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  • Role

The Audit Committee, which is elected and operates according to Law 4449/2017, consists of three non-executive members of the Board of Directors, two of which are independent, and their main task, in the context of the obligations described by the above law, is to support the Company’s Board of Directors to fulfil its mission to safeguard the integrity of the financial information, the effectiveness of accounting and financial systems, audit mechanisms, business risk management systems, assure compliance with the legal and regulatory framework, and effectively implement Corporate Governance principles.

More specifically, the Audit Committee has the following responsibilities:

  • To examine the effectiveness of all Management levels in relation to the safeguarding of the resources they manage and their compliance with the Company’s established policy and procedures;
  • To evaluate the procedures and data in terms of adequacy as for the attainment of objectives and assess the policy and the programme concerning the activity under review;
  • To control periodically the various functions of different divisions or departments so as to ensure that their various functions are carried out regularly, comply with Management instructions, Company policy and procedures, and that they abide by Company objectives and standards of management practice;
  • To review internal audit reports and specifically:
    • to evaluate the adequacy of their scope
    • to confirm the accuracy of reports;
    • to examine the adequacy of documentation of the results.

The Audit Committee receives the following reports on audit activity:

  • Extraordinary reports
  • Interim financial audit reports
  • Ordinary annual audit reports
  • Corporate Governance reports
  • Reports to the financial markets
  • Inventory reconciliation reports
  • Production efficiency reports
  • Audit Opinion

The Audit Committee examines and ensures the independence of the Company’s external auditors and takes cognisance of their findings and the Audit Reports on the annual or interim financial statements of the Company. At the same time, it recommends corrective actions and procedures so as to deal with any findings or failures in areas of financial reports or other important functions of the Company.

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