Corporate Governance refers to the set of established rules and business practices implemented by the company to ensure the continuity and effectiveness of its operations, for the benefit of its shareholders and all other related stakeholders.
The Corporate Governance Code (CGC) constitutes the foundation for the development of a corporate governance system that continuously evolves and adapts to the changing conditions of the Company’s economic, social, and business environment, while safeguarding the principles of transparency, professional ethics, and the proper management of all corporate resources at every level of administration.
The guardian and responsible body for the implementation of these principles in the Company’s operations, as well as the expression of its management philosophy, is the Board of Directors. Its members are elected based on the following criteria: contribution to the Company’s growth prospects, managerial competence and effectiveness, reliability and integrity of character, deep knowledge of corporate affairs, harmonious cooperation with the Company’s executives and employees, and a strong sense of corporate loyalty. These criteria, along with the balance between executive and non-executive members, ensure cohesion, uninterrupted continuity, and smooth succession at the highest level of the Company, while contributing to the maintenance of its effectiveness at a high standard.
Compliance with the principles of corporate governance, the effectiveness of the Company’s operations, and the protection of the rights of all shareholders are monitored by the Board of Directors, which regularly evaluates the information received from the internal control system and mechanisms, as well as from the Company’s executive management, regarding internal and external factors that may jeopardize the Company’s operations and the achievement of its objectives.
Furthermore, within the framework of transparency and effective business risk management, the Company facilitates daily access and communication between senior executives and top management, enabling immediate awareness of risks and allowing timely and dynamic decision-making as well as the implementation of the necessary corrective measures. The Company continues to base its course on the above principles and practices.