HRADF presents digital tool for evaluating portfolio sustainability performance


The Hellenic Republic Asset Development Fund (HRADF) in cooperation with the European Bank for Reconstruction and Development (EBRD) and Global Sustain created a digital ESG Rating Tool to evaluate the sustainable performance of its portfolio’s assets by using key performance indicators (KPIs).

The adoption of ESG criteria (Environmental, Social and Governance) during the HRADF’s Asset Development Plan implementation, will help further attract sustainable investments, to the benefit of the Greek economy and society.

This is one of a very few cases worldwide that a Privatisation Fund incorporates sustainability into its procedures, and it is the first time that a public organisation in Greece develops its own digital ESG Rating Tool.

HRADF recognising the importance of sustainable development for Greece is consistently seeking methods to incorporate sustainability principles into the privatisation programme of the Hellenic Republic.

EBRD strongly promotes the integration of environmental and social matters into investment decisions. By supporting the development of the ESG Rating Tool with funding and know-how, it contributed its experience of almost three decades of ESG integration and international best practices in environmental and social due diligence and monitoring to the Greek privatisation process.

Mr Aris Xenofos, Executive Chairman of HRADF, stated: “The HRADF’s new initiative to incorporate environmental and social criteria in investment decisions demonstrates both its consideration regarding these issues and also its holistic strategy in the capitalization the assets, that is not limited to the price to be received, but extends to the footprint we leave for society and its people”.

Mr Riccardo Lambiris, CEO of HRADF stated: ““We are proud of the fact that we are actively contributing to the national effort to promote sustainable development. With the innovative, digital ESG Rating Tool, we integrate to the fullest extent possible the circular economy principles in the implementation of the asset development plan, which is our main mission. I would like to particularly thank both the Fund’s executives and our strategic partners, EBRD and Global Sustain, for their contribution to this challenging venture. We continue to work for a more competitive economy, always with the utmost respect to people and the environment”.”.

Ms Andreea Moraru, EBRD Head for Greece and Cyprus stated: “Following fruitful exchanges and policy dialogue between HRADF and the EBRD, we are very happy that this innovative and credible ESG rating tool is now available. It will enhance transparency and lead to more sustainable outcomes for the economic prosperity of Greece. We, at the EBRD, are very proud to have helped HRADF design this system and integrate sustainability considerations into the privatisation process. We hope we can expand its application to other clients too.”

Mr Michael Spanos, Managing Director of Global Sustain Group stated: “EBRD’s and HRADF’s trust in Global Sustain confirms the company’s high-level expertise and in-depth knowledge of sustainable business and finance. The aim of the tool is to integrate ESG / Sustainability criteria into the privatisation process based on a reliable evaluation system, thus contributing to the enhancement of transparency, the attraction of responsible investors and, in the long run, to the promotion of sustainable development and financial prosperity in the country.

About the Hellenic Republic Asset Development Fund (HRADF)

According to its founding Law No. 3986/2011, the Hellenic Republic Asset Development Fund (HRADF) leverages the State private property assigned to it by the Hellenic Republic, according to the country’s international obligations and the Medium-Term Fiscal Strategy. In close cooperation with the Greek Government, HRADF promotes the implementation of privatisations in the country, having full responsibility for the application of the respective policy. www.hradf.gr 

About the European Bank for Reconstruction and Development (EBRD)

The European Bank for Reconstruction and Development (EBRD) was established to help build a new, post-Cold War era in Central and Eastern Europe. It has since played a historic role and gained unique expertise in fostering change in the region – and beyond -, investing more than €140 billion in a total of over 5,600 projects.  Currently, the Bank’s operating regions include about 40 economies from Central Europe to Central Asia, the Balkans and the Southeastern Mediterranean. www.ebrd.com

About Global Sustain

Founded in 2006, Global Sustain has presently offices in Athens, Berlin, Brussels, London, New York and Nicosia. The company offers innovative services for sustainable development. Its mission is to create awareness, inspire and support companies and organizations, towards sustainable development through advisory, communications, networking and training. Global Sustain is a signatory to the Ten Principles of the UN Global Compact, to the Principles for Responsible Investment (PRI), a GRI Data Partner and Organisational Stakeholder (OS), an affiliated member of the Academy of Business in Society, Social Value International, Institute of Directors, CEO Clubs and EFQM.  www.globalsustaingroup.com

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