CORPORATE GOVERNANCE APPLIANCE

Corporate Governance is a set of rules governing the relationship between the Board of Directors, senior executives dealing with day-to-day operations and stockholders.

Some corporate governance rules are laid out in relevant legislation, including the Greek Capital Market Commission’s Corporate Code of Conduct, Laws 3016/2002, 3693/2008, 3884/2010 and 2190/1920, but are largely based on the code of corporate ethics and plain administration rationale. Corporate Governance aims at ensuring the productivity of Company assets and invested capital to maximize long term shareholder value.

The Company has compiled and complies with its own code of corporate governance

CODE OF CORPORATE GOVERNANCE

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.

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