Corporate Governance refers to the overall established rules and business practices applied by GEK TERNA SA, so as to ensure its ongoing and efficient operation, to the benefit of its shareholders and other related parties.
The Corporate Governance Code (CGC) is a foundation for the integration of a corporate governance system that continuously evolves and adjusts to the changing conditions of the company’s economic, social and business environment, while it warranties the adherence to transparency principles, business ethics and proper management of all company resources at each management level.
The Board of Directors is the principal and responsible authority for practicing such principles throughout the company’s operation, while it is also an advocate of the company’s management philosophy. The Board’s members are elected according to the following criteria: contribution to growth prospects, managerial ability and effectiveness, reliability and integrity, deep knowledge of corporate affairs, congruent cooperation with the company’s senior executives and employees, high loyalty towards the company. These criteria together with the proportion between executive and non-executive members ensure coherence, continuity and smooth succession at the highest corporate level and contribute to maintaining the company’s efficiency at high levels.
The adherence to corporate governance principles, the efficiency of the company’s operation and the protection of all Shareholders’ rights are monitored by the Board of Directors, which assesses the information it receives on a regular basis from the internal control system and mechanisms, as well as from the company’s senior executives, regarding internal and external factors that expose the company and the attainment of its goals at risk.
Moreover, in the context of transparency and effective management of business risks, the company facilitates access of relevant senior executives from and to senior management on a daily basis, in order to gain direct insight on the risks and to proceed promptly and dynamically with making the necessary decisions and taking the appropriate corrective measures. The company continues to base its development on the above principles and practices.
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