To this end, on Thursday the National Assembly unanimously approved the proposal to amend the Law on the Public Enterprise Sector, presented by the Minister of Finance, Vera Daves.
The reasoning report states that the concept of 'Golden Shares', which is based on respect for private initiative, has existed for several decades and has been used in various jurisdictions to enable public authorities to safeguard the strategic interests of the State in various companies without, however, harming their operation.
The Minister stressed that 'Goldens Shares' are a kind of shareholding owned by the State, directly or through other public entities, which despite being in a minority confer special powers.
Vera Daves stressed that the creation of such privileged shares will be determined by Presidential Order, associating with companies already constituted and to be constituted, and may apply to companies to be privatised.
She stressed that the 'Goldens Shares' would be created, in an exceptional manner, in companies in which the State had a minority participation, and that some assumptions should be observed, namely the insertion of such companies in sectors of strategic public interest and the existence of serious reasons of public interest that justify the creation of these shares.
The 'Golden Shares' "would give the State the right of veto in certain matters of company life, including the appointment of directors, including the Chairman of the Board of Directors or Chairman of the Executive Board, change in the company's strategy or other matters to be included in the memorandum of association", emphasized the minister.
According to Vera Daves, the purpose of this proposed amendment is that the State or other public entities may hold privileged shares or special rights, resulting from the ownership of 'Golden Shares', ensuring that resolutions concerning certain matters, namely the definition of the company's organic structure, change in the company's strategy or other matters to be agreed upon by the partners are subject to confirmation by one of the directors appointed by the State or by the public entity.
The holder of the Finance Department stressed that the State remains committed to reducing its role as a business-oriented State, in order to guarantee space for private initiative.
"Goldens Shares' are only in cases where the state has a minority stake and exceptionally - it is not intended to misuse this figure - to safeguard certain strategic interests," said the minister.
According to Vera Daves, the state wants to have the possibility of vetoing certain decisions of private shareholders that affect strategic interests.
"It's only for these exceptional cases, to continue to reassure investors and the market that the State wants to leave room for both domestic and foreign investors", she stressed.
