Lecture 2: Separation of ownership and management (part 2) Appendix. The board of Directors: National Bank of Greece




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Οικονομικό Πανεπιστήμιο Αθηνών Άνοιξη 2012

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Χρηματοοικονομικές αγορές και εταιρική διακυβέρνηση




Lecture 2: Separation of ownership and management (part 2) Appendix.

The board of Directors: National Bank of Greece.

Board of Directors

The Board of Directors of NBG is comprised of leading figures in the Greek economy and society.
 
Directors are elected by the shareholders at their general meeting (GM) for a term of three years and may be re-elected.
 
The Chairman of the Board (non executive) is Mr. Vassilios Rapanos and Mr. Apostolos Tamvakakis is the CEO.
 
The Extraordinary General Meeting of Shareholders of the Bank held on 26.11.2010 elected three additional members to the Board: Messrs Alexander Tourkolias, Anthimos Thomopoulos and Leonidas Theoklitos. At the Board meeting held afterwards, these new directors were elected Deputy Chief Executive Officers of the Bank.

 

The other 10 members of the board are non-executive. 



 
Furthermore, the Hellenic State appointed Mr. Alexander Macridis, economist, to represent it in line with Para. 3, Article 1 of Law 3723/2008 on “supporting liquidity in the economy in response to the impact of the international financial crisis”.
 
In 2009, the Board of Directors met 25 times.
 

NBG Members of the Board:



Director name

Date of first appointment

End of term

Nationality

Year of birth

Other board engagements (outside the NBG Group)

Chairman of the Board (Non Executive)



















Vasilios Rapanos

2009

2013

Greek

1947

-


CEO


Apostolos Tamvakakis

2009

2013

Greek

1957

-


Deputy CEOs (Executive Members)


Alexandros Tourkolias

Anthimos Thomopoulos

Leonidas Theoklitos

2010

2010


2010

2013

2013


2013

Greek

Greek


Greek

1946

1961


1961

3

10

5




Members of the Board (Non Executive)


Ioannis Giannidis

Avraam Triantafyllidis

Ioannis Panagopoulos

2004

2010


1994

2013

2013


2013

Greek

Greek


Greek

1950

1950


1955

-

-

-





Independent Members of the Board (Non Executive)


H.E. the Metropolitan of Ioannina Theoklitos

Stefanos Vavalidis
George Zanias


1994
2004
2010

2013
2013
2013

Greek
GR, CA, BR

Greek


1930
1946
1955

-
1
4

Alexandra Papalexopoulou Benopoulou

Petros Sabatacakis

Alexander Makridis

Maria (Marily) Frangista

2010

2010


2009

2010


2013

2013


2013

2013


Greek

Greek


Greek

Greek


1966

1946


1962

1958


3

-

4



1

Vasilios Rapanos was appointed Non Executive Chairman of the Board of the National Bank of Greece in December 2009.

He has been actively involved in research in the field of Economics, not only as a Researcher at the Center of Planning and Economic Research, but also as a Professor at the University of Athens, where he has been teaching Economic Analysis and Public Economics since 1992. His research interests focus on taxation, the role of the government in the economy, as well as European Union Economics.

Apart from his academic and research activity, he has also served in several posts; as Counselor at the Ministry of Economy and Finance, as Counselor to the Permanent Greek Delegation to the European Union, and as Deputy Head of the Greek Delegation to the OECD.

For the period 2007-2009, he was Research Associate at the Foundation for Economic & Industrial Research.

During the years 2000-2004, he was Chairman of the Council of Economic Advisors at the Ministry of Economy and Finance.

Moreover, during the time period 1998-2000 he has served as Chairman of the Board of the Hellenic Telecommunications Organization, whereas in the years 1995-1998 he was appointed initially


 Deputy Governor and later Governor at the National Mortgage Bank of Greece.

He holds a Bachelor’s degree in Business Administration from the Athens University of Economics & Business, a Master’s degree in Economics from Lakehead University (Canada) and a PhD in Economics from Queen's University (Canada).





Apostolos Tamvakakis was appointed Chief Executive Officer at the NBG Group in December 2009.

In March 2009, he joined the management team of Latsis Group in Geneva as Head of Strategy and Business Development of the Group, whereas in 2004 he was appointed Executive Chairman & Managing Director at LAMDA Development.

From 1998 to 2004 he served as Vice Chairman at the National Bank of Greece, whereas during the years 1996 1998 he served as Deputy Governor at the National Mortgage Bank.

From 1989 to 1996 he was Deputy General Manager for Greece at ABN AMRO Bank and from 1986 to1989 he worked at the Hellenic Investment Bank as Manager of Corporate Finance. 

From 1984 to 1986 he worked at Mobil Oil Hellas as strategic planning Executive.
 
He has also served as Vice-President of HELEX (Hellenic Exchanges SA); Chairman of the Steering Committee of the Interalpha Group of Banks; Chairman of Ethnocard (National Management & Organization Co), National Securities SA and ETEVA (National Investment Bank for Industrial Development); President of the Southeastern European Board of the Europay Mastercard group; and a member of various other boards and committees.
 
He holds a Bachelor’s degree in Economics from the University of Athens, and a Master of Arts in Econometrics from Saskatchewan University (Canada).

Alexandros G. Tourkolias was elected Executive Member of the Board of Directors and Deputy CEO of National Bank of Greece in November 2010 and is a Member of the NBG Executive Committee.  
 
He is Vice Chairman of the Board of Directors of Ethniki Hellenic General Insurance, President of the Association of Banking and Financial Executives of Hellenic Shipping and member of the Committee of Piraeus Maritime Arbitration. He participates in Boards of Directors of affiliated banks and companies of the National Bank of Greece as well in the Board of Directors of Hellenic Exchanges and committees of the Hellenic Bank Association.

From 2004 to 2010 he was General Manager of Corporate and Investment Banking at the National Bank of Greece. In 2002, he was appointed General Manager of the Shipping Division of the bank, which he joined in 1997 as Manager of the Shipping Division.


From 1988 to 2002, he worked as Assistant General Manager for Greece at the Bank of Nova Scotia.  During the years 1977-1988, he worked at Bank of America initially as a credit officer in the Piraeus branch, then as Vice President responsible for London, Monte Carlo and Geneva’s Shipping Market, based in London, and finally as Head of Credit Platform in Piraeus.

 

A. Tourkolias holds a Bachelor’s degree in Political Sciences and Public Administration from Panteion University, a Bachelor’s degree in Economic and Political Sciences from the Law School of the University of Athens, a Postgraduate Diploma in Shipping Business Administration, Marine Insurance and Maritime Law, and a Master’s of Philosophy in Shipping Economics from the University of Wales (UK).



Anthimos Thomopoulos was elected Executive Member of the Board of Directors and Deputy CEO of National Bank of Greece in November 2010 and he is a Member of the NBG Executive Committee.

 
From July to November 2010 he served as Group Chief Financial Officer & General Manager of Retail Banking at the Bank, while from 2004 to 2010 he served as Group Chief Financial Officer and Chief Operating Officer. During his tenure in NBG, he has also served as Group Risk Officer and Head of the Economic Services division of the bank. He has been heavily involved in the restructuring of the Group and its expansion in the neighboring countries of Southeastern Europe and Turkey through persistent organic growth and targeted M&A, spearheading the Group’s post-acquisition integration efforts.


Before joining NBG, he was senior corporate finance partner of KPMG in London and Athens, specializing in Banking and Finance, for over 15 years, during which he served as advisor to large North American and European financial institutions on strategy, M&A and post-M&A integration.


A. Thomopoulos is a UK qualified accountant and a certified auditor in the UK (Institute of Chartered Accountants in England and Wales). He holds a Bachelor’s degree in Electrical Engineering and Postgraduate degrees in Finance and in Computer Science.



Leonidas Theoklitos was elected Executive Member of the Board of Directors and Deputy CEO of National Bank of Greece in November 2010 and he is a Member of the NBG Executive Committee.

From July to November 2010 he served as Group Chief Operating Officer at National Bank of Greece. He joined the NBG Group in March 2010 as Chairman of the Board of Directors at Ethniki Insurance Co.


From 2005 to 2006 he served as Advisor to the Administration at EFG Eurobank, whereas during the years 2000-2004 he was appointed Executive Vice-President at TT Hellenic Postbank and Chairman at TT Hellenic Postbank-Hellenic Post AEDAK (TT ELTA AEDAK). From 1998 to 1999 he served as Chief Executive Officer at the Bank of Central Greece and during the years 1994-1998 he was Deputy General Manager at Egnatia Bank. He started his career at National Investment Bank for Industrial Development (ETEBA S.A.) (1986-1994).


He has also served as a member of the Executive Committee of Hellenic Bank Association and also as a board member at Hellenic Exchanges S.A. (HELEX), Attica Bank S.A., National Investment Co SA (ETHNEX), Eurobank Properties S.A., Egnatia Finance S.A., Egnatia AEDAK, Anelixis Commercial S.A. and Sklavenitis J&S S.A.


L. Theoklitos holds Bachelor’s degrees in Chemical Engineering from the National Technical University of Athens and in Business Administration from the Athens University of Economics and Business, as well as a Master in Business Administration (MBA) from the Imperial College, University of London.



Ioannis Giannidis, born 1950, has been Legal Counsellor to National Bank of Greece since 1993. He is currently associate professor of criminal law and criminal procedure in the Faculty of Law, University of Athens.

 

He has practised law in Greece continuously since 1986, and has provided legal services to key Greek financial institutions and corporations, as well as several foreign banks and companies operating in Greece.



 

His fields of expertise also include international and European criminal law, and corporate and financial crime. He is founder and senior partner of I. Giannidis and Associates law firm, which has a workforce of 7 lawyers, all of whom are specialized in criminal law.

 

He represents Greece in European institutions, including the Council of Europe, in matters related to criminal law and criminal procedure and is member of various advisory committees of the Hellenic Ministry of Justice.



 

Mr Giannidis holds a degree in law from the University of Athens (1973) and a PhD in criminal law and legal philosophy from the University of Munich, Germany (1977).

Mr. Avraam Triantafyllidis has been working for the National Bank of Greece since 1976. He currently holds the grade of sub-division manager.

From July 2003 until April 2004 he was a member of the NBG Board of Directors as an employee representative.

From April 2004 until September 2005 he served as Head of NBG Group Human resources. From October 2005 until March 2007 he served as General Counsel to the Chairman & Managing Director of NBG Group in Labour issues.

Since March 2007 he was given the authority of a first class official and at the same time he was appointed as Deputy Managing Director at NBG’s Training Center.



Mr. Avraam Triantafyllidis has been working for the National Bank of Greece since 1976. He currently holds the grade of sub-division manager.

From July 2003 until April 2004 he was a member of the NBG Board of Directors as an employee representative.

From April 2004 until September 2005 he served as Head of NBG Group Human resources. From October 2005 until March 2007 he served as General Counsel to the Chairman & Managing Director of NBG Group in Labour issues.

Since March 2007 he was given the authority of a first class official and at the same time he was appointed as Deputy Managing Director at NBG’s Training Center.

Mr. Triantafyllidis currently offers his services to the Greek General Confederation of Labour, being an elected member of its board.

Ioannis Panagopoulos, born 1955, joined the National Bank of Greece in 1974, and today holds the grade of sub-division manager.

 

Over many consecutive years he has been an elected representative of NBG's staff on the Bank's board. He has participated in various bodies of the NBG Employees' Union and the Greek Federation of Bank Employees Unions, while since 1998 he has served on the board of the Greek General Confederation of Labor. He also represents the Confederation at the European Economic and Social Committee.


Mr. Stefanos Vavalidis, born 1946, is a banker whose thirty-year career spans senior executive positions in New York, London, Toronto and Athens.

 

He is a resident director on the Board of Directors of the European Bank for Reconstruction and Development, where he has also served as chairman of its Audit Committee. Having served for eleven years he is the ranking director of the Board.



 

He was formerly Deputy Governor of the National Bank of Greece and Managing Director and Chief Executive Officer of the London operations and International Capital Markets Division of Smith Barney.

 

He has also served as Special Assistant to the President of the Treasury Board, Government of Canada.



 

Mr.Vavalidis holds a BA from McGill University and an MBA from Concordia University, Montreal, Canada.


Mr. George Zanias is President of the Council of Economic Advisors of the Ministry of Finance and Professor of Economics at the Economics University of Athens.

 

From 1996-1999 he served as Head of the Department of International and European Studies of the University. He received his PhD from the University of Oxford.



 

He is an international expert for the European Commission, the World Bank and the United Nations. He has served as: Chairman and Scientific Director of the Centre for Planning & Economic Research (KEPE) (1998-2001), General Secretary of the Ministry of the Economy & Finance (2001-2004), Board member of Hellenic Exchanges (2000-2001) and the General Bank of Greece, Governor of the Black Sea Trade & Development Bank (2003-2004) and Deputy Governor of the European Bank for Reconstruction & Development.

 

He was a member of the European Securities Committee (ESC) between 2001 and 2004, as well as a member of the European High-Level Group for Competition (2002-2004).



 

He also studied at the Economics University of Athens and at the University of Reading (UK). He has taught at the Universities of Oxford, Crete, the Agricultural University of Athens and the Economics University of Athens. He has published widely in leading international journals on finance and economics.


Mrs. Alexandra Papalexopoulou-Benopoulou was born in Athens in 1966.

 

She initially worked for the OECD in Paris and the consulting firm Booz, Allen & Hamilton. She has been working with Titan Cement Company S.A. since 1992, initially in the Exports Division and from 1997 onwards as the Group Strategic Planning Director. She is a member of the Board and Treasurer of the Paul and Alexandra Canellopoulos Foundation and sits on the Board of Frigoglass S.A.



 

She holds a Bachelor of Arts Degree (BA) in Economics and Mathematics from Swarthmore College, USA and a Masters in Business Administration (MBA) from INSEAD, France.


Petros K. Sabatacakis was Chief Risk Manager for Citigroup Inc. between 1999 and 2004. He was responsible for all the financial services company’s businesses, a member of the Management Committee and a member of the Citicorp Board. All credit, market and operational risk activities of the Group reported to him.

From 1992 to 1997, he was in charge of the financial services subsidiaries of the American International Group, its treasury operations as well as the market and credit risk activities. He was a member of the Executive Committee and a C.V. Starr partner.

Prior to that, he was the head of global Treasury and Capital Markets at Chemical Bank (now JP Morgan Chase), which he joined in 1973 in Economic Research. Among his positions at Chemical Bank were oversight of the international branches, foreign exchange and securities trading and the management of its funding and investments division. In addition, he had the responsibility for the management of the corporation’s overall interest rate risk and investment portfolios.

Mr. Sabatacakis, born in Greece, earned three degrees from Columbia University: Bachelor of Science, Masters of Business Administration and Doctor of Philosophy degree in Economics. He has been the Chairman of Plan International and Child Reach (child-sponsor non-profit), a Trustee of Athens College in Greece and a Director Emeritus of the Gennadius Library.

He and his wife, Marina, live in New York City and East Hampton, Long Island.

Mr. Alexander Makridis worked from 1987 to 1989 at Goldman Sachs & Co. in New York, in Corporate Finance and Mergers and Acquisitions.

Since 1991, he has served as the President of the Board and Managing Director of Chryssafidis S.A., a distribution company of industrial goods which was founded in 1882.

 

He is a member of the board of Aegean Airlines, member of the General Council of SEB (Greek Federation of Industries), member of the board of Mathios S.A. and a member of the President’s Council on International Activities at Yale University.



 

Mr. Makridis has earned a bachelor degree in Economics and Political Science from Υale College (1984), a Juris Doctor in Law from Yale Law School (1987), and an M.B.A. from Harvard Business School (1991).


Mrs. Maria (Marily) Frangista was born in 1958 in Athens.

 

Her professional activity started in 1979 when she joined the sales department of COPAIS CANNING INDUSTRY, a production and trading industry of agricultural products based in Greece.  She moved on to join the London based office of ship owning and management company FRANCO SHIPPING LONDON before moving to Athens to work for FRANCO COMPANIA NAVIERA S.A., a ship management company established in Greece. She has been acting as Managing Director of FRANCO COMPANIA NAVIERA S.A. since 1995.



 

Since 2000, she has held non-executive positions in the Board of Directors of various institutional organizations in the Maritime Industry. She is a member of the Foreign Affairs Committee of the Greek Ship-owners Union and has been appointed as a Treasurer/ Secretary of the Board of Directors by the MALTA INTERNATIONAL SHIPPING COUNCIL (MISC). Additionally, Mrs. Frangista is an active member of numerous Charities, Museums, Cultural Organizations and NGOs.



 

She holds a Bachelor Degree in Business Administration from the “American College of Greece – Deree”. She has native fluency in English and French as well as an intermediate knowledge of German.


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