The Audit Committee assists the Board of Directors in fulfilling the supervision duty it has assumed vis-à-vis shareholders.
The responsibility of supervision includes inter alia the supervision of financial reporting procedure, the confirmation of financial statements integrity, the supervision of the internal audit system, the internal audit department operation and the annual audit on financial statements by certified accountants, the compliance with the Group’s legal and regulatory operation frame work as well as with the code of ethics established by the Management, including the Group’s Code of Conduct.
In addition, the Committee supervises issues pertaining to the qualifications, the independence and the appointment of independent auditors.
The Audit Committee and the Deputy CEO (DCEO), as supervising bodies of the internal audit department, evaluate its performance and approve the department’s duties and budget.
The Audit Committee acts independently and maintains free and open communication with the ordinary auditors, the internal auditors and the Company’s Management.
The General Meeting of February 27th 2020 decided the election of a new three-member Audit committee, independent of the Board of Directors, consisting of one independent third person and two independent non-executive members of the BoD, that meet the independence requirements set out by the provisions of article 4 of L. 3016/2002, with a term until the Ordinary General Shareholder Meeting to be convened in 2021 and until the decision making regarding the said matter by it.
Additionally, taking into account the Opinion of the Legal Council of State no. 32/2018, according to which an active Certified Public Accountant who did not participate in the Regular Audit of a company listed in the Stock Exchange, may participate as a member in the company’s Audit Committee, as per a.44 of L. 4449/2017, provided that the conditions of articles 21-26 of this law are met, elected as member of the Audit Committee, the independent third person, Mr. Ioannis M. Arkoulis, after having confirmed that the independence requirements set out by the provisions of article 4 of L. 3016/2002, as well as the provisions of article 44 of the L.4449/2017 are met.
Following the election of the new third person of the Audit Committee, Mr. Ioannis Arkoulis of Michael, who was elected by the General Extraordinary Meeting dated February 27th 2020, after having confirmed that the requirements set out by the provisions of article 44 of the L.4449/2017 are met, and the authorization of the Board of Directors by the same General Meeting to appoint the two independent non-executive members of the Board of Directors who will occupy the remaining positions of the members of the Company's Audit Committee, the Board of Directors, at its meeting on March 3rd 2020, appointed as members of the Company’s Audit Committee, the independent non-executive members, Mr. Dimitrios Efstathiou of Konstantinos and Mr. Christos Economou of Ioannis.
The aforementioned members of the Audit Committee were appointed in accordance with article 44 of Law 4449/2017 regarding their adequate knowledge in the field in which the Company operates.
Furthermore, during the meeting of the Audit Committee on March 3rd 2020, the members of the Audit Committee decided to appoint, Mr. Ioannis Arkoulis of Michael as its Chairman.
In view of the above, the Audit Committee of the Company consists of the following:
• Dimitrios Efstathiou of Konstantinos, independent non-executive member of the Board of Directors, member of the Audit Committee,
• Christos Economou of Ioannis, Independent non-executive Board Member, member of the Audit Committee, and
• Ioannis Arkoulis of Michael, third person, Chairman of the Audit Committee.
Mr. Arkoulis holds a Bachelor's degree in Business Administration and Management from the University of Piraeus and a Master's degree in Accounting and Auditing from the Institute of Chartered Accountants (IESOEL), is a member of the Certified Public Accountants since 2002 and a Certified Public Accountant since 2012 with professional experience in Grant Thornton S.A. and SOL S.A. He currently works as a Certified Public Accountant - Partner in the Audit Company I&G AUDIT.
In addition, he has significant experience in the sectors in which the Company operates, as he has provided specialized services to companies in these sectors for many years.
The CVs of the BoD members can be found in the following page.