MAMIDOIL JETOIL uses Corporate Governance as the main tool to ensure the highest level of moral values adopted by company Management as well as accomplishment of goals set. The implemented system of procedures, operating principles and administrative and auditing regulations helps to:
- Ensure the vested interests of all individuals or group of individuals associated with the company in an equal, transparent and fair manner
- Maximize profits and timespan of investments
The company implements an Internal Operating Regulation which includes all company policies and procedures in accordance with Greek legislation (Law 3016/2002).
The smooth and effective Corporate Governance is ensured by:
1. The Board of Directors in the following sections:
- Preparing and monitoring company strategy
- Essential control of executives, committees / boards such as:
- The 9 – member Management Board which provides assistance to the BoD in all areas except authorisations for actions which remains the responsibility of the BoD itself, as per the Internal Operating Regulations
- The 5 – member Investment Committee whose responsibility is to evaluate commercial investment proposals and submit opinion reports to the BoD for final approval
- The 3 - member Auditing Committee whose duty is the efficient Corporate Governance. All boards and committees directly report to the company BoD. The Board of Directors consists of 7 members and all members have executive authorities.
2. Enactment and observance of internal procedures ensuring optimal resource and system management
3. Submission to:
- an internal audit of the above procedures
- an audit of the financial statements by certified external auditors
4. The company organizational structure with a clear designation for each company position and full distinction among competencies assigned to each executive.