Corporate Governance | Piraeus Financial Holdings

Principles of Corporate Governance

For the purpose of safeguarding its corporate interest as well as the interests of its shareholders, Piraeus Bank has adjusted itself to the institutional framework regarding corporate governance through the following:

The adjustment of the composition of the Board of Directors (BoD) in order for it to be compliant with the effective regulations regarding Executive, non-Executive and Independent members
The Audit Committee, which is made up of non-Executive and Independent Directors, that monitors and evaluates annually the efficiency and effectiveness of the Internal Control System at Bank and Group levels, based on the data and information provided by the Internal Audit Unit, and findings and remarks of the external auditors and regulatory authorities
Risk Management Committee, in order to manage effectively all forms of risk including the operational risk, ensure a consolidated risk control and risk management on an ad hoc basis and ensure the required co-ordination both in stand-alone and Group level
The General Division of Corporate Governance, which is responsible for the development of Corporate Governance actions and programmes approved by the Management, and supervision of their implementation in the Bank and the Group companies in Greece and abroad. Additionally, the General Division of Corporate Governance supervises the operational support provided to the BoD, Executive Board and Chairman's Office applying corporate governance best practices
The Internal Corporate Governance and Operating Regulations, which ensure transparency and symmetric information, and encompass issues which are not stipulated in the Bank's Articles of Association, but are indispensable for its smooth operation
The Code of Conduct stipulating the obligations of the Bank employees
The General Division of Internal Audit (Internal Audit Unit under Act 2577/2006 of the Governor of the Bank of Greece), which is independent, reports to the Board of Directors through the Audit Committee, and the Chairman of the Bank's Board of Directors and is responsible for Group-wide internal control
The Compliance Division, which institutes and applies procedures and prepares the annual compliance programme, in order to achieve the Group's timely and permanent compliance with the effective regulatory framework, aimed at ensuring compliance and preventing the engagement of the banking system in legalizing funds that originate from illegal activities and combating terrorism
The Investor Relations, Shareholder Information and Corporate Announcement units, entrusted with the task to inform investors, shareholders and appropriate regulatory authorities, accordingly.