The members of the Corinth Pipeworks Board of Directors are elected for a one-year term by the General Meeting of shareholders. The Board of Directors consists of 6 members. The composition of the Board of Directors reflects a balance between executive, non-executive and independent non-executive members in order to secure the integrity of the decision making process. At Corinth Pipeworks, the majority of the Board of Directors members are non-executive directors and one third of the Board of Directors members are independent non-executive members 1. This composition of the Board of Directors protects the interests of shareholders as well as the Company’s viability.
Moreover, since Corinth Pipeworks recognizes that participation of non-executive and independent non-executive members is not a "panacea", the Management supports selecting members for the Board of Directors based on criteria such as adequate experience, knowledge of the Company, leadership skills, integrity and honesty.
Corinth Pipeworks Board of Directors is responsible for defining, implementing and enforcing long-term strategic and operational objectives of the Company, as well as conformance with the principles of Corporate Governance and Corporate Responsible policy of the Company. Moreover, the Board of Directors ensures that there are no cases of conflict of interest and examines any case of non-compliance with the Company’s confidentiality policy and ensures the credibility and approval of the Company’s Financial Statements prior to their final approval by the Ordinary General Shareholders Meeting.
The Board of Directors meets at regular intervals to ensure that all the Company’s action-plans are carried out in accordance with its principles, policies and strategy.
The performance of the Board of Directors is assessed at least annually at the Ordinary General Meeting, which assesses the results of the decisions they have made on the operations and development of the Company. In fact, the Board of Directors members receive remuneration, approved by the Ordinary General shareholders Meeting. Their remuneration is linked to and affected by the overall performance of the Company in terms of financial metrics and responsible operation.