Generally

In general

The Internal Audit Department (hereinafter “IAD”) is an independent organizational unit, which operates in accordance with articles 15 and 16 of Law 4706/2020 on Corporate Governance, as well as the Internal Regulations of the Company and conducts the internal audit of the Company.

The main purpose of the IAD is to provide auditing and consulting services, as well as compliance assurance services, with objective and independent judgment, in order to ensure the smooth and efficient operation of the company, within the framework of its overall strategy, in respect of achieving the planned qualitative and quantitative objectives.

The scope of work of the IAD includes the evaluation of the adequacy and effectiveness of the governance functions, the management of risks and safeguards, as well as the performance of the Company and its subsidiaries, taking into account the provisions of the legislation and regulations of the Hellenic Capital Market Commission, while also being able to provide consulting services. In the latter case, the IAD shall remain independent and not assume administrative responsibility.

The IAD may also support the Company in tasks beyond Internal Audit, such as regulatory compliance or risk management activities, either independently or in collaboration with other units of the Company, in accordance with decisions of its competent bodies. These tasks should not interfere with or give the impression that they interfere with the independence and objectivity of the department.

The head of the IAD is appointed by the Board of Directors of the Company, upon the proposal of the Audit Committee and is a full-time and exclusive employee. During the performance of his/her duties, he/she is personally and operationally independent and has the required knowledge and expertise. The head is subordinate to the Board of Directors, but reports, is supervised and evaluated in terms of its work by the Audit Committee.

The number of internal auditors of the Internal Audit Department is proportional to the size of the company, the number of its employees, the geographical locations where it operates, the number of operating and executive units and the audited entities in general.

Presently, the IAD is staffed by one (1) person, the employee of the company Mrs. Sultana Stroikou, who has specialized and sufficient knowledge and expertise in the accounting and auditing sector, with parallel knowledge of the general structure and functions of the individual departments of the Company.