The present project assessed and evaluated the compliance of the Greek listed companies with the principals of Corporate Governance. Based on confidential corporate data, the team developed a ‘Corporate Governance Survey’, which contains analytical information regarding the current situation of compliance of the above companies. Furthermore, the above data contributed to the development of an objective metrics system counting the level of compliance for the listed companies. Both the results of the ‘Survey’ as well as of the ‘Corporate Governance Index’ conclude at a level of compliance around 56-58%. Moreover, the Greek companies seem not to have understood the flexibility that the ‘comply or explain’ approach offers in order to explain why they diverge. Despite the fact that they have made important progress in comparison to 2005, they still lack of quality in the compliance that they present. Finally, the results show that the effort for modernization of Corporate Governance in Greece must focus mainly on the independence and supervising role of the Board and the adoption of international best practices.