The Audit Committee is a statutory committee of the Board of Directors of the Company. All members of the Audit Committee are appointed by the General Assembly upon proposal of the Board of Directors. Committee must be staffed by non-executive members of the Board or persons who are not members of the board. All members must have good knowledge of the business the entity is involved and at least one must be a person with good knowledge of accounting and auditing. Currently, the Committee comprises three (3) non-executive Board members, the majority of which are Independent.
The obligations and the tasks of the Audit Committee include:
- Updates the Board on the results of any Statutory Audit in the entity and the role of the Audit Committee in such Audit
- Monitors the integrity of the financial information process and makes recommendations for improvements
- Monitors the efficiency of the internal audit unit, quality control and risk management in relation to the financial information process of the entity
- Monitors the performance of the Statutory Audit of the annual accounts in the entity
- Monitors the independence of the statutory auditors of the entity and the conformity of the all non-audit services to the entity
- Is responsible for the selection of the statutory auditors and makes recommendation for their appointment
New Law 4449/2017 in Article 44 provides for the composition, operation and obligations of the Audit Committee in an entity.