April deadline for state companies to submit their strategic plans

The Hellenic Corporation of Assets and Participations (EESYP) will demand that the 15 state corporations which have just passed under its control submit their business plans by April, while it is preparing to complete the first stage of assessing their administration by June.

EESYP’s own strategic plan is set to be presented to the Eurogroup on Monday for approval. Its central aim is “increasing the value and improving the performance of the asset portfolio it manages, assessing and promoting the optimum strategies available and corporate efficiency.”

The voting of the multi-bill last Monday formally transferred some of the most significant state holdings to the so-called hyperfund of state assets: They are stakes in the Athens Olympic Sports Center (OAKA), the Athens Transport Corporation (OASA) – that also controls Road Transport SA (OSY) and Urban Rail Transport SA (STASY) – Hellenic Post (ELTA), the Athens and Thessaloniki Water Companies (EYDAP and EYATH), Public Power Corporation (PPC), Athens International Airport, Hellenic Saltworks, ETVA Industrial Areas, Corinth Canal SA, and the Central Market and Fisheries Organization. EESYP also controls Helexpo and has a stake in Duty Free Shops of less than 1 percent.

The Hellenic Vehicle Industry (ELVO) was not transferred to the hyperfund as it is in special resolution, while the Hellenic Railways Organization (OSE), Attiko Metro and Buildings’ Infrastructures will be added to the EESYP portfolio once certain technical and legal issues are resolved.

The hyperfund’s strategic plan relies on the guidelines of its founding law, which dictates the promotion of reforms in state corporations through restructuring, optimum corporate governance and transparency, as well as via the support of responsible administration, social responsibility, innovation and best corporate practices.