Corporate governance refers to a set of rules and processes enabling an organisation to be managed and controlled in an effective manner, providing a reliable framework for the performance of its tasks and ensuring transparency, consistency and equal treatment.

The corporate governance of the Bank of Greece is tailored to its special role and mission, both as a separate institution and as a member of the European System of Central Banks (ESCB) and the Single Supervisory Mechanism (SSM). It complies with Greek law, international corporate governance best practices and the obligations arising from the Bank’s Statute and its role as a member of the Eurosystem.

Transparency and distinct responsibilities

The Bank’s management structure ensures transparency, independence and consistency in decision making; its organisational structure is based on a division of tasks with clearly delineated responsibilities; finally, its robust internal control framework enables the Bank to carry out its tasks effectively and efficiently and to fulfil its mandate in a credible manner.

The decision-making bodies of the Bank are the Governor (replaced by the Deputy Governors), the General Council and the General Meeting of Shareholders. The Bank of Greece has a dual character, as it is also vested with public law powers exercised by other bodies under Articles 28, 35A, 55A and 55C of its Statute.

Internal control and ethics

The Bank’s internal control framework encompasses the Audit Committee, the Internal Audit Department and the Risk Management Unit, while the appointment of external auditors is envisaged for the independent audit of the Bank’s financial accounts, in accordance with the requirements of the Eurosystem, the legal framework of the Bank of Greece and Greek legislation. Within the Internal Audit Department, an AML Officer has been appointed, responsible for overseeing compliance with the legislation on the prevention and suppression of money laundering and terrorist financing.

The Bank of Greece has adopted and adheres to a Code of Conduct, which is harmonised with the Eurosystem Ethics Framework laid down in ECB Guideline (EU) 2015/855 and establishes an explicit obligation of equal treatment and non-discrimination.

In addition, the Bank of Greece, as data controller within the meaning of the General Data Protection Regulation, acts in accordance with the principles on personal data protection.

The Bank’s accounts and statements are prepared in accordance with the accounting rules and techniques applied from time to time by the European System of Central Banks, as determined by the European Central Bank.

Finally, it should be noted that the Bank is explicitly excluded from the scope of Directive 2004/25/EC of the European Parliament and of the Council of 21 April 2004 on takeover bids, in accordance with Article 1(3) of that Directive.


Board members' diaries Yannis Stournaras Governor, Bank of Greece - Member of the Governing Council of the European Central Bank

Board members' diaries Ilias Plaskovitis Advisor to the Governor, Bank of Greece Member of the Supervisory Board of the Single Supervisory Mechanism

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