In accordance with the Board of Directors Minutes No 63/26.09.2006, the Company decided to form an Internal Audit Department. The BoD appointed Mrs Eleni Komini as Director of the Internal Audit Department.
The Internal Audit Department is intended to ensure that the Internal Rules of Operation and the Company’s Articles will be implemented and followed in compliance with the applicable law as well as to control and assess the adequacy of the Internal Audit system procedures.
Within their responsibilities, the Internal Auditors may be aware of any book, document, file, bank account and portfolio of the Company and may have access to any service of the Company. The BoD members should cooperate with the Internal Auditors and offer them any information and generally they should facilitate their tasks in any way. The Management of the Company should provide the Internal Auditors with all the means needed to make their work easier.
The Internal Audit Department constitutes a part of the entire system of Internal Audit and is responsible for controlling operation and business risks, preventing, improving operations and performance, and ensuring the good corporate governance.
Responsibilities of the Internal Audit Department
The Internal Audit Department has the following responsibilities.
- It monitors the implementation and constant observance of the Internal Rules of Operation and the Company’s Articles as well as of the law concerning the Company in general and particularly the law on public limited companies and the stock exchange.
- Within its duties, whenever it detects cases that own interests of the BoD members or executive officers of the Company conflict with the corporate interests, it reports these cases to the Board of Directors.
- It provides the Board of Directors with reports on the performed audits and attends the Shareholders’ General Meetings.
- It gives, after approval from the BoD of the Company, any information requested in writing by Regulatory Authorities, it cooperates with them and facilitates them to monitor, control and supervise.
Under decision No 5/204/14.11.2000 of the BoD of Capital Market Committee, the responsibilities of the Internal Audit Department also include the following:
- Ensures that the commitments included in the corporate newsletters and business plans concerning the use of stock exchange funds are met.
- Ensures that any remunerations and benefits provided to the management are legal under the decisions made by the company’s competent bodies.
- Audits the relations and transactions of the Company with its affiliated companies pursuant to the Codified Law 2910/1920, article 42e, paragraph 5, as well as the relations of the Company with other companies that at least 10% of their capital belongs to members of the Company’s Board of Directors or to shareholders.
In addition, the Internal Audit department:
- Constantly assesses the adequacy of the internal audit system.
- Performs internal audits for all the operations of the Company.
- Verifies the observance of the corporate policy and the regulatory framework.
- Supervises whether the corporate assets are adequately assured as well as the validity of the financial reports.
- Advises the Board of Directors and proposes procedures of developing new systems and relative safety valves of internal audit.
- Assesses the degree of compliance to the corporate procedures, and detects and reports any divergences.
- Ensures the validity and accuracy of the financial and managerial reports as well as the business transactions.
- Assesses any business plans, decisions and procedures set by the Management of the Company.
- Participates in the organization, the design, the development and the implementation of main operations and activities of the Company.
The company headquarters are located in the Municipality of Athens. The company can found branches or agencies or offices to serve its purposes in other cities of Greece following decisions of the Board of Directors that will also determine their scope, responsibilities, jurisdiction and generally their operation as well as the manager’s tasks and responsibilities.