Remunerations Committee

The Remunerations Committee, established by decision of the Board of Directors on 26.03.2008, is composed of three members of the Board.

The Remunerations Committee functions in accordance with the Company Rules and Regulations in force. The Committee's key responsibilities include its full-time involvement with matters relating to staffing, remunerations and incentives for senior executives of the Company and of its subsidiaries, and with the submission of recommendations on the fees of the aforementioned executives, so that the Board of Directors may take informed decisions in connection with the respective approvals.

Furthermore, the Remunerations Committee submits to the Board of Directors recommendations on the implementation of systems of compensations and benefits, on organisational changes concerning the above executives, on the replacement of members of the Board of Directors - when considered necessary -  on the basis of justified proposals, and on the fees paid to the members of the Board of Directors. The Committee also submits for the Board's approval potential modifications to the Company organisational chart, evaluation systems for assessing the performance of senior executives, and measures for the professional development of staff, and is also responsible for supervising and ensuring smooth implementation the procedure for appointment to fill key Company vacancies.

Finally, the Remunerations Committee is charged with proposing to the Board of Directors the "principles" that govern the Company's policy regarding the development of its human resources.