Internal Audit

Internal Audit is an independent audit service that operates within ELINOIL and its main purpose is to assist the company’s management and the Board of Directors in the proper and effective fulfillment of its tasks, by providing analyses, assessments, recommendations and remarks on operations, transactions and practices of the Company.

The Internal Audit Service controls and assesses the internal audit system adopted by the Company’s management, a system that aims to protect the assets and ensure the accuracy and reliability of the books and records and the effective operation of the Company thus ensuring its sustainability. It also makes sure that employees and associates of the Company operate and behave in accordance with its principles, rules and procedures.

In particular, it is responsible to:

(a) Monitor the implementation and observance of the Internal Rules of Operation and the Articles of Association of the Company, as well as the general legislation concerning the Company, in particular, the legislation of public limited companies and the stock exchange.

(b) Report to the Company’s Board of Directors any cases of conflict between the private interests of the BoD members or the directors and the Company’s interests that it finds out during the performance of its duties.

(c) Informs the Management Board in writing at least once a month on the audits carried out and provides information to shareholders at the general meetings.

(d) Provides, upon approval by the Board of Directors, any information requested in writing by Supervisory Authorities, cooperates with them and facilitates in every possible way the monitoring and control actions exercised by the Supervisory Authorities.

(e) Ensures that the staff is briefed on the current legislation concerning their activity.

The results and recommendations of the audit are communicated to the Board of Directors, which evaluates and, if necessary, issues directives and decisions for compliance or improvement.

As the Company’s shares are traded on the stock market, the Internal Audit Service, operating for the sake of the transparency and orderly functioning of the stock market, has as one of its primary objectives to control, assess and point out to the Board of Directors whether transactions and the general activity of the Company as well as of the key shareholders, members of the Board of Directors, executives and their affiliates (where this is possible on the basis of the existing jurisdiction of the service) take place without affecting the interests of the investors/ shareholders of the Company.