Monday 22 January 2018

Audit Committee

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CHAIRMAN

  • Doros Constantinou, Senior Independent Director, Independent Non-executive Member of the Board

MEMBERS

  • Ioanna Papadopoulou, Independent Non-executive Member of the Board
  • Ploutarchos Sakellaris, Independent Non-executive Member of the Board

SUBSTITUTE MEMBERS

  • Alexander Macridis, Independent Non-executive Member of the Board
  • Petros Sabatacakis, Independent, Non-executive member of the Board

DUTIES - COMPETENCES

The Committee’s extensive powers include among others:

  • Monitoring the integrity of the financial statements of the Company and the financial reporting procedures implemented by the Company.
  • Supervising monitoring and reviewing the effectiveness of the Company’s internal audit function and risk management systems.
  • Reviewing and monitoring the external auditors’ independence and making recommendations in relation to the appointment and remuneration of the external auditors for the review and audit of the Company’s financial statements.
  • Ensuring the compliance of the Company with the legal and regulatory framework and the Code of Conduct.
  • Supervising and monitoring the implementation of the confidential reporting procedure which allows employees to report infringements of the Company Code of Conduct via a dedicated telephone hotline.

STRUCTURE

The Audit Committee consists entirely of independent members of the Board of Directors who are appointed by the General Meeting of Shareholders to serve for a term commensurate to that of the Board of Directors.

All Audit Committee members must have extensive management, accounting and auditing knowledge and experience.

The Committee appoints a Chairman among its members; the duties of the Secretary of the Committee are performed by the Secretary of the Board of Directors.

MEETINGS

The meetings of the Audit Committee are distinguished into:

  • Ordinary, which are held at least four times a year prior to the release of the quarter, half-year, nine-month and full year financial statements of the Company and,
  • Extraordinary, which are held whenever it is deemed appropriate by the Chairman or any member of the Committee.

Report 2016