Summary of Articles of Association

Share Capital

The share capital may be increased by a decision of the General Assembly, in accordance with the provisions regarding quorum and majority requirements.

The shares issued by the company are registered and in electronic form and their date of issue is defined as the time of their registration at the "Central Stock Depositary S.A".

General Assembly

The shareholders’ General Assembly is the supreme body of the company and has the power to make decisions on any matter relating to the company, unless otherwise specified in the Articles of Association, and more specifically on:

  • Amendments to the Articles of Association, where not explicitly forbidden by the Articles of Association itself or by law.
  • Election of members of the Board of Directors
    • Seven (7) members are appointed by the Greek State.
    • Two (2) members are appointed by the shareholder Paneuropean Oil and Industrial Holdings S.A.
    • Two (2) members are elected by the Special Minority Shareholders’ Meeting.
    • Two (2) members are elected by the company’s employees, as their representatives.
  • Selection of the chartered accountants-auditors and of the international auditor.
  • Approval of the company’s Balance Sheet.
  • Profits distribution.
  • Merger, split, conversion, reconstitution, extension of the legal life or dissolution of the company.
  • Appointment of liquidators

Board of Directors

The Board of Directors is the supreme executive body of the company and the main formulator of the company’s strategy and development. The BoD supervises and controls the management of the company’s assets.

The Board of Directors compiles an annual report that includes all the financial indicators of the company.

See relevant attachment.