Internal Audit Department

Overseen by:Audit committee
Members:Consists of one person, fully and exclusively employed by the Company
The Head of the Internal Audit Department is Mr. Georgios Karatzas.

Main duties:

  • Monitoring of the implementation and enforcement of the company’s Internal Regulation of Operation.
  • Monitoring of the implementation and enforcement of the company’s Articles of Association.
  • Monitoring of the implementation and enforcement of the Societes Anonymes legislation and the capital markets regulation.
  • Information disclosure, following relevant approval by the company’s Board of Directors, to the Supervisory Authorities in order to facilitate their mission.
  • Preparation and submission of internal control reports to the Board of Directors on a quarterly basis.
  • Performance of regular audits to ascertain the effectiveness and adequacy of the internal control system and to provide guidance on improvements or to detect and smooth out potential risks.
  • Performance of special administration audits and extraordinary audits ordered by the Chief Executive Officer.
  • Monitoring and supervision of subsidiary companies of the Group regarding internal control.
  • Participation in General Shareholders Meetings.
  • Audit of the legitimacy of remuneration schemes and of any other benefits and bonuses granted to the members of the management in the context of the decisions taken by the company’s relevant bodies.
  • Audit of the company’s related party transactions, mainly referring to affiliated companies.
  • Reporting to the Board of Directors of any conflict of interest between the private interests of BoD members or the company’s directors, and the company’s interests. Conflict of interest may be noted during the exercise of the above persons’ duties.