The Internal Audit Department is an independent, objective, assertive and advisory action designed to add value and improve the Company’s operations. It helps the Company to achieve its objectives by providing a systematic scientific approach in order to assess and improve the effectiveness of risk management, internal control systems and corporate governance processes.
The Company’s Internal Audit Division has a direct responsibility for the Company’s internal audit and reports the results of its work to the Audit Committee and the Board of Directors. More specifically, the Internal Audit Director:
The Audit Committee is a Committee of the Board of Directors and is set up to assist in fulfilling its obligations to monitor and assess the adequacy and effectiveness of the Internal Audit System based on the findings and observations of internal and external auditors as well as audits of supervisory authorities.
The members of the Audit Committee are appointed during the General Meeting of the Company’s shareholders. The Audit Committee consists of at least two (2) non-executive members and an independent non-executive member of the Board of Directors who chairs its meetings and has sufficient knowledge and experience in accounting and auditing matters. The Audit Committee meets at regular intervals. The precise timetable is set by the Commission itself.
Pursuant to article 37 of Law 3693/2008, each listed company (“public interest” according to the law) must have an Audit Committee composed of 3 members of the Board of Directors, at least two non-executive members and one independent non-executive member .
The Audit Committee of the Company consists of the following members of the Board of Directors:
Andreas Merikas, Independent Non-Executive Member
Emmanuel Kotzabasakis, Independent Non-Executive Member
Eleni Domazaki, Independent non-executive member
The Audit Committee monitors and supervises the Internal Audit by the Internal Audit Division. They meet on a regular basis and during those meetings they evaluate and exploit the findings of the supervisory work of the supervisory authorities and the Internal Audit Department.
The Chairman of the Audit Committee convenes the Commission, chairs its meetings, proposes the issues to be discussed and generally coordinates and supervises the work of the Commission. The Chairman of the Committee informs the Board of Directors. on the work of the Commission during the meetings of the Board of Directors.