Internal Audit Service
The Internal Audit Service analyses and evaluates the Company’s activities and submits to the Audit Committee of the BoD (laid down in Law 3016/2002) in writing, at least once every three months, the significant findings of the internal audits performed. In detail (and according to the Internal Operation Regulation of the Company and the Internal Audit Manual):
- The Internal Audit Department reports for administrative purposes to the Company’s BoD and for operative purposes (is supervised) to the Audit Committee.
- The personnel of the Department are not members of the BoD or current managers of the Company (also including associated companies) or their relatives, up to the second degree.
The key competencies of the Internal Audit Service include:
- verifying the performance and effectiveness of the internal audit system and updating the Audit Committee continuously,
- monitoring the implementation of the Internal Operation Regulation, the Articles of Association and the legislation governing the operation of the Company and its associated companies,
- notifying the BoD of cases of conflict between private interests of members of the BoD or of managers and those of the Company,
- notifying the Audit Committee, the BoD and the executives directly concerned of the findings of the audits through audit reports at least every three months,
- participating in the general meetings of shareholders,
- ensuring the correctness of the accounting documents and the implementation of the established accounting principles of the Company.
The Audit Committee comprises from one (1) to three (3) non-executive members of the BoD with a three-year term. It is appointed by the BoD and consists, in accordance with the decision of 28 March 2014 of the Extraordinary General Meeting and the decision of 24 July 2014 of the BoD, of the following persons:
- Iordanis Aivazis, Chairman, non-executive member
- Theodoros Pantalakis, independent – non-executive member, with proven adequate knowledge of accounting and auditing, and
- Dimitrios Hatzigrigoriadis, independent non-executive member.
The Audit Committee monitors the performance of the internal audit by the Internal Audit Service. It meets on a periodical basis and during the meetings the findings of the internal audit are evaluated and utilised and reports to the plenary meeting of the BoD are drawn up.