Can Corporate Governance Be Rated? Ideas Based on the Greek Experience

13 Pages Posted: 23 Mar 2004

See all articles by Lena Tsipouri

Lena Tsipouri

National & Kapodistrian University of Athens

Manolis Xanthakis

Athens Stock Exchange

Abstract

The paper presents an attempt to quantify the compliance of Greek companies with international best practices. Based on 37 indicators (composed out of 54 questions) it was found that Greek companies demonstrate a fairly satisfactory degree of compliance with OECD guidelines. Their weak points lie in: the role of stakeholders and corporate social responsibility; the organisation of CG; the effective role of the independent members of the board (which may be attributed to the small size of the pool of potential independent board members); disclosure of remuneration; and risk management. Methodologically, the merit of the exercise lies in its approach towards the creation of "collectively subjective" weightings, an effort to discuss the benefits of separating the rating of the market from the rating of companies and the discussion on typologies of work that can be effectively performed through rating exercises.

Suggested Citation

Tsipouri, Lena and Xanthakis, Manolis, Can Corporate Governance Be Rated? Ideas Based on the Greek Experience. Available at SSRN: https://ssrn.com/abstract=513419

Lena Tsipouri (Contact Author)

National & Kapodistrian University of Athens ( email )

5 Stadiou Strt
Panepistimiopoli, Ilisia 157
Greece

Manolis Xanthakis

Athens Stock Exchange

10 Sophocleous str.
Athens 105 59
Greece

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