• Board of Directors consisting of 13 members (4 executive ones) with a 5-year mandate.
• 7 activities (refining, trading and supply of petroleum products, production and marketing of petrochemicals, power generation, natural gas, exploration and exploitation of hydrocarbons, technical studies and production and marketing of energy products from the exploitation of renewable energy sources).
• A total of 46 (regular/ non-regular) audits were completed by the Group's Internal Audit Division.
• The Group adopts the 10 Principles of the United Nations Global Compact and implements the 17 Goals of Sustainable Development.
The term “Corporate Governance” refers to a set of principles on the basis of which companies are managed and controlled. According to the Corporate Governance Principles defined by the Organisation for Economic Cooperation and Development (OECD), corporate governance is a system of relations between a company’s management, its Board of Directors (BoD), shareholders and other stakeholders. Corporate governance recommends the structure, through which the company’s objectives are approached and set, identifies the main risks it faces in its operation, determines the means with which to achieve corporate objectives, organises the risk management system and enables monitoring management performance in the process of implementing all of the above.
Corporate Governance Code
In compliance with the provision of Article 43a, section (d) of Law 2190/1920, which was added with par. 2, of article 2, of Law 3973/2010, and which provides that listed companies are obligated to create a corporate governance statement, referring to the applied code of corporate governance, the Company has voluntarily adopted the Hellenic Corporate Governance Council’s (HCGC) Corporate Governance Code (or “Code”) for listed companies. The Code can be located on the Hellenic Corporate Governance Council (HCGC) website, at: http://www.helex.gr/el/esed.
Apart from the HCGC’s website, the Code is also available to all employees through the intranet as well as in hard copy through the Group’s Finance and Human Resources departments. The Corporate Governance Code, contrary to the mandatory provisions of the relevant laws, which have been mentioned above, is a self-regulatory text and constitutes a voluntary commitment on the part of the Company.
Deviations from the Corporate Governance Code
The Corporate Governance Code follows the “comply or explain” approach and requires that listed companies, who choose to apply it, make their intention public and either comply with all the specific practices of the Code or explain the reasons for their non-compliance with certain specific practices. For more information, see Annual Report 2016, chapter Corporate Governance, page 65.