The term “Corporate Governance” describes how IASO Group is managed and is controlled. It is based on a system of relationships, as these are defined by the Principles of Corporate Governance of the Organization for Economic Co-operation and Development (OECD), among the Company’s Management, the Board of Directors (BOD), its shareholders and other stakeholders. It constitutes the structure through which the objectives of the company are approached and set, the means of achieving such objectives are determined, and monitoring of the Management’s performance during the implementation of the above. It establishes good governance practices, promotes increased transparency in all company activities, and reflects the policies and procedures the company has adopted as a tool for achieving good governance practices. In Greece, the corporate governance framework has been mainly developed through the adoption of mandatory rules, such as Law 3016/2002 and Resolution 5/204/2000 of the Hellenic Capital Market Commission. In addition, other legislative acts have incorporated European Company Law Directives into the Greek legal framework or implemented European regulations, creating new corporate governance rules, such as Law 4449/2017, which provides for, inter alia, the functioning of the Audit Committee, and Law 3884/2010 regarding shareholder rights and additional corporate disclosure obligations to shareholders in the context of preparation of its General Meeting as well as significant disclosure obligations regarding, inter alia, the ownership and governance of a company. Lastly, the law on public limited companies (Société Anonymes, S.A.) (Codified Law 2190/1920, which was in force until 12/31/2018 and Law 4548/2018 which is in force as of 1/1/2019) contains the fundamental rules of public limited companies’ corporate governance.
IASO Group maintains an effective internal audit system to protect its investments and assets as well to identify and address major risks. An internal audit system is the set of procedures implemented by the Board of Directors, the Management and the rest of the Company’s staff, and is intended to ensure efficiency and effectiveness in the Company’s operations, reliability of financial information, and compliance with applicable laws and regulations.
Risk Management
IASO Group applies methodologies for the identification, weighting, assessment and monitoring of all risks arising from on- and off balance sheet, activities, systems, and procedures of the Group’s companies as well as from external factors that may adversely affect its going concern and financial position. For operational risks that may occur and cannot be weighted in advance, after being discussed upon by the Management, the Group proceeds with their insurance coverage, which, in any case, are reviewed at least on an annual basis. Depending on market conditions and current policies followed by insurance companies, the Management passes the most advantageous resolution to allow the Group to manage unforeseen risks by weighting the interest of its shareholders.
Destruction and Disposal of Fixed Assets
IASO Group Management has adopted a detailed procedure for the disposal and destruction of its unused and depreciated fixed assets. Following the suggestion of the Departments involved and the preparation of the relevant monitoring protocols, the Management will approve of the manner and time of their destruction.
Safeguarding of Receivables – Liabilities
To safeguard the IASO Group’s receivables, there is a monitoring system that governs all of the IASO Group’s operations and includes the auditing of the reconciliation of all categories of customer receivables (cash, bank accounts, checks, bills of exchange, etc.) on a monthly basis.For all of the IASO Group’s purchases and expenditures, prior to accounting and repayment, the Management’s approval is required
Financial Statements
IASO Group has developed and implements specific practices to ensure the reliability and validity of separate and consolidated financial statements. In this context, IASO Group and the Group’s subsidiaries apply universal accounting policies in accordance with the IFRSs. The economic aggregates of the IASO Group and the Group’s subsidiaries are monitored and recorded in the light of the principles set out in IFRSs and according to tax legislation, in order to inform the Management, shareholders and competent supervisory and tax authorities in more detail. The closing of the Company’s Financial Statements is made on the basis of specific practices, which include, inter alia, completion and submission deadlines, responsibilities and required disclosures.
Information Systems
IASO Group has installed modern Information Systems (IS) that cover all of its activities and support the framework of its procedures and long-term objectives. Some of the applied procedures and preventive measures of technical nature that ensure the security of information and safety of information systems in the IASO Group are as follows:
- Disaster Recovery Plan
- Disaster Recovery Site
- Information Classification
- Information Transfer Security
- Safety in Computer Use
- Terms of Internet Use
- Application Access Management
- Information Security Management Systems
- Information Security Management Systems
- Security Incident Management
- Virus and Malicious Mobile Code Protection
- Backup
- Firewall
All associated procedures and technical measures are part of a structured Information Security Management System, which includes the following main areas:
- Organization of Information Security
- Management of Goods (Information and Physical)
- Management of Communications and Operations
- Safety in Systems Development and Maintenance Processes
- Going Concern
The implementation is ensured by the continuous commitment, updating and training of all Company staff.
Risks of Corruption, Bribery and Human Rights Violation
IASO Group places great importance on combating corruption and bribery, and, for this reason, it has established a strong relationship of trust with its customers, suppliers, shareholders and investors. Unlawful conduct (e.g. fraud, corruption, bribery, embezzlement, theft, money laundering, fraudulent financial reporting or any attempt to conceal any of the above) committed either within the Company, in the course of an employee’s duties, or outside the Company, having partner(s) in crime (e.g. customers, suppliers, other associates), is completely unacceptable and constitutes the ground for termination of a contract or termination of a partnership, in combination with taking legal measures. Maintaining transparency is an absolute priority for the Management, which, although no cases of corruption have been reported, does not rest assured and remains committed to continuous improvement.
