CORPORATE GOVERNANCE
Corporate Governance consists of the rules establishing the way our Company is governed and controlled, ensuring effective management through accountability, transparency, fairness and responsibility. Corporate Governance sets the rules primarily aiming at creating shared value based on the principles of sustainable development, as well as safeguarding shareholders’ rights.
Specifically, Corporate Governance sets forth the rules with regard to the responsibilities and cooperation within the Company’s Governing Body, namely the Board of Directors, as well as the Board of Directors’ Committees and the Management Committees. It also establishes the responsibilities and cooperation among the Executive Officers entrusted with the day-to-day operations and the current management, and the relationship with shareholders.
The Corporate Governance framework, which is mainly outlined in Law 4706/2020 on corporate governance of listed companies, Law 4548/2018 on Societe Anonyms and the Decisions of the Board of Directors of the Capital Market Commission, has been incorporated into AVAX Corporate Governance Code, adopted in 2021 in accordance with the Hellenic Corporate Governance Council Standard.
AVAX applies strict procedure control on all levels of operations and administration across the entire group to enhance overall transparency and efficiency.
The Internal Auditing Division is an independent operation which is assigned to maintain all operations in accordance with strategic goals and procedures issued by the Board of Directors. It has set specific Corporate Governance ground rules and checks on their application by various divisions and group subsidiaries, followed up by reports on their performance to maintain streamlined operations and avoid unnecessary risks.
According to the principles of modern Corporate Governance, the Board of Directors of the Company has a high involvement of non-executive members with a prominent personality and professional career, in order to complement the experience and diversity of their thinking in the work of the Board of Directors.
Of the 8 total members that constitute the Company’s Board of Directors, 4 are executive and the remaining 4 are non-executive, three of which are independent members in accordance with the relevant stock market legislation (L.3016 / 17-05-2002 on Corporate Governance).
Board meetings are not treated as a standard process but are a pivotal event for shaping the business strategy in the long run through important decision making, where each member lays out experience and judgment.