The Board of Directors has established the following specialised committees to oversee specific issues:
Audit Committee:
The Audit Committee comprises five non-executive members, of whom four are independent. The Committee is chaired by the Senior independent member of the Board of Directors:
George Kourris - Chairman - Independent
George Liakopoulos - Member – Non-Executive
Socrates Solomides - Member - Independent
Maria Dionyssiades - Member - Independent
Costas Partassides - Member - Independent
The main responsibilities of the Audit Committee are:
- Τo monitor and assess the adequacy and effectiveness of the Internal Control System
- To submit proposals for the resolution of any weaknesses in the Internal Control System
- To monitor the implementation of measures that have been decided by the Board of Directors
- To evaluate the work of the Internal Audit unit
- To submit proposals to the Board of Directors for the selection or replacement of the external auditors
Risk Management Committee
The Risk Management Committee consists of three members with sufficient knowledge and expertise in risk management. Two of the members are independent, including the Chairman, plus one non-executive member:
Shadi A. Karam Chairman - Independent
Maria Dyonissiades, Member – Non-Executive
Andreas Vassiliou Member - Independent
The main responsibilities of the Risk Management Committee are:
- Τo develop the Bank’s strategy with regard to risk taking and capital management
- To assess the adequacy of the Bank’s risk management policy
- To evaluate the effectiveness of the Bank’s Risk Management unit
- Τo submit proposals to the Board of Directors on relevant matters
Nomination and Remuneration Committee
The Nomination and Remuneration Committee consists of three non-executive members two of which are independent. The Chairman is the Vice Chairman (non executive) of the Board of Directors:
Maurice Sehnaoui Chairman – Non-Executive
Socrates Solomides Member - Independent
Andreas Vassiliou Member - Independent
The main responsibilities of the Nomination and Remuneration Committee are:
- To develop, periodically review and monitor the implementation of the Bank’s remuneration policy
- To assess the composition and performance of the Board of Directors
- Τo submit proposals to the Board of Directors for the selection, renewal or replacement of members of the Board of Directors