The Company’s Articles of Association provide that 11 out of the 13 members of the BoD are appointed and not elected by the General Assembly, which is a deviation from the Corporate Governance Code and which is highlighted in the Group’s published Corporate Governance Statement. With that being said, in recent years significant efforts have been made towards promoting the main principles of corporate governance. Thereby over the last twelve months:

• The collective operation of the BoD was upgraded and enhanced during the period 01/05/15 till30/04/16 when the BoD convened 29 times. During the previous period 05/01/2014 to 30/04/2015 the BoD held 20 meetings
• The areas ofresponsibility pertaining to the company’s two executive representatives, Chairman and CEO, have been defined in order to avoid overlapping
• For the first time, an assessment of the BoD's operation and its Committees took place under the Hellenic Corporate Governance Council’s basic Corporate Governance Code principle
• The Group’s Internal Audit Department was upgraded to a Division.