BOD COMMITTEES

Board of Directors Committees

Audit Committee (L.3693/2008)

The Audit Committee is appointed by the General Meeting of Shareholders and is comprised of three (3) non-executive members of the Board of Directors two (2) of whom must be independent. 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:

  • Proposes the principles, as well as the Company's remuneration and benefits policy for executives; any relevant decisions made by the CEO are based on these principles and policy.
  • Proposes the total remuneration (fixed and variable - including share options) to the CEO in regards to the executive members of the Board of Directors, as well as the Senior Executives Directors of the Company and the Group.
  • Proposes the total compensation payable to both the Chairman of the Board of Directors and the CEO to the General Meeting of Shareholders.
  • Plans for the adequate and suitable succession of General Managers and executives, when needed, and submits relevant proposals to the Board of Directors.

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