Inside stories

Within the annual common common conferences of the shareholders of the listed firms which might be at the moment held, among the many points that the latter are requested to approve are the remunerations of the administration executives (chairman, CEO and members of the Board of Administrators).

Their ultimate earnings are the sum of normal and variable pay. Variable remuneration contains bonuses for attaining varied firm targets on account of their administration and the load they’ve because of their place.

The remuneration of executives in Greek firms and particularly of the CEO is of a number of curiosity. The obvious is their top. I imply, how a lot do they get? It is usually essential whether or not the salaries are actually justified by the work and the achievement of targets, however one other component is their comparability with their colleagues employed in corresponding firms in Europe.

In fact, it is usually price noting whether or not the Greek authorities is a shareholder within the firm managed by a well-paid CEO…

Greek vs European CEOs

So I discovered from the report of the annual salaries of the members of the Board of Administrators of Helleniq Power a analysis that has been executed between the charges of the CEO of the listed Mr. Andreas Siamisii and the managing administrators of enormous Greek firms and people main European refineries.

From this one can draw helpful conclusions as as to whether Greek CEOs are effectively paid or costly in comparison with their European colleagues.

Within the analysis, OTE, OPAP, Titan, Motor Oil and Mytilineos are used as Greek reference firms and NESTE OIL, SARAS, ERG, OMV and GALP ENERGIA as European reference firms.

“scissors”

Within the related desk that’s printed, the full of normal and variable remuneration of the CEO of a reference European firm (not named) in 2023 exceeded 10.02 million euros, in one other it reached 4.39 million euros and in a 3rd firm the CEO acquired 1 .95 million euros.

Within the pattern for the corresponding CEO charges in Greek reference firms, it seems that a listed firm paid its high govt with 2.86 million euros and a second firm with 2.82 million euros. Extra knowledge for 2023 was not accessible as firms now publish the annual remuneration of their administration members.

The “scissors” are massive.

Mr. Andreas Siamisiis

Concerning the CEO of Helleniq Power, Mr. Andreas Siamisii, his whole annual remuneration amounted to 1.10 million euros, whereas in 2022 it was 1.01 million euros.

Fairly, Mr. Siamisiis is likely one of the lowest paid managers not solely in comparison with their European colleagues but in addition in comparison with the Greeks.

I’ll merely let you know that Helleniq Power is adopting a brand new remuneration mannequin for its executives in an effort to additional align administration salaries with these of European high officers.

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Fathers

And from refining to take you to hydrocarbons and the inexperienced transition and an in depth relationship of two executives concerned within the analysis venture to determine potential pure fuel deposits.

I’m referring to the CEO of the Hellenic Hydrocarbons and Power Sources Administration Firm (EDEYEP), Mr. Ari Stefatos, and the CEO of the Patras Port Authority, Mr. Panagiotis Anastasopoulos.

The primary is essentially the most competent and chargeable for the execution of the nation’s growth program within the upstream and offshore wind farms. And the second is making ready the port of Patras in an effort to be an operational base for the oil firms which have undertaken the analysis in addition to for the businesses that can want a port for the event of the offshore wind generators.

They had been each at Posidonia 2024 collaborating in occasions and presenting the alternatives for delivery from the longer term growth of the 2 industries.

What’s their shut relationship? They’re each from Patras and maybe the locality is what unites them within the realization of the formidable ventures.

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Mr. Evangelos Meimarakis

And since we’re transferring on the tempo of the European elections, let me offer you slightly ambiance.

It occurred yesterday and precipitated fairly a stir within the Maximos Palace and past. In an interview on Sky TV, the New Democracy MEP candidate – and an skilled politician – Mr. Evangelos Meimarakis was requested in regards to the accuracy and the way he evaluates the initiative of the Prime Minister, Mr. Kyriakos Mitsotakis, to ship the well-known letter to the president of the European Fee, Mrs. Ursula von der Leyen responded by saying “the problem of accuracy doesn’t concern Brussels” as a result of “there’s one other agenda there”!

And he’s proper

With one sentence, Mr. Meimarakis fully deconstructed the principle argument of Mr. Mitsotakis in regards to the issues which might be going to occur after the European elections, for the reason that multinationals will probably be … “hunted down” by Brussels! Who has seen God and never been afraid of it? There was panic within the Maximos Palace, in addition to within the employees of the MEP candidate, who was attempting to get issues collectively. SYRIZA – PS made a press release, its president Mr. Stefanos Kasselakis made a press release. No he would depart it…. And the joke, do not you? How Mr. Meimarakis was proper in his statement. However it’s true that within the “slightly than one” of the European elections, such issues will not be mentioned – to say the reality of the “inmates” of the Megaros Maximos!

These of you who’ve tried to ebook your summer time holidays on an island would absolutely have confronted the primary unhappy one.

And I do not imply the costs of the rooms for hire. Come on on this a part of vacation spending you would possibly simply be in luck. And discover lodging at an inexpensive value.

However to get to the island, issues most likely get robust. Ferry tickets have caught hearth.

Worth Observatory

I heard the Minister of Delivery, Mr. Christos Stylianides, in an interview with ERT and when requested concerning the concern of coastal ferries, he made a report a couple of “Worth Observatory”.

And if I bear in mind appropriately, its creation was introduced three to 4 months in the past.

I suppose, for the minister to invoke it, it most likely works. And thru this there may be a picture within the Ministry of Delivery concerning the costs of the ferry tickets.

Visitors policeman…

After all, the particular Observatory most likely can’t remedy the problem of punctuality in coastal transport. And the minister seems to be extra like a site visitors policeman…

And if it is like the opposite Worth Observatories in the marketplace is not this measure alone sufficient to carry costs down?

Possibly Mr. Stylianides and the federal government ought to have a look at problems with additional opening up the market and I do not know if an intervention like imposing a ceiling on the gross revenue margins of corporations would finally have a outcome…

Within the meals and different shopper items market, the federal government carried out such a measure.

So in coastal crusing he’ll dare it…?

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Intrakat

And from the not so nice information, let’s go to extra optimistic information. And in these corporations, that are rising and with shareholders who make investments.

And I am referring to Intrakat. The 2023 monetary yr for the listed firm closed with superb monetary efficiency.

I’ll remind you, the feedback of the vp and CEO of the listed firm, Ms. Alexandros Exarchos, within the teleconference with the analysts on April 23: “Final yr we predicted that in 2023 we might obtain balanced outcomes. We did slightly higher with a internet revenue of three million euros”, he famous, emphasizing on this approach not solely the entire restoration of the group but in addition the truth that it introduced greater than anticipated efficiency.

Let me additionally remind you of the backlog of Intrakat initiatives, which after the acquisition of Aktor Constructions has jumped to 4.9 billion euros.

Bakos – Kaimenakis – Exarchou

Why am I writing all this to you?

As a result of the triplet of Intrakat’s main shareholders Dimitris Bakos, Yiannis Kaimenakis and Alexandros Exarchou appear to not be glad solely with the continuation of this good course of the group.

That is the interpretation given by analysts and brokers after the transaction introduced on the Athens Inventory Change, from which it follows that “Winex Investments Restricted” – the corporate of the three shareholders – elevated its participation within the share capital of Intrakat.

They proceeded to buy 2,277,566 shares at a purchase order value of 5.15 euros per share, thus investing one other 11.7 million euros.

Belief and plans

Winex now owns 39.17% from 37.75%. Which reveals the arrogance of the three highly effective shareholders within the prospects of the group.

I be taught that the three shareholders produce other plans for Intrakat. Development and enlargement plans…

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Heleniq Power

And from the help actions of the shareholders in Intrakat, let me take you to the plans of different shareholders in one other listed firm.

And particularly, I’m referring to Helleniq Power. And whether or not a second placement will observe, one thing that the 2 shareholders, the Greek authorities (TAIPED) and the Latsis group, must determine.

Lock up

The primary block of shares was made obtainable final December. About 11% of the 2 shareholders’ shares went to overseas buyers.

Let me remind you that on June 7 the lock up interval that didn’t permit a brand new placement ends. In different phrases, in a couple of days, the method of disposal of different shares will likely be launched if TAIPED and Latsis group determine to take action.

The data desires the 2 sides to be undecided, though some situations don’t rule out shareholders being able to push the button…

We are going to see

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A little bit persistence…

To shut at this time’s column, as I opened it. With on a regular basis problems with the residents. And extra particularly with the fires that the brand new hearth safety regulation has ignited for property house owners.

So I’ve to inform you, that it’s not solely the residents who’re frightened concerning the implementation of the obligations arising from the brand new Hearth Safety Regulation and about the price of adapting the buildings situated in or close to forests to the brand new specs.

Metropolises and Holy Monasteries have the identical anxiousness, as identified by a high-ranking official of the Ministry of Setting and Power (YPEN). Not too long ago, in truth, a widely known metropolitan contacted the minister’s workplace with a view to convey his concern a couple of small church situated in a forest space, because the … pagari is just not sufficient for the required conversions.

With crayons…

The initiatives for the safety of the nation’s forest ecosystems embody the preparation of administration research. Actually, new technical specs have been additionally set with a view to adapt their implementation to the twenty first century. Amongst them are their interconnection with anti-fire plans, research, AntiNero initiatives, guaranteeing the flexibility to connect with data techniques and databases, and so forth. It’s noteworthy that within the current previous, that’s, as much as 2018, as reported yesterday chatting with journalists Ministry of the Inside, the illustration of the totally different vegetation of the administration plans was accomplished by the foresters with … wooden paints.