The Internal audit department is composed of highly experienced profesionals, Mr Dimitracopoulos C.I.A. is the Head of this department.
The internal audit system consists of all auditing arrangements and procedures constantly covering all company activities and contributing to its effective and safe operation, the efficiency and efficacy of corporate tasks, the credibility of financial information and compliance with the applicable laws and regulations. The company has a sufficient and effective internal audit system with clearly described procedures, aiming to the effective management of its available resources, according to the Board of Directors’ decisions and the management of the most significant risks.
In particular, the company’s IAS aims are the following:
• Constant implementation of the corporate strategy with effective use of the available resources
• Acknowledgment and management of all sorts of risks assumed by the company
• Reassurance of the completeness and credibility of the data and information required for the accurate and timely determination of its financial condition and the compilation of trustworthy financial statements
• Compliance with the institutional framework governing the company’s operation, including internal regulations and codes of ethics
• Prevention and avoidance of erroneous actions and irregularities that could endanger the company’s reputation and interests as well as the reputation and interests of its shareholders and other interested parties.
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. On June 8th, 2018 the Board of Directors of the Group elected three independent non-executive members of the Board of Directors and one non-executive member of the Board of Directors, for the replacement of the resigned members of the Board of Directors.
Furthermore, following Mr. Mantzavinos’ and Mr. Koumanakos’ resignation from the Board of Directors and from the Audit Committee and Mr. Stamatiadis’ resignation from the Audit Committee, Mr. Potamitis Dimitris, Mr. Ilias Pentazos and Mr. Michael Tsibris were appointed as new members of the Audit Committee, for the remaining term of the latter.
Following the above, the new Audit Committee of the Company shall consist of the following members:
Dimitrios Potamitis, President of the Audit Committee, Independent non-executive member
Michael Tsibris, 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.