The HPPC Board of Directors is the second statutory body of the Company, after the General Meeting of Shareholders. Based on the Articles of Association and Law 4548/2018 on public limited companies, it bears the responsibility for administration and management of the Company so it progresses towards achieving its goals.
The Members of the Board of Directors are elected by the shareholder HCAP SA, in accordance with the principles of transparency, suitability of persons, non-conflict of interest and respect for diversity. The board members serve a three (3) year term of office.
The HPPC Board of Directors has seven (7) members, two of whom are Executive Directors (the Chief Executive Officer and the Executive Director) and five of whom are Non-Executive Members including the Chairman of the Board. Under the Articles of Association, the roles and responsibilities between Executive and Non-Executive Members are clearly delimited and distinguished.
The Audit Committee is a committee of the Company Board of Directors and is staffed by three, independent, non-executive Directors, one of whom is appointed as Chairman. The Committee as a body has the skills and knowledge required to fulfil the responsibilities assigned to it by the Board of Directors, and at least one member has sufficient know-how and experience in accounting and auditing.
The main purpose of the Audit Committee is to support the Board of Directors in terms of its responsibilities concerning:
- An overview of the adequacy of the Internal Control and Risk Management System and the process of monitoring compliance with laws and regulations.
- An overview of the financial information procedure and assuring the integrity of the financial statements.
- The selection process for the External Auditors and also monitoring their performance and independence.
- Monitoring the efficiency and effectiveness of the Internal Audit Unit.
The Internal Audit Unit operates as an independent organisational unit and is supervised by the Audit Committee of the Board of Directors, to which it refers.
The mission of the HPPC Internal Audit Unit is to provide independent, objective advisory services which are designed to add value to the Company and to contribute to upgrading and improving business operations. The HPPC Internal Audit is mainly based on the International Standards for the Professional Application of Internal Audit and the Code of Ethics.
HPPC’s Financial Results Reports and its Financial Statements are prepared in accordance with IAS and are certified by reputable and internationally recognised auditing firms, selected by the Shareholder. These are published in accordance with the provisions of the Company’s Articles of Association and Law 4548/2018.
The HPPC’s Regulatory Compliance Department is an independent organisational unit and reports to the Board of Directors through the Audit Committee.
The fundamental mission of the HPPC SA Regulatory Compliance Department is to plan, organise, implement and manage the Regulatory Compliance System established by the Company’s Board of Directors with the aim of:
- Ensuring the entire Company complies with the current regulatory/legislative and ethical framework, processes, individual procedures and best practices (international standards) of compliance management
- Ensuring risk management for regulatory compliance, avoiding cases of bribery and corruption and ensuring the Business Continuity system for regulatory compliance.
Guided by the principle that a public interest company must be competitive, productive, efficient and effective, and must operate with values, principles, rules and social sensitivity, HPPC SA has adopted a Code of Ethics and Professional Conduct.