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Corporate Governance Statement

Corporate Governance refers to the total of principles and practices adopted by European Reliance in order to ensure its performance, and the interest of the insured, shareholders and stakeholders.

The Company’s System of Governance is based on the principles of Corporate Governance to achieve the Company’s prudent and effective management, through the efficient utilization of all available productive resources and transparency in all corporate functions to preserve the long-term interest of all of the Company's shareholders. Corporate governance has a positive contribution to the Company’s performance and focuses on the following units:

  • The Board of Directors and the executive Management in terms of the rate of the independent members, the composition of the Board Committees, the Board evaluation Procedure the responsibilities of the President and the Chief Executive Officer.
  • The shareholders’ rights (one share-one vote principle).
  • The assurance of sufficient transparency levels and proper audit procedures with the contribution of four independent Key Functions (Risk Management, Internal Audit, Compliance, Actuarial Function).

Within the framework of Corporate Governance, European Reliance General Insurance Co. S.A., aims to implement best practices in the functions of the Organization, including also voluntary commitments of the Company, as a result of its business ethics. European Reliance General Insurance Co. S.A. as a Société Anonyme (S.A.) listed on the Athens Stock Exchanges implements the principles and practices of corporate governance of the Greek Legislation and partially applies the Hellenic Corporate Governance Code on the listed companies, as published in the official website of the Athens Stock Exchange.

Moreover, the four independent key Function of Internal Audit, Risk Management, Actuarial Function and Compliance contribute to the best possible function in the new legislative environment of Solvency II Directive.

The philosophy and culture governing the Statement of Corporate Governance are imprinted in a series of regulations and policies, such as the Internal Regulation of Corporate Governance and Operation the Corporate Code of Conduct, the Compliance Policy, the Internal Audit Policy, the Policy of Conflict of Interests, the Remuneration Policy, etc.

 
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