Hellas: Public Shipping Companies Boards Reshaped and Recon gured

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RECENT NEWS HOME SHIPPING NEWS COMMODITIES REPORT / ANALYSIS OIL

Hellenic Shipping News / Hellas: Public Shipping Companies Boards

Companies Boards Reshaped and Recon gured in Hellenic Shipping

maritime sector in ways that we are not able to predict or

The exit of big nancial institutions from the shipping nancing

ship orders, but also to companies specialised in bulk cargoes,

However, even though the circumstances were not the best for new

1 RECENT NEWS HOME SHIPPING NEWS COMMODITIES REPORT / ANALYSIS OIL & ENERGY WORLD ECONOMY STOCK MARKET NEWS Home / Shipping News / Hellenic Shipping News / Hellas: Public Shipping Companies Boards Reshaped and Recon gured SPONSORS Hellas: Public Shipping Companies Boards Reshaped and Recon gured in Hellenic Shipping News 03/10/2017 The recent nancial crisis is reshaping the maritime sector in ways that we are not able to predict or estimate. The exit of big nancial institutions from the shipping nancing created severe problems not only to many maritime rms with open ship orders, but also to companies specialised in bulk cargoes, which were hit by a prolonged period of low freights. However, even though the circumstances were not the best for new IPOs, 4 companies entered the American stock markets. 1/6

The ndings presented in this report, portrayed a concrete picture of the synthesis of Boards in the Greek owned listed Maritime sector.

37, which signi es the fact that corporate Boards have refreshed their members with younger individuals.

2002-2003, where the average age was 55.90 and 56.90 years.

On the contrary, CEOs in 2015 on average are ten years older (52.15 years) than they used to be in 2005 (42.92).

Moreover, above 5% of the boards have 6, 7 and 10 foreigners in their composition. The majority (20.51%) of the boards have 2 non-greek directors.

From 344 directors, between 2001 and 2015, only 5% of the them are women (17 individuals), occupying 22 directorships positions. On the contrary, the 327 men occupy 375 directorships.

WEEKLY DRY TIME CHARTER ESTIMATES The majority of the directors have been awarded an M.Sc. (38.37%), whereas only 5.52% have managed to acquire a PhD. One third (31.

2 The ndings presented in this report, portrayed a concrete picture of the synthesis of Boards in the Greek owned listed Maritime sector. Summarising our ndings, we can say that after 2005 there is an upward trend in the average age of the board members. However, the average board member age in 2005 was years and in , which signi es the fact that corporate Boards have refreshed their members with younger individuals. In the aftermath of the nancial crisis, , the average age of the board members is just above 55 years, a period that can only be compared with that after the corporate scandals of Enron in , where the average age was and years. The same can be said about the average age of the Chairpersons, which although on average they are getting older, the di erence is less than ve years between 2005 and On the contrary, CEOs in 2015 on average are ten years older (52.15 years) than they used to be in 2005 (42.92). The national diversity is evented in the boards of the Greek maritime companies, where there is no board without a non-greek member. Moreover, above 5% of the boards have 6, 7 and 10 foreigners in their composition. The majority (20.51%) of the boards have 2 non-greek directors. In total, 43% of the directors throughout the examined period are foreigners. From 344 directors, between 2001 and 2015, only 5% of the them are women (17 individuals), occupying 22 directorships positions. On the contrary, the 327 men occupy 375 directorships. It is also worth mentioning that two out of seventeen women held more than one chair, Mrs Aggeliki Frangou and Mrs Charlotte Stratos. WEEKLY DRY TIME CHARTER ESTIMATES The majority of the directors have been awarded an M.Sc. (38.37%), whereas only 5.52% have managed to acquire a PhD. One third (31.40%) of the directors have completed their undergraduate studies and 3.49% of the directors have a degree from college or a higher institution. Interestingly, there are not available information regarding their quali cations for one out of ve directors. The average board size during the examined period, although it uctuates between 6.21 and 8 members, after 2005 remains very close to 6.5 members, having its lowest values in 2012 and 2013 with 6.24 and 6.21 members respectively. This means that the average board size remains almost the same for most of the years of the study. The majority of the boards have 6 to 7 directors (52.38%), whereas 4 to 5 directors have the 28.91% of the boards. WEEKLY TANKER TIME CHARTER ESTIMATES Another very important variable, that of tenure, has been examined. The average tenure of the boards is months. However, when we exclude the CEO and the Chairperson from our analysis, this number declines to months. Furthermore, the average tenure of the CEOs and the Chairpersons are close to each other, with and months respectively. Nevertheless, when the average tenure of sole Chairpersons and Sole CEOs was examined, their average tenure was more than two times less than the initial ndings, which included the duality structure. Notably, the Greek maritime companies prefer the duality structure over the separation. Moreover, it can be said that after 2010 there is a signi cant increase in the duality model reaching its highest value in 2013 (67.9%). As the years past and the number of listed companies was rising, the number of cross directorships was also increasing, reaching its highest value in 2011 with 42 interlocks. A network of individuals that serve in di erent boards at the same time promotes information exchange and builds strategic relationships. WEEKLY CONTAINER INDEX 2/6

The regulatory authorities are particularly interested on the number of independent directors that serve in the boards, that is why they have enforced speci c quotas.

From the same point of view, every company has at least two committees. Finally, the Greek maritime industry remains the most prominent in the world capitalising on its strengths.

create an investor friendly environment in their struggle to acquire higher levels of nancing.

28.09.2017 6.626 7.981 9.691 10.427 9.606 10.331 400 8 26.09.2017 6.623 7.958 9.671 10.438 9.603 10.335 399 8 21.09.2017 6.609 7.933 9.660 10.423 9.617 10.

3 The regulatory authorities are particularly interested on the number of independent directors that serve in the boards, that is why they have enforced speci c quotas. In the boards of the Greek shipping companies 55.78% of the directors are independent and 44.22% dependent, a fact that help them build their legitimacy in the nancial markets. From the same point of view, every company has at least two committees. Finally, the Greek maritime industry remains the most prominent in the world capitalising on its strengths. From the corporate governance point of view, although there are not any initiatives or corporate strategies related to that, the rms not only follow the enforced guidelines but also, they try to create an investor friendly environment in their struggle to acquire higher levels of nancing. Source: Hellenic Observatory of Corporate Governance (HOCG) New ConTex all rates in USD($) New Contex 12 months 24 months date Type Type Type Type Type Type ConTex T Tweet Share Like 1 Share 2 Select Language Powered by Translate FOLLOW US Tagged with: TOPS Previous: Next: Does digital navigation add up? Tanker Market: US exports fuel Record High Tanker Fixtures LIVE SHIPS TRAFFIC MAP RELATED NEWS STOCK NEWS Tanker Market: US exports fuel Record High Tanker Fixtures 03/10/2017 Does digital navigation add up? 03/10/2017 Tanker Market: A new factor for oil exports due to Kurdistan s Independence Vote Forex Indices Stocks Commodities 02/10/ LEAVE A REPLY Investing.com (GMT +1) Your address will not be published. Required elds are marked * 08:00 09:00 10:00 11:00 12:00 EUR/USD % GBP/USD % USD/JPY % EUR/GBP % EUR/JPY % USD/CNY % Name * AUD/USD % 3/6

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