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“EU Shareholder Rights Directive: Effects and Practical Solutions” January 12 , 201 1

“EU Shareholder Rights Directive: Effects and Practical Solutions” January 12 , 201 1 “Globalization on the march!” Panayotis Dracos President and CEO Union Of Listed Companies. European Issuers. 15 Countries Represented:. www.eneiset.gr. Union of Listed Companies. Panayotis Dracos.

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“EU Shareholder Rights Directive: Effects and Practical Solutions” January 12 , 201 1

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  1. “EU Shareholder Rights Directive: Effects and Practical Solutions” January 12, 2011 “Globalization on the march!” Panayotis Dracos President and CEO Union Of Listed Companies

  2. European Issuers 15 Countries Represented: www.eneiset.gr Union of Listed Companies Panayotis Dracos

  3. Globalization on the march, part I • U.S. Securities and Exchange Commission • Committee of European Securities Regulators or CESR, • European System of Securities and Markets or ESMA • The U.S. Financial Accounting Standards Board (FASB) • International Accounting Standards Board (IASB) • The U.S. Federal Trade Commission (FTC) • European Union (E.U.) Competition Commission www.eneiset.gr Union of Listed Companies Panayotis Dracos

  4. Globalization on the march, part II • There are 65 Shipping Companies of Greek interests • Most of them listed in NYSE or Nasdaq • Three are listed in London • Three, in coastal shipping, quoted in Athens • One in Milan, Italy • BUT the top 6 banks, and 35 of the top 40, that finance shipping are European!! • Of $500 billion of ship financing, $ 275 billion have been provided by the first 29 European banks! • While five Greek banks which list as 30th and 35th thru 38thbetween them, supply an additional $13 billion to ship financing! • Beyond any doubt this is unmistakable proof of globalization on the march! www.eneiset.gr Union of Listed Companies Panayotis Dracos

  5. Codes, Rules and Regulations under constant revision and harmonization, Part I • Market regulations: • Market Abuse • Prospectus • Transparency and • MiFID directives • Shareholder rights • Shareholder transparency and identification • Corporate governance www.eneiset.gr Union of Listed Companies Panayotis Dracos

  6. Codes, Rules and Regulations under constant revision and harmonization, Part II • Accounting standards • Financial reporting • Corporate social responsibility • Corporate governance reporting • Credit rating company rules • Certified public accountant rules • Banking and insurance capital adequacy rules • Clearing and settlement rules and infrastructures • (including T2S initiative) www.eneiset.gr Union of Listed Companies Panayotis Dracos

  7. “EU Shareholder Rights Directive: Effects and Practical Solutions” January 12, 2011 “Globalization on the march!” Panayotis Dracos President and CEO Union Of Listed Companies

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