22/05/2003 12:33
Relations between the shareholders and company directors seem to have entered a new phase in recent weeks. After the criticisms voiced by the BOC shareholders last week, Laiki shareholders took their turns criticizing the Laiki board on Wednesday.
Commenting on the atmosphere at Laiki's AGM, the Group's Spokesman, Costas Archimandrites characterized it as 'interesting and lively' refusing to accept allegations to the opposite. Mr. Archimandrites said that the shareholders showed particular interest in the future plans of the Group and Laiki Bank Chairman, Kikis Lazarides answered satisfactorily to all their questions. “That is why there were no disputes at the AGM”, he noted.
Mr. Archimandrites stressed that the few criticisms came only from a handful of investors rejecting PASEXA’s (Investors’ Association) claims that several shareholders had been sued by the Group for not settling their financial pendencies. Mr. Archimandritis said that the Group did not take anyone to court on unfair grounds, but only those who made huge profits from the CSE and did not settle their financial obligations.
Asked by SW to comment on the issue, PASEXA Chairman, Demetris Hadjipapas, admitted that there were indeed such cases, but insisted that Laiki Group has misled its shareholders.
Mr. Hadjipapas said that the Board of Directors avoided to reply to a number of questions submitted, especially as regards to the Corporate Governance Code. Laiki spokesman explained that Mr. Lazarides made explicit references to the changes that will soon take place.
High ranking officials told SW that PASEXA’s criticisms on the dual capacity of Mr. Lazarides as Executive Chairman and Managing Director, which falls outside the framework set by the Corporate Governance Code, are 'unfair,' as the Group is making an extraordinary effort to comply with the Code.
However, Mr. Hadjipapas insisted that Laiki officials do not intend to separate the competencies of the Board Chairman and the Managing Director.
Commenting on the atmosphere at Laiki's AGM, the Group's Spokesman, Costas Archimandrites characterized it as 'interesting and lively' refusing to accept allegations to the opposite. Mr. Archimandrites said that the shareholders showed particular interest in the future plans of the Group and Laiki Bank Chairman, Kikis Lazarides answered satisfactorily to all their questions. “That is why there were no disputes at the AGM”, he noted.
Mr. Archimandrites stressed that the few criticisms came only from a handful of investors rejecting PASEXA’s (Investors’ Association) claims that several shareholders had been sued by the Group for not settling their financial pendencies. Mr. Archimandritis said that the Group did not take anyone to court on unfair grounds, but only those who made huge profits from the CSE and did not settle their financial obligations.
Asked by SW to comment on the issue, PASEXA Chairman, Demetris Hadjipapas, admitted that there were indeed such cases, but insisted that Laiki Group has misled its shareholders.
Mr. Hadjipapas said that the Board of Directors avoided to reply to a number of questions submitted, especially as regards to the Corporate Governance Code. Laiki spokesman explained that Mr. Lazarides made explicit references to the changes that will soon take place.
High ranking officials told SW that PASEXA’s criticisms on the dual capacity of Mr. Lazarides as Executive Chairman and Managing Director, which falls outside the framework set by the Corporate Governance Code, are 'unfair,' as the Group is making an extraordinary effort to comply with the Code.
However, Mr. Hadjipapas insisted that Laiki officials do not intend to separate the competencies of the Board Chairman and the Managing Director.
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