The Company is managed by a BoD comprised of thirteen (13) members, with a term of five years, which expires on 26.06.2018 and is extended until the end of the period provided for the convening of the next Ordinary General Assembly.
The BoD is the supreme executive body of the Company and principally formulates its strategy, its development policy and supervises and controls the management of its assets. In order to achieve corporate goals and the Company’s uninterrupted operation, the BoD may grant some of its authorities, except those that demand collective action, as well as the administration or management of the affairs or representation of the Company to the Chairman of the BoD, the CEO or to one or more BoD members (executive and non-executive), to the Heads of Company Departments or to employees. BoD members and any third party that has been granted these responsibilities from the BoD are not permitted to pursue personal interests that conflict with the Company’s interests. These specific BoD members and third parties must disclose (in a timely manner) to the rest of the BoD any personal interests that might arise as a result of transactions with the Company that fall under their duties as well as any other conflict of interest with the Company or with entities affiliated to it in accordance with Codified Law 2190/1920 art. 42. (e), par. 5.
The distribution of representation responsibilities between the Executive Chairman and the CEO, as BoD substitutes and legal representatives of the Company, has taken place by virtue of the 12.03.2015 decision of the BoD.
Four members of the BoD (including the Chairman) are executive members. The Company’s Articles of Association provides that two members of the BoD must be elected employee representatives and that two more are representatives of minority shareholders.
The BoD has established committees with advisory, supervisory and authorizing responsibilities, the objective of which are that they support the BoD. These committees include:
- Audit Committee L. 3693/2008
- Crude Oil and Petroleum Products Supply Committee
- Finance & Financial Planning Committee
- Remuneration and Succession Planning Committee
- Labour Issues Committee
The Group’s activities are categorized into the following main segments (Strategic Business Units):
Refining, Supply and Trading, Marketing (Domestic and International), Production and Trading of Petrochemicals, Exploration and Production of Hydrocarbons, Power Generation and Trading.
The Engineering (ASPROFOS) and RES segments should be added to the above mentioned activities , thus comprising a large energy Group, aiming to optimize operation and develop innovation.