The Audit Committee has as a primary task the provision of support to the Board of Directors of the Company for the accomplishment of its mission to ensure the effectiveness of the accounting and economic systems, the control environment, the business risks' management, the compliance with the legal and regulatory framework and the effective implementation of the Standards of Corporate Governance.
Following the proposal of the Chairman, the Board of Directors unanimously decides the formation of the Audit Committee, and determines the purpose, the structure, the jurisdictions, the responsibilities and its function, as follows:
The Audit Committee has as a primary task the provision of assistance to the Board of Directors for the accomplishment of its supervisory duties by:
- Reviewing the financial statements, before their approval from the Board of Directors.
- Ensuring the effectiveness and efficiency of the Control Environment, which is prescribed by the Company's management and the Board of Directors.
- Ensuring the compliance of the Company according to the legal and regulatory framework and the Code of Conduct.
- Supervising over the internal audit operations and the assessment of the internal and external audit functions to assure the co-ordination of the audit work, the quality, the independence, and the performance of the auditors.