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 consists of at least three members, the majority of which must be independent within the meaning of the provisions of Law 3016/2002, as in force, and is either an independent committee or a committee of the Board of Directors. It consists of the following persons:
- Chariton Kyriazis, Chairman
- Alexios Comninos, Member and
- Theodoros Pantalakis, Member
The purpose of the Audit Committee is to assist in the effective governance of the Company and its subsidiaries, in accordance with the provisions of the law and in particular Article 44 of Law 4449/2017 regarding the financial information process, the effectiveness of internal audit systems and the monitoring of the statutory audit.