The paper presents an attempt to quantify the compliance of Greek companies with international best practices. Based on 37 indicators (composed out of 54 questions) it was found that Greek companies demonstrate a fairly satisfactory degree of compliance with OECD guidelines. Their weak points lie in: the role of stakeholders and corporate social responsibility; the organisation of CG; the effective role of the independent members of the board (which may be attributed to the small size of the pool of potential independent board members); disclosure of remuneration; and risk management. Methodologically, the merit of the exercise lies in its approach towards the creation of “collectively subjective” weightings, an effort to discuss the benefits of separating the rating of the market from the rating of companies and the discussion on typologies of work that can be effectively performed through rating exercises.

The European Union aims to become the most competitive and dynamic knowledge-based economy in the world by 2010. Nevertheless, half the Europe-25 Member States possess limited innovation capacities. This article argues that the co-evolution patterns of physical and social technologies indicate two possible scenarios: either the forward-looking elements will start a chain reaction mobilising the rest of the national system, as in Ireland; or the dynamic elements will integrate sectorally and transnationally to the global system, leaving the rest of the economy in a permanent low-cost and low-competitiveness trap. The former is a win-win scenario for the European system of innovation, whereas the latter is second-best.