elin energy
Investor Relations

Corporate Governance

We adopt principles and practices that safeguard the legal interests of all, alongside the optimal operation of the company.

Corporate governance is a system of rules by which a company is managed and controlled to maximise the profitability and long-term value of the investment of shareholders and other stakeholder groups. Stakeholder groups include those who have an interest in the business, such as the employees, creditors, suppliers, the state, and the community.

Since 1988, when Assets was separated from Management, ELINOIL has implemented policies, regulations and procedures aimed at sound and efficient management and operation, as well as maximum transparency when it comes to financial management. Following listing on the Athens Stock Exchange in March 2004, our policies and procedures were brought into line with the rules laid down in Greek law and were reflected in the company’s Internal Regulations.

At ELINOIL, proper Corporate Governance is ensured by the following:

The composition and functioning of the Board of Directors

A good corporate governance system must allow the monitoring of the company’s strategic direction and the effective control of executives by the Board of Directors (BoD). ELINOIL's Board of Directors comprises of seven members and consists of executive and non-executive members. The executive members are the CEO and senior active managing executives. Non-executive members constitute the majority of the Board and are tasked with supervising the activities of the Executive Management. Out of the 5 non-executive members, 2 are independent, in accordance with the requirements set by the Greek legislation, and have been selected on the basis of their experience, in particular in oil policy matters. In order to ensure a more effective control of the Executive Management, an Audit Committee has been established, which comprises three members, all of whom are third parties and independent persons, not members of the Board of Directors, and its main purpose is to provide support to the Board of Directors, strengthening its supervisory role vis-à-vis shareholders, investors and other parties dealing with the company with a view to the following:

- The complete and rational preparation of the Company and the Group Financial Statements

- Enhancing the effectiveness and efficiency of the Internal Audit System established by the Board of Directors and Management

- Ensuring the organisation's compliance with the applicable regulatory and legal framework.

- Ensuring that the Company and its employees comply with the established Code of Ethics

- Monitoring and evaluating the functioning of internal audit as well as of the external auditors, aiming to ensure their quality, independence and efficient performance.

Rigorous audit mechanisms

ELINOIL's structures provide for strict Internal Audit procedures, which ensure the optimal management of people, processes and systems. At the same time, the company is audited by recognised external auditors as to the reliability of its financial statements.

The organizational structure of the company

A key element of ELINOIL's organisational structure is the decentralisation of decision-making within the framework of a common corporate strategy. The company's structure, which is reflected in the organisational chart, is designed in such a way as to separate the responsibilities of the managing executives and ensure better control of the company's activities. For each position in the organisational chart, a detailed Job Description has been specified, setting the responsibilities, duties and limits of authority.

The evaluation and remuneration system of executive employees

he central objective of ELINOIL's remuneration policy is to attract, utilise and further develop people whose skills bring added value to the company. For this reason, the personnel evaluation process and the remuneration system are intended to be characterised by as much objectivity and transparency as possible and to act as a constant incentive for the personnel’s performance and improvement.

The company's disclosure policy

ELINOIL attaches particular importance to the equal treatment of all its shareholders and for this reason it provides investors in a timely manner with all information relating to the course of its corporate affairs and, in general, any important information that may influence investors in their decisions regarding the company's shares.


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