Event Report

The GC Summit Greece 2023 was a truly unforgettable experience that brought together like-minded in-house counsel from various industries. Attendees were treated to a variety of engaging topics throughout the day. The purpose of the event was met through thought-provoking panel discussions and inspiring fireside chats. Attendees were able to connect with each other through various networking opportunities, both during scheduled breaks and through impromptu conversations sparked by the event’s lively atmosphere.

Sponsored by Zepos & Yannopolous, our first fire-side chat highlighted the importance of attracting and retaining legal talent for the corporate environment. Companies should focus on creating an appealing work environment. This should entail flexible working arrangements, offering competitive compensation packages, including bonuses and benefits, and providing opportunities for professional development and advancement. Additionally, it was suggested that law schools should adapt their curricula to better prepare students for the demands of the corporate world due to the fact that, in Greece, the legal profession is highly respected and competitive.

Our first panel, sponsored by Koutadilis, acknowledged the increasing importance of new technologies and AI in the day-to-day operations of businesses in Greece. Speakers suggested that companies should invest in these technologies to improve efficiency, reduce costs, and enhance decision-making processes. These technologies can help to improve efficiency, reduce costs, and enhance decision-making processes. For example, AI can be used for contract review and analysis, legal research, and risk assessment. However, there are legal and ethical considerations to be aware of when using AI. For instance, companies should ensure that the algorithms used in AI systems are transparent, explainable, and non-discriminatory. Additionally, they should be aware of the potential for data breaches and cyber-attacks and take appropriate measures to protect sensitive information.

Moving onto Platis – Anastassiadis & Associates (EY)’s panel, this emphasised the importance of competition law in day-to-day legal practice in Greece. Companies should ensure that their legal teams are familiar with Greek and EU competition law, and that they develop policies and procedures to ensure compliance. This may include implementing training programs, conducting regular compliance audits, and appointing a compliance officer. It was reminded that the Hellenic Competition Commission has the authority to impose significant fines for non-compliance. Companies that breach competition law may also face reputational damage and legal action from competitors. Therefore, it is essential to take competition law seriously and ensure that they are fully compliant.

After a refreshing coffee break, Karatzas & Partners’ panel discussion highlighted the increasing importance of ESG considerations in Greece, particularly in the wake of the COVID-19 pandemic. ESG considerations are becoming increasingly important for companies worldwide and in Greece. Thus, companies should adopt a holistic approach to ESG, incorporating environmental, social, and governance factors into their business strategy. This may include implementing sustainable business practices, promoting diversity and inclusion, and ensuring ethical corporate governance. Panelists noted how there is growing demand from investors and consumers for businesses to demonstrate their ESG credentials. Companies that fail to do so may face reputational and financial risks, including reduced investment and lower consumer trust. Therefore, it is essential to take ESG seriously and ensure that businesses are transparent and accountable in their practices.

Finally, the event concluded with GIANNIDISKOURELEAS’s fire-side chat. The discussion focused on the following questions: Is criminal law relevant to compliance with due diligence in Mergers and Acquisitions? What should potential investors/buyers know about criminal law in Greece in order to assess the potential risk arising from criminal cases pending against the management of the target company? It was noted that Greek Law does not attribute criminal liability to legal entities; hence their legal representatives may face criminal charges related to the company’s business activities. Although such charges usually lead to an open Court hearing, in many cases they finally end with an acquittal. In the meantime, potential criminal cases may have a direct impact on the company’s financial position, e.g. if the authorities enact their power to freeze assets in accordance with the provisions of the Code of Criminal Procedure and/or AML Law.  

The event was a great success, providing attendees with valuable insights, networking opportunities, and a memorable experience. Attendees were able to connect with each other through various networking opportunities, both during scheduled breaks and through impromptu conversations sparked by the event’s lively atmosphere.

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