More than 300 public and private sector executives had the opportunity to attend (in person and online) the Conference co-organised by the NTA and the Association of Compliance Officers in Greece (ASCO Greece) under the title: “Conflict of Interest: Regulatory Framework & Practical Application in the Public & Private Sector”.
The purpose of the conference was to inform and raise awareness among both stakeholders (public and private sector) and the wider society on latest methods and tools for designing and implementing effective control procedures and mechanisms, in order to prevent the occurrence of conflict of interest situations in their areas of activity. In addition, good practices and examples based on international standards were analysed, while the regulatory framework and some indicative cases of conflict of interest in both the public and private sectors were presented.
Greetings were offered:
- Ms Alexandra Rogkakou, NTA Interim Governor, referring to the conference purpose, to raise awareness and inform both public bodies, businesses and professionals on the prevention and management of conflict of interest situations, noted that "Today's conference is the best proof that the public and private sectors can achieve significant synergies for the benefit of society. As NΤΑ we attach particular importance to the prevention of corruption, and to the promotion and dissemination of an integrity culture. Indicative of the priority we give is that in the Code of Ethics for Audit Inspectors, maked specific reference to the issue of conflict of interest and how to avoid it. Also, as part of the strengthening of reporting mechanisms, the Integrity Adviser and the Receiving and Monitoring Officer for Reports have been institutionalised, encouraging employees to report conflict of interest situations that they themselves have faced or have become aware of within their working environment. At the same time, when checking the Assets and Funds (asset status) Declaration ("Pothen Esches") of certain civil servants categories who are more likely to be involved in conflict of interest situations, their participation in businesses and other professional activities is also examined. We therefore look forward to the proceedings of today's conference to exchange ideas, know-how and good practices on dealing with conflicts of interest.
Ms. Peri Katana, First Vice President of the ASCO Greece Board Directors highlighted the contribution of the ASCO Greece in terms of informing and raising awareness of private sector executives on corruption issues and focusing on the theme of the conference, she said: "Conflicts of interest as a specific manifestation of corruption is a complex and multifaceted phenomenon that is found in all forms of corporate structures and has a corrosive effect on the company's competitiveness, reputation and market position. Conflicts of interest cause financial and legal risks, increase operating costs, damage the company's reputation, affect staff loyalty and shape a negative corporate culture.
Through the alignment with the legislation on public limited companies, which includes provisions on the duty of Board Members’ loyalty, the priority of the corporate interest over the individual interest, the duty of conflicts disclosure and the legislation on corporate governance, the transparent action of the Board Members and the effective balancing of the interest of both parties, is made possible.
The law is certainly the most effective ‘weapon’ in dealing with conflicts of interest, but the statutory provisions of companies are equally necessary. Private sector companies must establish policies and rules to avoid and manage actual, potential or suspected conflicts of interest, adopt strong internal control and corporate governance systems and, above all, undertake awareness-raising activities for their staff.
1st Session: Regulatory framework and indicative cases of conflict of interest in the public sector
Mr Christos Kourtis, Head of the Integrity Policies & Standards of the NTA General Directorate for Integrity & Accountability, analysed the regulatory and institutional framework of the Greek public administration and presented specific examples of conflict of interest cases and good practices.
Ms. Eleni Mitropoulou, Head of the Directorate of Process Planning & Audit Evaluation of the Special Coordination Service of the Growthfund (the National Fund of Greece) of the Ministry of Finance, referred to the conflict of interest policy in application of the EU guideline, stating that "In the context of the presentation of the Growthfund Special Coordination Service, we define the regulatory framework that provides for the avoidance of conflicts of interest, focusing specifically on actions financed by Recovery and Resilience Fund (RRF) resources, we refer to the response actions if a relevant suspicion of a conflict of interest arises, as well as the measures that it is appropriate to take towards avoiding such phenomena".
Ms Maria Konstantinidou, Head of the NTA General Directorate for Integrity & Accountability, presented four questions on conflict of interest, which those who participated in the workshop, either in person or online, had the opportunity to vote online (through the platform www.menti.com) for the right choice in their opinion. The presentation included a commentary on the conflict of interest cases and the tools to prevent and deal with them, and a discussion with the audience on the answers given in the voting.
2nd Session: Regulatory framework, conflict of interest management process and control mechanisms in the private sector
Mr. Vangelis Tsekrekos, Senior Director Regulatory & Financial Markets Compliance of Piraeus Bank Group, referred to the assessment and management of conflicts of interest, noting that "Conflicts of interest do not, in principle, constitute illegal situations. However, they must be dealt with in a timely and effective manner in order not to lead to an illegal situation and, in general, not to damage organisation’s reputation, credibility and interests. To this end, a well-structured and clear policy on this matter is essential, under the auspices of senior management, which must be communicated to all personnel and reinforced through training programmes.
Mr. Sofoklis Karapidakis, Director of Compliance and Data Protection Officer of MYTILINEOS (Industrial and Energy Company) and Member of the Board of Directors of ASCO Greece, analysed the components of a programme for conflict of interest in the private sector, presented a case study as well as a mechanism for submitting periodic declarations.
Ms Kyriaki Katsani, Partner, Head of Special Investigations and Corporate Compliance Services, Ernst & Young (EY) Greece, spoke about how often the conflict of interest policy should be reviewed and updated to ensure that it remains relevant and effective, as well as how to ensure that all employees are trained and educated on the conflict policy and procedures.
It is noted that the conference is one of the 129 actions of the National Anti-Corruption Action Plan (NACAP) 2022-2025 and one of the 42 actions of the National Integrity System that is part of the NACAP. This Plan constitutes the national strategy for the integrated response to the corruption phenomenon and is the main policy tool, at the national level, for the prevention and response to such a phenomena, with its implementation ensuring at the same time the implementation of the relevant reforms undertaken by 24 institutions from the Greek public administration are participating in this Project.