Generally

Generally

The internal audit of the Company is carried out by the Internal Audit Department (Service), hereinafter referred to as “TEE”.

TEE reports administratively to CEO and functionally to the Audit Committee. It performs its duties in accordance with the Law and its Rules of Procedure, which is approved by the Board of Directors.

At the time of writing, TEE employs personnel that consists of (1) person, Mr. Alexandros Tsiarkas, who possesses specialized and sufficient knowledge and practical experience in the accounting and auditing field, with knowledge of the general structure and functions of the Company’s separate departments.

Responsibilities of TEE include, but are not limited to, the following:

  • Control of compliance with the Internal Rules of Procedure.
  • Control of compliance with the level approval and responsibilities of Managing Directors Regulation.
  • Verification of compliance with the applicable laws and regulations.
  • Control of the relations and transactions with the companies, in which the main shareholders and the members of the Board of Directors participate in either the Share Capital or the BoD.

TEE is completely independent while conducting it tasks. The Board of Directors of the Company ensures that all necessary means are available to TEE, so as to facilitate it to exercise an effective and preventive control.

The Company uses internal control as a key tool in the implementation of Risk Management Rules and more generally in the implementation of effective Corporate Governance.

TEE staff is designated following a decision of the Board of Directors, after the assent of the Audit Committee, to which TEE reports.

TEE staff is encouraged to attend special training seminars, following the recommendation of the Audit Committee and the approval of the Board, especially in cases of significant institutional and/or legislative changes.