INDICATOR: 102-29
Report the highest governance body’s role in the identification and management of economic, environmental and social impacts, risks,
and opportunities. Include the highest governance body’s role in the implementation of due diligence processes.
The Board’s Audit Committee possesses the following responsibilities:
- It monitors the process and the implementation of the statutory audit of the Company’s individual and consolidated financial statements.
- It monitors, reviews and evaluates the process of preparing financial information, i.e. the mechanisms and systems, flow and dissemination of financial information produced by the Company’s organizational units involved in the preparation of financial information.
- It monitors, examines and evaluates the adequacy and effectiveness of the Company’s overall policies, procedures and safeguards regarding both the internal audit system and risk assessment and management in relation to financial reporting.
- With regards to the internal audit function, the Audit Committee monitors and insures the proper functioning of the Group Internal Audit Directorate and evaluates its work, adequacy and effectiveness, without, however, affecting its independence. It also reviews internal audit disclosures and the Company’s main risks and uncertainties with respect to financial reporting.
- It reviews and monitors the independence of statutory auditors or audit firms and is responsible for the selection process of statutory auditors or audit firms and proposes statutory auditors or audit firms to be appointed by resolution of the General Meeting.
The Financial and Financial Planning Committee examines, in cooperation with the Group Financial Directorate General, issues that mainly concern:
- Financial Planning
- Insurance coverage and
- Financial results of the Group
operating in addition to the latter with the Audit Committee and examining in greater detail matters that are important for the Group, which affect its financial figures and its course.
The Corporate Crisis Management Plan has been completed, is now in place and is being enforced.
The Board of Directors approves the 3-month, 6-month, 9-month and annual financial statements for Hellenic Petroleum and the Group as well as Group announcements and other publications. The Group’s Executive Committee monitors, inter alia, the financial results of the Group on a monthly and quarterly basis, budget execution and financial management.