The Audit Committee is a Board of Directors’ Committee and is convened in order to assist the Board in fulfilling its obligations for the monitoring and evaluation of the Internal Audit System adequacy and effectiveness, based on the findings and comments of internal and external auditors as well as the ones provided by supervisory authorities’ audits.
The Audit Committee members are appointed by the Company’s shareholders’ General Assembly. The Audit Committee consists of at least two (2) non-executive members and one independent non-executive member of the Board of Directors, who presides over its meetings and has sufficient knowledge and experience in accounting and auditing issues. The Audit Committee is convened regularly. The exact time schedule is determined by the Committee itself.
Information on the composition and operation of the Audit Committee
According to article 37 of L. 3693/2008, all listed companies (“public interest” according to the law) must have an Audit Committee consisting of 3 members of the Board of Directors, at least two non-executive ones and one independent non-executive member. The Board of Directors of the Group elected three independent non-executive members of the Board of Directors, for the replacement of the resigned members of the Board of Directors.
Following the above, the new Audit Committee of the Company shall consist of the following members:
Panayiotis Alexakis, President of the Audit Committee, Independent non-executive member
Nikolaos Kanellopoulos, Independent non-executive member
Ilias Pentazos, Independent non-executive member
The Audit Committee monitors and supervises the performance of the internal audit by the internal audit direction. It is convened regularly and during its meetings, it evaluates and utilizes the auditing work findings provided by the supervisory authorities and internal audit division.
The Audit Committee Chairman convenes the Committee, presides in its meetings, introduces the issues to be discussed and in general coordinates and supervises the Committee work. The Committee Chairman informs the BoD on the Committee’s work in the framework of the BoD meetings.
Audit Committee Regulation
On June 24th, 2016 the Ordinary Annual General Meeting of shareholders elected ECOVIS VNT Auditing S.A. as auditing firm. Mr. George Varthalitis was assigned as auditor of the Annual Financial Statements and as auditor of the Consolidated Financial Statements for the 2016 financial year. Mr. Ioannis Toliopoulos was assigned as substitute auditor.
ECOVIS VNT Auditing S.A.
396 Mesogion Avenue
153 41 – Ag. Paraskevi, Athens Greece
Phone : (+30) 210 600 5700/01/02
Fax : (+30) 210 600 5726