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Audit Committee

Audit Committee

The Audit Committee, in accordance with the Company’s Internal Regulations of Operation and with the Committee’s own Regulation Code, which was approved and put into effect by the Committee’s Decision dated 3.11.2009 and subsequently amended by the Resolution of the Company’s Board of Directors of 11.05.2017, following a relevant proposal submitted by the Committee, reports through its Chairman to the Board of Directors by means of drawing up and submitting regular or ad hoc reports and works closely with the Company’s Internal Audit Department.

The Committee meets at least four (4) times per year and its key responsibilities are to monitor the statutory audit of the Company’s individual and consolidated financial statements, the financial reporting process and the effectiveness of the internal control systems, including the provision to the Internal Audit Department of general guidelines on the audit framework and the activities to be audited, to examine the  activities of the Internal Audit Department, with a view to assessing its effectiveness, to receive regular updates on the progress of the activities of the Internal Audit Department and to confirm that significant problems and weaknesses identified, as well as the related recommendations, have been notified to and discussed in a timely manner with the Management, which has taken the necessary corrective actions. Additionally, the Audit Committee has the right, when it considers this to be necessary, to request from the Internal Audit Department or from third parties any information it deems necessary in order to properly carry out its work.

Composition

The Audit Committee consists of at least three members, who in their majority must be independent within the meaning of the provisions of Law 3016/2012, as in force, and is either an independent committee or a committee of the Board of Directors. In particular, the Committee is composed of Non-Executive Members of the Board of Directors and of members who are elected by the General Meeting of the Shareholders. The Committee’s Chairman is appointed by its members or elected by the General Meeting of the Company’s Shareholders and is independent of the Company. At least one member of the Committee must be a certified auditor-accountant in suspension or retirement or sufficient knowledge of auditing and accounting.  In accordance with the Committee’s Regulation Code, the term of office of its members is commensurate with that of the Board Directors, unless otherwise decided by resolution of the General Meeting or of the Board of Directors acting under the General Meeting authorisation, and the Committee may elect a Secretary responsible for keeping the minutes of its meetings. The members of the Committee and its Secretary are prohibited from undertaking activities external to the Company, which might hinder independent decision-making and give rise to conflicts of interest. Every member of the Committee is provided with appropriate information and training and is appropriately remunerated in relation to the time devoted to the Committee's work.

The Committee is composed of two independent  non-executive board members  and one non-board member who was elected by the AGM 07.06.2018 and  according to the statement made by the Company, meets the requirements of article 44 of Law 4449/2017 and the provisions on independence of Law 3016/2002. The composition of the Committee, is the following:

ALEXIOS A. PILAVIOS
Chairman, independent non-executive, Chair icon
IOANNIS G. PETRIDES
Member, independent non-executive icon
CONSTANTINE COTSILINIS
Member, independent non-executive icon