BOD COMMITTEES

Board of Directors Committees

Audit Committee (L.3693/2008)

The Company has established an Audit Committee, appointed by the General Meeting of share holders transferred from the pre-existing Committee on Finance and Economic Planning. The Committee has the following responsibilities:

 

  • To oversee the process of financial monitoring, to ensure that the Company’s financial statements are reliable and to review key points in the financial statements that involve significant judgements and estimates in terms of management.
  • To monitor the effective operation of internal controls framework and risk management.
  • To ensure that the Company’s Internal Audit functions properly.
  • To monitor the progress of the financial statements’ regular auditing.
  • To monitor issues that may arise in conjunction with the existence and maintenance of an Auditor’s objectivity and independence, particularly in terms of possible non-audit services provided.

Remuneration and Succession Planning Committee

The Company has established a Remuneration and Succession Planning Committee, consisting of two (2) non-executive and one (1) executive BoD members, with the following responsibilities:

  • Suggests the principles on the Company’s compensation and benefits policy for executives, upon which the CEO’s decisions will be based.
  • Proposes the currently followed policy concerning the compensation and benefits upon which the Board’s decisions will be based.
  • Proposes total remunerations to the CEO (fixed and variable - including stock option) of non-executive members of the Board and senior Company executives.
  • Recommends to the BoD and thereby the General Meeting of shareholders, the total remuneration of the Chairman of the Board and the CEO.
  • Ensures, at any time, the appropriate succession of Company General Managers and Directors  and makes necessary recommendations to the Board.

Other Board of Director Committees

The task of the Board, within the above frame work to strengthen corporate governance structures, is assisted by other committees, appointed by its decision.

Specifically, the current committees are the following:

  • Oil Products Procurement Committee
  • Finance & Financial Planning Committee
  • Labour Issues Committee