 in order to meet the aforementioned priorities, while within 2021 the establishment of all necessary Departments, as well as the internal structure thereof was finalized. Additionally, a full set of rules and policies was adopted by the Company aiming at creating a corporate governance and ethical behavior framework that in combination with the strong fundamentals of the Company are expected to ensure the maximization of its value.

In this new era for PPC, its strategy could only be grounded in the principles of the “Creating Shared Value” approach, in other words on the basis of the Sustainable Development which aims at creating shared value among companies, societies, people and environment. To this end, PPC approaches Sustainable Development in the light of its business model and thereby of its new strategic orientation.

In this context, the company in compliance with international requirements (Bloomberg 2015, creation of the TCFD by the Financial Stability Board) initiated the transition process from the current model of corporate governance GRC (Governance, Enterprise Risk, Compliance) to the new model ESG (Environmental Social Governance). Specifically, based on the TFCD (Taskforce for Climate-related Financial Disclosure) guidelines, the company assesses the risks to be faced in the context of its activities due to climate change and examines ways to deal with them.


Α-G4 | Variable Pay

% variable pay


Variable Pay Amount €1,305,685.83


Total Executive Pay * 100

€14,531,230.82 *100



Assumptions, hypotheses, restrictions used in the calculation

The amount of the variables is without employer contributions

The total annual remuneration (without employer contributions) of executives has been  calculated  from the hierarchy level of Director and higher, given that from this level and up to the CEO they receive variable pay, in compliance with the applicable remuneration policy. In 2021, only bonuses were received for 2020, not shares.


A-G5 | External Assurance

The Report is subject to external assurance by an independent body, in accordance with the International Standard on Assurance Engagements ISAE 3000.

PPC publishes its Sustainability Report based on the Global Reporting Initiative (GRI) informing its stakeholders about its contribution to the achievement of the  Sustainable Development Goals (SDGs) set by the UN.

The Group's Sustainable Development Report received for the first time in 2020 independent external assurance of limited scope (indented limited assurance), meeting the requirements of the "Core" option of the Global Reporting Initiative (GRI) standard, regarding 14 key indicators of PPC. Sustainable Development Report 2020 | PPC ( p. 387-391

Our aim is to increase the credibility and quality of the Sustainability Report every year. For 2021, the assurance is also underway for the ASE ESG indicators.


SS-G2 | Critical Risk Management

PPC prepares Emergency Response Plans (SAEK), as a systematic program of recognition and preparation for emergencies, which will protect human health and safety, as well as the Company's property in case of an emergency.

In accordance with PPC's Rules of Operation that provides for emergency protocols, the Occupational Health and Safety Department organizes risk/disaster management training programs and Emergency Response Plan (ERP) drills, to enable the Company’s employees to deal with any emergency conditions/incidents (2020 Sustainability Report) p. 222

Furthermore, in compliance with the legislation (Joint Ministerial Decision 5688/2018), PPC’s environmental studies include a section on risks to human health, cultural heritage or the environment (for example due to accidents or disasters).

At the same time, PPC facilities certified by ISO 14001/2015, implemented in this framework procedures that document how they prepare and prevent the occurrence of accidents and emergencies (accidents, fires, spills, etc.) that may have a significant impact on the environment, as well as how the facilities respond to them.

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