Activities of the Internal Audit Department

The activities of the Department include, but are not limited to the following:

• Control of compliance with the Code of Conduct of the Capital Market Commission (HCMC).
• Compliance with the commitments contained in the Company’s brochures and business plans.
• Control of the safeguards applied to the risks that Company faces or may confront.
• Control of the legality of the remuneration and benefits provided for the members of the Board of Directors.
• Control of the relations and transactions of the Company with its affiliated companies or persons.
• Revenue and Expense Control and Efficiency Audit.
• Financial Audits (Assets, Liabilities, Net Assets etc.).
• Checks on Construction/supplies of fixed and mechanical equipment (procedures, costs and auditing)
• Checks on Supplies and transport materials, goods receipt (procedures, management).
• Control in Marketing and Sales Processes.
• Control of Personnel selection and its evaluation procedures.
• Control in Financial Planning and the various budgets.
• Control of the Computerization Department and the Computer Network (Procedures, Systems Security).
• Control over collaborations with other companies
• Control of the aforementioned issues with respect to the Company’s subsidiaries.

Within the scope of his responsibilities, TEE through its staff:

a)      Monitors the implementation and compliance with the Internal Rules of Procedure and the Articles of Association of the company, as well as the legislation concerning the company and in particular the legislation of societe anonymes and the provisions concerning the Stock Exchange and the Capital Market Commission (HCMC).

b)      It reports to the Board of Directors cases of conflict of interest between the private interests of the members of the BoD or the Managing Directors and the interests of the company, which are recorded in the performance of its tasks.

c)      Informs the Board of Directors in writing at least once a quarter for the audits carried out and attends the General Meetings of the shareholders.

d)     Upon approval of the Board of Directors of the company, it provides any information requested in writing by the Supervisory Authorities, cooperates with them and facilitates them, in every possible way, in any monitoring, controlling and supervision activity they exercise.