Corporate Governance

Annual Report 2012

This Committee is exclusively comprised of independent members of the Board of Directors.

Its task is to explore and submit proposals for the determination of the pay and remuneration in accordance with article 24 section 2 of Law 2190/1920, for the members of the Board of Directors, for the pay and remuneration of the executive directors of the Board of Directors, and of the senior management executives, fields in which all three members of the Committee have proven knowledge and experience.

During the year, the Remuneration Committee met once on 15 May 2012. At this meeting the Committee discussed in depth on the general pay policy, variable pay and stock option plans for senior executives of the Company for the year 2011 and took decisions on those matters, which were thereafter submitted for approval to the Board of Directors.

The relevant recommendation of the Committee, which was thereafter approved by the Board of Directors, was not to grant increases to the basic salaries of the executives, with the exception of corrective increases in those cases where the executives’ salaries were disproportionally low for the positions they held.

It was also determined, on the basis of their performance, the level for 2011 of the pay of the CEO and of the six executive members of the Board of Directors that have an employment relationship with the Company and the number of stock options to be granted in 2012 as part of the performance based stock option plan (RSIP 2010) that was approved by the General Meeting of Shareholders of 03 June2010.

The Remuneration Committee’s duties and competences and its internal regulation have been posted to the Company's website.