Corporate Governance Statement

Corporate Governance refers to a set of principles and practices adopted by an organization to ensure its performance, the shareholders’ and stakeholders’ interests.

The Governance System of European Reliance General Insurance Co. S.A. is based on the Corporate Governance principles and is responsible for our Company’s prudent and effective management, through the efficient use of all available productive resources and transparency in all corporate functions to preserve our shareholders’ long-term interest. Corporate governance contributes positively to the Company’s performance and focuses on the following topics:

  • The Board of Directors and the executive Directors, regarding the rate of the independent members, the composition of the BoD Committees, the Assessment Process for the BoD, the responsibilities of the Chairman and the CEO.
  • Shareholders’ rights (compliance with the one share -one vote rule)
  • Ensuring transparency and control: a) through the contribution of four independent major functions (Risk Management, Internal Audit, Compliance, Actuarial Function) and b) through the guarantees provided by the Independent Certified Public Accountants.

Within the framework of Corporate Governance, European Reliance General Insurance Co. S.A. aims to apply best practices to the organization’s functions, including voluntary commitments that originate from the Company’s code of business conduct.

European Reliance General Insurance Co. S.A. is listed on the Athens Stock Exchange and fully complies with the Greek legislation, regarding Corporate Governance principles and practices. Moreover, for its best possible function within the new legislative “Solvency II” Directive, the Company has established four independent major Departments: Internal Audit, Risk Management, Actuarial Function and Compliance.

The philosophy and culture guiding our Corporate Governance are reflected in a series of regulations and policies, including the Internal Regulation of Operations, Corporate Governance Regulation, the Corporate Code of Conduct, the Compliance Policy, the Information Security Policy, the Conflict of Interests Policy etc.