Audit Committee

In April 1999, OTE’s management established an Audit Committee. According to its Regulation, the Audit Committee is comprised of three independent non-executive members of the Board of Directors, of which, at least one is an economics expert. One of the members is appointed as Chairman. The role of the Committee is to supervise company’s Internal Auditors and to assist OTE’s Board of Directors with its overseeing responsibilities by monitoring the financial information published by the company, its audit systems, as well as the evaluation and coordination of the auditing process and control procedures, in compliance with applicable legislation. The Audit Committee aims to support the company’s Board of Directors during the exercise of its supervising role and its attempt to fulfil its obligations towards shareholders, the investment community and third parties, especially with regards to the financial reporting process.

The Audit Committee holds four ordinary meetings each year, following the preparation of quarterly financial statements and prior to their publication and extraordinary sessions whenever this is deemed necessary. The Audit Committee meets quorum requirements and lawfully convenes when its Chairman and one more member are present. In the event that such quorum exists, the third member may be represented by the Chairman or the Audit Committee member that is present. Resolutions of the Audit Committee are adopted upon an absolute majority of the total number of its members. Since June 2008, the Audit Committee consists of the following members: Panagiotis Tabourlos (Chairman), Dimitris Tzouganatos and Vassilis Fourlis.
 

Compensation and Human Resources Committee

OTE’s Board of Directors established the Compensation and Human Resources Committee in 2004. This Committee is appointed by the company’s Board of Directors and consists of a minimum of three members, at least two of which are non executive. The Chairman of the Committee is also appointed by the Board of Directors. The Committee’s main duties, as described in its Regulation, are the following: