Scope of activities
The Committee is responsible to the Board of Directors for monitoring the correct implementation of Corporate Social Responsibility in the Group in terms of the policies, targets, actions and results in connection with environmental, social and ethical issues in the internal as well as the external environment of the Group companies. The Committee may also act in the role of advisor to the Group's executive management and to the relevant Board Committees on the above issues. The CSR Committee is assisted and supported by the Group Communication Department in terms of communication and coordination with the individual CSR teams of the Group companies.
Correspondingly, all Group companies have set up their own CSR Teams. Using as starting-point the guidelines of the Corporate Centre, each Group company functions independently and approaches CSR through the particular financial, environmental and social characteristics of its specific business activity sector and local community. The CSR Committee focuses on checking the Key Performance Indicators (KPIs) of the core CSR areas in order to measure the corresponding progress made.
Duties and Responsibilities
- To supervise and evaluate the CSR Strategy of the Group and the policies & practices which may potentially affect in practical terms the business operations, reputation and image of the Group.
- To propose the use of any support means, internal or external, which the Committee considers necessary and/or desirable in order to ensure the correct application and implementation of the CSR policies across the entire Group.
- To advise the Board of Directors of the Group on every proposed change to the corporate principles and values or to the environmental and social specifications which define the framework within which the Group operates, as well as on every proposed application of corresponding measures.
- To advise the Board of Directors of the Group on every proposed adoption of international CSR indicators, such as for example the Global Reporting Initiative (GRI) and the UN Global Compact, or on any other organisation promoting Socially Responsible Investments.
- To be informed of, check and approve the structure of the Group's annual Sustainability Report, and to advise the Board of Directors on the methods for its distribution and promotion.
- To advise the Board of Directors of the Group on the adoption of targets in individual CSR areas.
- To examine the annual report on the Group's environmental performance and progress, and to examine carefully and approve any proposed measurement methods.
- To check and approve the Group's overall CSR performance and to assign to an independent third party, when this is considered necessary, the work of checking the direct and indirect impact of CSR on all aspects of the Group's operation.
- To control and, when necessary, provide guidance for the training of management executives, CSR Teams and any other person or department requiring training in the Committee's opinion, assuring the Board of Directors that such training covers all key departments of the Group which influence the Group's CSR.
- To supervise, approve proposed controls and evaluate the outreach initiatives of the Group, and especially its charitable initiatives that require the immediate disbursement of significant funds.
- To evaluate annually its own performance and effectiveness and to recommend to the Board of Directors of the Group the necessary corrective actions.
- The CSR Committee reports to the Audit Committee and to the Board of Directors of the Group. The Chairman of the Committee communicates the minutes of every meeting to the Audit Committee.
- The Chairman of the Committee informs the Audit Committee once a year, during the period prior to the publication of the Sustainability Report, of the progress of the key issues and initiatives pertaining to the CSR of the Group.
- The CSR Committee has the right to submit to the Audit Committee such recommendations as it considers appropriate in connection with every matter under its responsibility which may require action and development (e.g. Transparency).
- The Chairman of the Committee participates in the dialogue with the Stakeholders of the Group companies in order to answer questions from the Stakeholders concerning the Committee's activities and duties.