Nominations’& Remunerations’ Committee
The main role of the Nominations’& Remunerations’ Committee is to investigate and promote the appropriate nominees, which will formulate the company’s Board of Directors.In addition, the Nominations’& Remunerations’ Committee is also responsible for submitting proposals for appropriate remuneration policies and systems throughout all company levels.
Its tasks in relation to the nomination of candidates include the:
In addition, the Nominations’& Remunerations’ Committee:
The Commission consists of three members.
The basic role of the Investment Committee is to submit recommendations to the Board of Directors regarding mergers, strategic partnerships, large scale investments, asset divestments and any other strategic action that may affect the company’s capital structure and growth prospects.
The main responsibilities of the Commission include the:
The Investment Committee consists of fivemembers.
The Audit Committee, aiming at the early identification of potential business risks, supports the Board of Directors, with regards to ensure:
The Audit Committee has the following key competencies:
The Audit Committee consists of at least 3 non – executive members of the Board of Directors, one of whom is independent. It is mandatory that at least one of the three members has sufficient knowledge and experience in accounting and auditing. The members of the Committee are elected by the General Meeting of the Shareholders in accordance with the provisions of article 37 of Law 3693/2008.
An internal audit system is defined as the set of rules and procedures that the Company applies for the prevention and suppression of functions and procedures at all levels of the hierarchy and its organizational structure in order to ensure:
The Board of Directors utilizes the internal audit system in order to protect the assets of TERNA ENERGY, to assess the emerging risks and to provide accurate and comprehensive information to the shareholders regarding the Company’s actual standing and prospects as well as how to deal with potential risks.
The Board of Directors establishes theinternal audit’s framework of operation, approves the procedures for conducting and evaluating its results and decides on the staffing of the competent departments, taking into account the legal and institutional framework in force.
To that end, a dedicated internal audit unit has been set up and operates, which is independent and does not belong hierarchically in any other organizational unit. The Internal Audit Unit is supervised by the Audit Committee of the Company, with the assistance of which the Board of Directors assesses the adequacy and efficiency of this Unit and the extent to which its reports are used, regarding the continuous improvement of the Company at all levels and effective risk management.
In addition, the Audit Committee maintains direct and regular contact with the legal auditors in order to be systematically informed about the adequacy and reliability of the internal audit systems as well as the accuracy and reliability of financial information.