Board of Directors
The Board of Directors is the supreme governing body of the Company and is vested with unlimited authority to decide on all acts and exercise full power concerning its administration, the management of its property and, in general, the pursuit of its purpose, with the exception of those matters which by law or its Articles of Incorporation expressly fall within the competence of the General Meeting.
The Board of Directors represents the company and primarily formulates its development strategy and policy, defines and oversees the implementation of the Company’s Corporate Governance System, pursuant to Articles 1 to 24 of L. 4706/2020, as currently in force, ensures the adequate and effective operation of the Company’s Internal Audit System by ensuring that its functions are independent from the business areas they control, decides on the basic organisation of the Company into Divisions/Business Units as well as on their mission and scope of responsibility, the number of positions and the competences of the Deputy Chief Executive Officers and the Chief Officers, and in general, it exercises all competences set forth in Article 10 of the Company’s Articles of Incorporation and Article 4 of L. 4706/2020, as in force.
Composition of the Board of Directors
The composition and the term of office of the Board of Directors (BoD) are defined in Article 9 of the Company’s Articles of Incorporation. Specifically:
The members of the Board of Directors must meet the requirements of the Company's Suitability Policy for the Members of the Board of Directors. In the event of any dependency relationships of the Board members, the provisions of the Policy on the Disclosure of Dependency Relationships regarding the Independent Non-Executive Members of the Company shall apply.
Chief Executive Officer
The Chief Executive Officer of the Company is elected by its General Meeting of shareholders for a three-year (3) term of office and is the highest-ranking executive officer of the Company.
The Chief Executive Officer is at the head of all the services of the Company, conducts their activities, decides on the further organization of the Company within the scope of the present Articles of Incorporation and the relevant resolutions of the Board of Directors, makes the necessary decisions pursuant to the provisions governing the operation of the Company, the approved plans and budgets, the Strategic Plan (S.P.), the Business Plan (B.P.) and the terms of the Management Contract he/she has entered into with the Company pursuant to the Articles of Incorporation. The Chief Executive Officer represents the Company within the limits of his/her duties subject to the Articles of Incorporation or the decisions of the BoD and may authorize or empower other persons such as members of the BoD, or high-ranking or low-ranking executives of the Company, as well as any PPC employees/ bodies, to represent him/her.
The Chief Executive Officer has the following duties under the Articles of Incorporation, as well as any other duties, delegated to him/her upon resolution of the Board of Directors:
(a) He/she submits to the Board of Directors of the Company the proposals and recommendations required for the attainment of the Company’s objects, as these are specified in the Strategic Plan and the Business Plan.
(b) He/she makes decisions on the awarding of contracts of a value to be determined on each occasion by decision of the Board of Directors.
Pursuant to Article 18a of the Articles of Incorporation, the Company has an Executive Committee (EC) composed of the Chief Executive Officer who acts as its Chairman, the Deputy Chief Executive Officers, if any, and the Chief Officers. The General Counsel of the Company may attend its meetings at the discretion of the Chief Executive Officer.
Competence of the Executive Committee (Article 18a of the Articles of Incorporation)
The EC operates in conformity with the decisions of the Board of Directors, the Articles of Incorporation and the Rules of Operation of Company, ensuring the necessary collective handling of administrative and operational issues of the Company, as well as the consistency in its operation. Within this framework, the EC is responsible for important matters concerning inter alia productivity, the performance of the Company’s units, the organization and operation of the Company’s activities, as well as for the budget and the Strategic and the Business Planning. The EC decides on the awarding of contracts on supplies, works and services and in general any kind of financial contract up to an amount fixed as per case by the Board of Directors.
Moreover, the EC shall have any other responsibility assigned to it by the Board of Directors, within the scope of its competence.
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