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Audit Committee

The Committee consists entirely of independent non-executive Directors.

The Committee holds regular meetings, at least 4 per year and where appropriate the meetings coincide with key dates in the Bank’s financial reporting cycle, and additionally, ad hoc meetings whenever called by the Chairman of the Committee.

The Audit Committee’s main duties and responsibilities are:

  • To monitor and assess on an annual basis the adequacy and effectiveness of internal control and information systems, based on the reports from Group Internal Audit, and observations and comments of external auditors and competent supervisory authorities and submit proposals to the Board for addressing weaknesses identified.
  • To monitor the financial accounting process.  The Committee monitors the auditing of the financial statements particularly with regard to the auditor’s independence and the management’s response through remedial measures to deficiencies identified by the auditor.
  • To ensure the integrity of financial reporting and discuss important changes to the audit and accounting method
  • To advise the Board on the audit scope of the auditor and recommend to the Board the auditor’s remuneration, monitor the qualifications, efficiency as well as the rotation of the members of the audit team and support the Board in connection with its approval for mandates engaging the auditor for non-audit-related services.
  • To provide oversight of the Group’s compliance and internal audit functions. It has the authority to review and approve the audit scope and frequency and the internal audit plan.
  • To propose the appointment, dismissal and remuneration of external auditors and continuously review the cost-effectiveness of the external audit, and make appropriate recommendations to the Board.
  • To ensure that external specialist consultants (preferably not the official external auditors of the Bank) evaluate the effectiveness of the system of internal controls of the Group every three years both on a consolidated and an individual basis, and ensure their rotation after two (2) consecutive assessments.

 

Terms of Reference

 

Audit Committee (AC)

 

Ιοannis Zographakis (Chairman)

Michael Heger

Arne Berggren