Hellenic Corporation of Assets and Participations Sample Clauses

Hellenic Corporation of Assets and Participations. A new privatisation and investment fund, the Hellenic Corporation of Assets and Participations (HCAP), which will have in its possession valuable Greek assets, was established through law 4389/2016 in line with the statement of the Euro Summit of 12 July 2015. It is comprised of HRADF, HFSF, EDIS (to house the SOEs) and the real-estate arm (ETAD). The overarching objective of the Fund is to manage valuable Greek assets; and to protect, create and ultimately maximize their value which it will monetize through privatisations and other means. The Fund is established in Greece and be managed by the Greek authorities under the supervision of the relevant European Institutions. The Fund will be managed by its Board of Directors, overseen by a Supervisory Board; two members of the Supervisory Board have been nominated jointly by the European Commission and the ESM and appointed by the Minister of Finance, together with three members nominated by the Minister. The Fund is expected to fulfil its objective by adhering to international best practices and OECD guidelines in terms of governance, oversight and transparency of reporting standards, and compliance, as well as best practices for socially and environmentally sustainable business and consultation with stakeholders. The Fund and its assets will be under professional management at arm's length from the State. The monetisation of the assets will be one source to make repayments of the new loan of ESM, in line with the Euro Summit Statement. As a prior action:
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Hellenic Corporation of Assets and Participations. Inevitably, the Coronavirus pandemic has affected the functioning of the Corporation and its portfolio companies and has led to adjustments and/or change of priorities for the Corporation as well as to unavoidable adjustments of the schedule of part of Greece’s commitments. Updated Ministerial Guidance, which is needed for the continued implementation of the Corporation’s strategic plan (a continuous commitment), will be delayed until the impact of the Coronavirus pandemic can be assessed. The authorities had expected to provide updated Ministerial Guidance to the Corporation during the first quarter of 2020 and had developed the content of this guidance, but its continued appropriateness will need to be reviewed in light of the Coronavirus pandemic and therefore the release of this guidance will be postponed. The Corporation’s planned update to its business plan will also be delayed until the impact of the Coronavirus pandemic can be assessed. The Corporation’s management had prepared an update of the Business Plan for the period 2020-2022 as well as key performance indicators for 2020 for the subsidiaries within the framework of the implementation of the strategic plan. However, under the current unprecedented circumstances, the updated business plan for 2020-2022 can only be finalised once more accurate estimates of the financial impact of the Coronavirus pandemic are possible. This will include assessing the effect of the pandemic on key performance indicators for the direct and other subsidiaries. Similar considerations apply to the implementation of the Coordination Mechanism. The mandates of the state-owned enterprises were finalised during February and approved by the Cabinet Committee on 12 March. The next step in the implementation of the coordination mechanism is the preparation of a statement of commitments regarding each state-owned enterprise, setting out its financial, operational and other objectives. This step is not advisable at this juncture, as the impact of the Coronavirus pandemic has to be taken into account in designing the financial and operational objectives to be included in the statement of commitments. Similarly, the preparation of performance contracts setting out public service obligations for a limited set of state-owned enterprises will need to wait until the Coronavirus pandemic has subsided. The Corporation’s highest priority at this juncture is the continued operation of its state-owned enterprises in key sectors of the ...
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Hellenic Corporation of Assets and Participations. The work of the Corporation on the key areas covered by the commitments to the Eurogroup is continuing. The implementation of the strategic plan is ongoing and the review of the Boards of state-owned enterprises is in its final phase. The transfer of the Olympic Athletic Centre (OAKA) will be delayed due to practical complexities, which are unavoidable due to the status of the asset. Since the publication of the fourth enhanced surveillance report in November 2019, progress has been made in improving corporate governance in state-owned enterprises. The implementation of the coordination mechanism, which governs the interaction between the authorities and the Corporation regarding the mandates, objectives and assignment of ‘special obligations’ to state-owned enterprises under the Corporation, either continued or was launched for all enterprises; the mandates for eight enterprises were finalised and submitted to the Cabinet Committee. The authorities have exhibited strong engagement and support to the important work of the Corporation. The authorities have coordinated the engagement between line ministries and the Corporation through the agreed coordination mechanism and significant progress has been achieved in the implementation of the coordination mechanism. Work is underway in updating the ministerial guidance, which will include financial return targets for the assets held by the Corporation. The authorities have stated their intention to clarify their expectations for the financial performance of the portfolio of companies held by the Corporation. This would be done by setting out targets and benchmarks in Ministerial Guidance, as provided for in the law on governing the functioning of the Corporation. The ministerial guidance is currently being drafted. The authorities have advised an intention to set out robust and commercial benchmarks. The Corporation is continuing with the implementation of its strategic plan (a continuous commitment), which incorporates its overall approach for better management and use of the assets of the Greek State that became part of its portfolio. The Corporation is implementing its strategic plan and monitoring the key performance indicators it has set for its direct subsidiaries and the non-listed other subsidiaries (state-owned enterprises with majority participations). The key performance indicators cover the following areas: enhancement of economic and public value, improvement of financial performance, corporate gove...
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Related to Hellenic Corporation of Assets and Participations

  • Rollover Contributions and Transfers The Custodian shall have the right to receive rollover contributions and to receive direct transfers from other custodians or trustees. All contributions must be made in cash or check.

  • Distribution of Assets In case the Company shall declare or make any distribution of its assets (including cash) to holders of Common Stock as a partial liquidating dividend, by way of return of capital or otherwise, then, after the date of record for determining shareholders entitled to such distribution, but prior to the date of distribution, the holder of this Warrant shall be entitled upon exercise of this Warrant for the purchase of any or all of the shares of Common Stock subject hereto, to receive the amount of such assets which would have been payable to the holder had such holder been the holder of such shares of Common Stock on the record date for the determination of shareholders entitled to such distribution.

  • Liquidation of Assets We have the right to liquidate assets in your Xxxx XXX if necessary to make distributions or to pay fees, expenses, taxes, penalties, or surrender charges properly chargeable against your Xxxx XXX. If you fail to direct us as to which assets to liquidate, we will decide, in our complete and sole discretion, and you agree to not hold us liable for any adverse consequences that result from our decision.

  • Special Rules Regarding Related Entities and Branches That Are Nonparticipating Financial Institutions If a Finnish Financial Institution, that otherwise meets the requirements described in paragraph 1 of this Article or is described in paragraph 3 or 4 of this Article, has a Related Entity or branch that operates in a jurisdiction that prevents such Related Entity or branch from fulfilling the requirements of a participating FFI or deemed-compliant FFI for purposes of section 1471 of the U.S. Internal Revenue Code or has a Related Entity or branch that is treated as a Nonparticipating Financial Institution solely due to the expiration of the transitional rule for limited FFIs and limited branches under relevant U.S. Treasury Regulations, such Finnish Financial Institution shall continue to be in compliance with the terms of this Agreement and shall continue to be treated as a deemed- compliant FFI or exempt beneficial owner, as appropriate, for purposes of section 1471 of the U.S. Internal Revenue Code, provided that:

  • Disposition of Assets To sell, exchange, lend, pledge, mortgage, hypothecate, write options on and lease any or all of the assets of the Trust;

  • Continuation of Acquired Rights All provisions of this Agreement are subject to applicable laws now or hereafter in effect. If any law now existing or hereafter enacted or proclamation or regulation shall invalidate or materially alter any provision of this Agreement, the entire Agreement shall not be invalidated and the existing rights, privileges and obligations of the parties shall remain in existence. In addition the parties shall negotiate a mutually agreeable provision to be substituted for the provision which has been invalidated or materially altered.

  • Purchase Entirely for Own Account The Securities to be received by such Investor hereunder will be acquired for such Investor’s own account, not as nominee or agent, and not with a view to the resale or distribution of any part thereof in violation of the 1933 Act, and such Investor has no present intention of selling, granting any participation in, or otherwise distributing the same in violation of the 1933 Act without prejudice, however, to such Investor’s right at all times to sell or otherwise dispose of all or any part of such Securities in compliance with applicable federal and state securities laws. Nothing contained herein shall be deemed a representation or warranty by such Investor to hold the Securities for any period of time. Such Investor is not a broker-dealer registered with the SEC under the 1934 Act or an entity engaged in a business that would require it to be so registered.

  • TREATMENT OF ASSETS Title to all property furnished by COMMERCE shall remain in COMMERCE. Title to all property furnished by the Contractor, for the cost of which the Contractor is entitled to be reimbursed as a direct item of cost under this contract, shall pass to and vest in COMMERCE upon delivery of such property by the Contractor. Title to other property, the cost of which is reimbursable to the Contractor under this contract, shall pass to and vest in COMMERCE upon (i) issuance for use of such property in the performance of this contract, or (ii) commencement of use of such property in the performance of this contract, or (iii) reimbursement of the cost thereof by COMMERCE in whole or in part, whichever first occurs.

  • PROCEDURE FOR GRIEVANCES AFFECTING A GROUP OF EMPLOYEES The Union may elect to file a grievance on behalf of two or more employees. The facts and issues of the grievance must be the same.

  • Consolidation of Committees The parties to this Agreement and to the Agreement concerning drug and alcohol testing and EAP between TWU Local 250A and the SFMTA may elect to combine the joint labor- management committee established here and in the Local 250A Agreement.

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