Ministry of Infrastructure: Restructuring Hellenic Railways Organisation – OSE and subsidiary ERGOSE

A bill for the reorganization of Hellenic Railways Organisation - OSE and its project management subsidiary ERGOSE is being promoted by the Ministry of Infrastructure and Transport.

The basic principles of the bill were presented during the cabinet meeting, on Tuesday, under Prime Minister Kyriakos Mitsotakis by the Minister of Infrastructure and Transport, Kostas Karamanlis, and the Deputy Minister of Infrastructure Giorgos Karagiannis.

In its basic principles, the bill provides for:

1. Separation of companies
With the bill, the companies OSE S.A. and ERGOSE S.A. are separated, with a clear separation of their responsibilities and all the shares of ERGOSE S.A. are transferred to the Greek State.

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2. Role of the Ministry of Infrastructure & Transport
The Ministry will have the supervision of the two companies and through the National Strategic Transport Planning will determine the long-term planning of projects, while at the same time it is responsible for establishing the corporate governance framework of the companies.

3. Performance Agreements
The implementation of the plan will be monitored through annual performance contracts in terms of the achievement of the objectives between the Ministry of Infrastructure and Transport and each of the two companies, according to their new responsibilities. The annual remuneration of the Presidents and Directors will depend on the achievement of these objectives.

4. Selection of Management
The election and composition of management will be the exclusive competence of the Ministry of Infrastructure and Transport, based on the law on the Staff State. For the selection of the administrations, a Selection...