US-based global executive search and leadership consulting firm Spencer Stuart has reportedly concluded its evaluation of Greek bank executives on behalf of the Hellenic Financial Stability Fund (HFSF).
According to reports, Eurobank and Alpha Bank appear to be better off than the other Greek banks and as such will require the least amount of board member changes. They banks will have to submit their plans for corporate governance and board member changes by the end of July and implement everything by the end of September.
Based on the latest bailout agreement, the Bank of Greece and the Single Supervisory Mechanism (SSM) are tasked with evaluating the extent to which the banks have adapted. This can be carried out either directly, or by contracting a consultant firm (as in the case with Spencer Stuart).
The HFSF has the power to call board meetings to inform shareholders and may even impose fines on any banks not complying with the report proposals. Given that the HFSF’s executive committee recently resigned though, this seems rather unlikely, unless they are soon replaced.
