In an era defined by rapid transformation, rising stakeholder expectations, and mounting global uncertainty, corporate governance is no longer just a matter of compliance—it is a strategic imperative. Today’s leaders must navigate complex regulatory landscapes, ensure organizational resilience, and drive sustainable value creation, all while upholding the highest standards of transparency and accountability.
This evolving reality sets the stage for AmCham Greece’s upcoming 11th Corporate Governance Conference and for this issue’s Thought Leaders special, which features insights from distinguished governance leaders, policy experts, and business executives and explores the key forces shaping the future of governance, locally and globally. From the rise of AI in decisionmaking to the intricacies of board dynamics, crisis preparedness, and sustainable regulatory frameworks, these contributions reflect the urgent need for forward-thinking leadership and meaningful reform.
As we look ahead, the conversation on governance is more relevant than ever—and your voice is a vital part of it.
The Evolving Corporate Governance Framework in Greece: A Comprehensive Approach
By Maria Theodoulidou, Group Procurement and Corporate Governance Director, BoD Secretary, Fourlis Group of Companies; Chair of the AmCham Greece Corporate Governance Committee
July 17, 2021, marked the beginning of a new era for corporate governance in Greece. For the first time in over 25 years of legislative developments in this area, the issue was approached comprehensively, offering clarity, coherence, and a clear roadmap for implementation.
This new corporate governance framework empowers boards to make more informed and objective decisions
At the heart of this transformation was the enhanced role of the Board Nomination Committee, which now plays a pivotal part in shaping suitability policies for board members and ensuring the integrity of the candidate evaluation process. However, it is ultimately the Board of Directors that holds the most critical responsibility. The board not only determines its own structure and composition but also proposes its members to the General Assembly. One of the most consequential decisions within this process concerns the number of independent members, particularly whether they constitute a majority.
Equally vital is the board’s commitment to diversity. Beyond gender balance, diversity in knowledge, experience, age, and even nationality brings significant value. Boards that include women and members with backgrounds in sustainability, corporate governance, technology, cybersecurity, and shareholder engagement are better positioned to adopt and implement best practices, which in turn generate meaningful, measurable benefits.
This new governance framework reinforces the board’s central role in directing and supervising a listed company. It empowers boards to make more informed and objective decisions—free from conflicts of interest—based on reliable financial and non-financial information. It also enables more effective oversight, as companies are now expected to operate with clear strategies and business goals, robust risk management, regulatory compliance systems, internal controls, and a fully integrated governance structure.
The result is a stronger foundation for trust, transparency, and longterm value creation in the Greek corporate sector, one that aligns with international expectations and prepares companies to meet the challenges of a fast-evolving global business landscape.
An Investment in Transparency and Sustainability
By John Apsouris, Group General Counsel, HELLENiQ ENERGY S.A., Vice Chair of the AmCham Greece Corporate Governance Committee
While political changes in the US by late 2024 led to strong criticism of ESG principles, impacting other nations, the EU and other countries in the world continue to push for ambitious sustainability initiatives. The fact is that despite political rhetoric, real decisions are made through corporate strategies aligned with investment priorities.
In the context of the debate between competitiveness and sustainability, on February 26, 2025, the European Commission proposed an Omnibus package to simplify and streamline EU sustainability regulations, particularly those related to corporate reporting and due diligence (CSRD, CSDDD, Taxonomy, and CBAM). The objective is to reduce administrative burdens on businesses while maintaining or improving sustainability standards. The Omnibus package aims to enhance the competitiveness of EU companies in global markets by facilitating compliance with sustainability requirements. On April 3, 2025, certain proposals under the stop-the-clock mechanism were approved, while others are still pending a vote.
ESG’s narrative is evolving
Despite the simplifications, the core objectives of these regulations remain unchanged. They continue to apply to non-EU firms as well, ensuring that external companies also meet the EU’s sustainability standards.
What can we expect for ESG soon? Here are some predictions:
- AI and blockchain will simplify ESG reporting and audits.
- The gap between US-Europe and Asia will widen, impacting multinational boards.
- Corporate activism will increase due to polarized ESG attitudes among shareholders and stakeholders.
In conclusion, ESG’s narrative is evolving. Despite media backlash, investment in sustainability and transparency persists. Businesses face challenges but also opportunities if they adapt quickly, innovate, and comply with regulations.
Crisis Management Governance
By Vassilis Kaminaris, Partner, Head of Audit, KPMG in Greece
The global environment and marketplace have become increasingly complex, volatile and unstable, making crisis management crisis an important element of organizational resilience. Events that may require effective crisis management could involve natural disasters, cyberattacks, financial scandals, regulatory interventions, and others.
The board of directors is instrumental in providing strategic guidance and leadership which is essential in ensuring the organization’s preparedness, survival, and recovery as the organization is called to navigate effectively through crises.
Crisis management and board-level preparedness are essential components of organizational resilience
Effective crisis management requires a proactive approach, encompassing preparation to effectively manage and respond to these events. It also requires setting up a crisis governance structure with appropriate response plans, defined roles and responsibilities, timely assessment of impacts, development of stakeholder communication strategies, regular training and simulations, clear and transparent communication, and aiming to achieve effective collaboration and coordination.
Preparing plans to address potential crises involves risk assessments to identify gaps, establish response teams, develop response protocols, and perform training programs and simulations. Swift and decisive action is essential. Responding to a crisis also requires clear communication to stakeholders of mitigation plans to maintain trust and credibility. In the aftermath of a crisis, restoring normality requires an evaluation of impacts, a deep understanding of what went wrong and of any lessons learned.
Crisis management and board-level preparedness are essential components of organizational resilience. By adopting proactive strategies, fostering a culture of preparedness, and providing strategic oversight, boards can help organizations navigate through crises and emerge stronger.
Bridging the Communication Gap
By Vassilis Monogios, Managing Partner, AMiD / GRC-ESG
Effective communication and relationship management between the board of directors (BoD) and the members of senior management is a prerequisite for the proper exercise of the board’s responsibilities. However, in many cases, senior management participates in the BoD with only one or two members (usually a CEO, COO, or CFO). It is quite common for communication points to be very limited; for example, when an expense needs BoD approval, and even then, the relevant submissions are usually presented by the CEO to the other BoD members. Let’s consider the missing opportunities if the responsible sales director, production manager, IT and technology manager, HR manager, procurement manager, logistics manager, HS&E manager, etc. never or rarely have the opportunity or the duty to communicate with the board of directors and its committees. Not even a SWOT analysis for their operating units.
Effective communication and relationship management starts with accepting the benefits of proactive communication
Looking a little further at the root causes of such a communication gap, we can see:
- weaknesses in organizational culture, with senior managers thinking that the less they communicate with the BoD, the easier it is for them to hide issues, and the BoD thinking that the less they call senior managers to BoD meetings, the fewer problems they’ll have to deal with;
- a tendency to rationalize the weakness (e.g. a “no news is good news” mentality); and
- increased self-confidence in the CEO, with an augmented sense of knowing the company very well and being able to answer whatever the non-exec board members want.
Part of the solution to close the communication gap seems to be (a) holding periodic meetings and (b) establishing a formal ExCo (executive committee or management committee). However, effective communication and relationship management mainly starts with accepting the benefits of proactive communication for all parties.
Governance 2.0: Steering Organizations Through Complexity with Transparency and Agility
By John D. Saracakis, Vice President, AmCham Greece
Good corporate governance practices establish a comprehensive framework that fosters trust across all stakeholder relationships. By implementing transparent decision-making processes, clear accountability structures, and ethical leadership standards, these practices create confidence among employees, clients, suppliers, and shareholders. When stakeholders trust that organizations operate with transparency and accountability, it creates a virtuous cycle that enhances reputation, reduces risks, and drives sustainable performance.
Modern governance is about cultivating trust and enabling agility
The future of corporate governance is being reshaped before our eyes. Once seen primarily as compliance-focused, governance now sits at the heart of organizational strategy and resilience. In a world of exponential technological change and shifting stakeholder demands, governance must evolve or risk irrelevance.
Modern governance is about cultivating trust and enabling agility. Transparency and accountability remain foundational, but must be paired with flexible structures that allow leadership teams to anticipate change, embrace innovation, and respond swiftly to emerging challenges.
The integration of AI and data analytics into governance processes represents a profound shift. These tools enhance decision-making accuracy, uncover systemic risks early, and improve stakeholder engagement through real-time insights. Yet technology alone isn’t sufficient. Diverse, ethical leadership remains indispensable to interpret data, balance competing interests, and embed purpose alongside performance.
Tomorrow’s governance shifts from reactive to proactive approaches, anticipating risks and opportunities rather than simply responding to crises. For organizations like AmCham Greece, this requires viewing governance as a strategic enabler of trust, innovation, and growth rather than a back-office function.
The path ahead is clear: governance must be bold, fair, and forward-looking to build resilient organizations capable of thriving in tomorrow’s complex world.
Governance for Sustainable Growth: From Compliance to Competitive Advantage
By Athanassios Savvakis, Chairman of the Energy Exchange Group, Executive Director, BioSolids S.A.
In today’s fast-evolving regulatory environment, corporate governance must be more than a compliance mechanism—it must be a catalyst for longterm, sustainable growth. Across Europe and globally, we are witnessing a decisive shift: Regulatory frameworks are no longer just reactive instruments but proactive enablers of economic and environmental resilience. As Chairman of the Energy Exchange Group and founder of BioSolids S.A., I’ve seen firsthand how aligning strategy with evolving ESG standards and regulatory expectations transforms risk into opportunity.
Aligning strategy with evolving ESG standards and regulatory expectations transforms risk into opportunity
Effective governance today requires boards to embed sustainability into the core of decisionmaking, balancing fiduciary duties with stakeholder accountability, climate risk oversight, and transparent performance metrics. However, implementation remains uneven. The gap between policy and practice widens when organizations treat sustainability reporting or carbon neutrality targets as siloed responsibilities rather than enterprise-wide imperatives.
Governance structures must be retooled, bringing together regulatory insight, technological agility, and cultural alignment across the board–executive spectrum. Governing for sustainable growth is ultimately about foresight. It demands that we anticipate—not just respond to—regulatory shifts, and that we view these shifts not as burdens, but as blueprints for resilience and relevance in a transitioning global economy. To lead in this environment, we must rethink governance itself—not as a constraint, but as our most strategic asset.
Understanding Board-Executive Relationships and Accountability
By George Vlachos, International Group Director for Board Advisory Services, Stanton Chase
In today’s complex governance landscape, the strength and quality of the relationship between the board of directors and executive management can make—or break—organizational success. What is more, with governance expectations on the rise from all stakeholders, the boundary between strategic supervision and operational interference becomes increasingly nuanced.
Reviews can play a key role in fostering mutual understanding and driving improvement
In this context, it is crucial to explore the evolving dynamics of board-executive interactions, focusing on how trust, transparency, corporate governance leadership principles, and structured communication underpin accountability, strategic alignment, and effective oversight and execution. We must examine how to build board-executive relationships that are both collaborative and appropriately challenging, that empower board members to ask the tough questions and allow executives to feel confident enough to respond with clarity and candor.
Board, CEO, and executive committee evaluations are critically important in assessing these relationships, and indeed, such reviews can play a key role in fostering mutual understanding and driving improvement. Other areas deserving special attention include Chair-CEO partnerships, board-executive committee engagement with key executives, and agendas and protocols that enhance transparency and efficiency.
