HFSF, in accordance with the provisions of article 10 of Law 3864/2010 (HFSF law), performed an evaluation of the corporate governance arrangements of the credit institutions with which HFSF has signed Relationship Framework Agreement (the Banks).
The evaluation was concluded in July 2016 with the assistance of an independent consultant
of international reputation, experience and recommendations were made to the credit
institutions.
Following the above recommendations, the non-executives members of the BoD of the
aforementioned credit institutions not fulfilling the criteria set by HFSF law have been
replaced.
As per the provisions of the HFSF law, and following the lapse of a three month period since
the completion of the annual general shareholders meetings of the Banks in Q2 2017, HFSF
informs that one member in the board of directors of Piraeus Bank and one member in the
board of directors of Eurobank did not fulfil the criteria, at the time of the evaluation, as
these criteria had been set by HFSF law and implemented across all systemic banks according
to HFSF decisions.
Specifically both members did not fulfil the ten-year experience at senior managerial level in
the areas of banking, audit, risk management or distressed asset management, as per article
10(7a) of HFSF law. This information was duly disclosed at the General Assembly of each bank
in June 2017.