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Minority Rights

According to the company’s Articles of Incorporation and Law 2190/1920 as this was amended by Law 3604/2007, minority shareholders have the right per case to:

  • Request from the Board of Directors to convene an Extraordinary General Assembly of Shareholders, setting precisely the items of its agenda
  • Request for additional items to be included on the agenda of an already convened General Assembly of Shareholders, provided that this request is expressed within the time restrictions set by Law
  • Request the Chairman of the General Assembly of Shareholders, only once, to defer a resolution and set the date for the Assembly’s adjournment
  • Request information on company’s financial structure and affairs. If such request is bubmitted within the time restrictions set by the Law, the company’s Board of Directors is obliged to provide this information (save for certain data exempted by law)
  • Request the adoption of a certain resolution by roll-call vote
  • Request the investigation of the company by a competent judicial authority, in case of non-compliance with the resolutionsof the General Assembly of Shareholders or violation of the company’s Articles of Incorporaion and applicable laws
  • Request for judicial investigation, in case business operations are conducted in an unethical and/or imprudent manner

    Allocation of Profits

    According to the company’s Articles of Incorporation, allocation of profits is preceded by the withholding of the amount necessary for ordinary capital reserve a certain amount of earnings, to form legal reserves. Such withholding is no longer mandatory by way of law, when the capital reserve is equal to at least 1/3 of the paid-in share capital. The minimum permissible limit of the dividend is set at the greatest of 6% of the company’s share capital or 35% of net profits. The Articles of Incorporation allow for the General Assembly of Shareholders to decide to allocate the remaining profits at its own discretion.

    Payment of Divident
    The shareholders participate in the net profits of the company upon approval of the annual financial statements by the General Meeting of Shareholders. Dividents are paid to shareholders in accordance with the Athens Stock Exchange Regulation as in force from time to time.

    For further information click here
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