The Audit Committee consists of non-executive members of the BoD, the majority of whom are independent, and is furthermore attended by the representative of the Hellenic Financial Stability Fund, according to L.3864/2010. The Audit Committee is supported by an Executive Secretary and its operations are regulated by the Governor's Act of the Bank of Greece no. 2577/2006.
The Committee convenes at least 4 times per annum, while additional meetings are likely to be convened if necessary.
The main responsibilities of the Audit Committee are the following:
The Risk Management Committee is nominated and is constituted of non executive members of the BoD, who possess appropriate knowledge, skills and expertise to understand and monitor the strategy regarding the risk appetite of the Bank. Furthermore, the representative of the Hellenic Financial Stability Fund, according to L.3864/2010, as well as the representative of the Greek Government, according to L.3723/2008, participate in the Committee. The Committee is assisted by an Executive Secretary, who is the Chief Risk Officer. The Committee shall ensure that the Bank has a well-defined risk management strategy and risk appetite, that all forms of risks associated with the Bank’s operations are covered effectively and that the Bank’s risk appetite is clearly-communicated throughout the Bank. Finally it shall ensure the consolidated control of the risk management and its specialized handling.
The Remuneration Committee consists of non-executive members of the BoD, the majority of whom are independent. Furthermore, the representative of the Hellenic Financial Stability Fund, according to L.3864/2010, as well as the representative of the Greek Government, according to L.3723/2008, participate in the Committee. Observers of the Monitoring Trustee and the Hellenic Financial Stability Fund also attend the Committee. The Committee is assisted by an Executive Secretary. The Remuneration Committee, as a BoD committee, is responsible for the design, monitor and periodic review of the remuneration policy of the Bank. The Remuneration Committee in performing its functions considers long term interests of shareholders, investors and other stakeholders involved with the financial institution, as well as the public interest. It is also oriented towards a long term and prudent management of the institution and mitigating or minimizing conflicts of interest that have a negative impact on this type of management. The Committee must be able to deliver specialized and independent advice on remuneration policies and their implementation, as well as on the incentives related to risk, capital and liquidity management.
The Board Members' Nomination Committee consists of non-executive members of the BoD including a representative of the HFSF, and is assisted by an Executive Secretary. Must have, as a whole, sufficient knowledge and experience for at least the most important operations of the credit institution in order to be able to exercise supervision over all functions either directly or through its Committees enacted mandatory or at the discretion of the credit institution. The Committee, in carrying out its tasks, must take into account, on an ongoing basis and to the extent possible, the need to ensure that in the decision making of the Board the will of one person or a small group is not borne essentially in a way that it affects the interests of the institution as a whole. The Board Members' Nomination Committee may use any resources it deems appropriate, including external consultants, and it shall be provided the adequate funds to meet this objective.
The Strategic Planning Committee consists of executive and non-executive Board members and Top Management executives of the Bank. Furthermore, the representative of the Hellenic Financial Stability Fund, according to L.3864/2010, participates in the Committee. Observers of the Monitoring Trustee and the Hellenic Financial Stability Fund also attend the Committee. The Strategic Planning Committee regularly monitors, analyzes and takes decisions on strategic choices of the Bank and, when appropriate, makes a recommendation to the Board. It also determines the axes of the Business Plan, monitors, recommends and decides all issues of strategic importance for the Group. In the event of a crisis it has the responsibilities of a Crisis Committee and also the responsibility to enable and apply a Recovery Plan. The responsibilities of the Strategic Planning Committee concern both the Bank and Piraeus Group subsidiaries.
The Executive Committee consists of its Chairman who is an executive Board member and executives of the Bank’s Top Management, and is assisted by an Executive Secretary. The Committee meets every second Monday and on extraordinary basis, when convened by its Chairman. Its duties cover both Piraeus Bank and its consolidated subsidiaries. Authorized by Piraeus Bank Board of Directors, the Group Executive Committee holds responsibilities it can confer or assign to administrative committees, Committee members or Bank executives. In particular, the Group's Executive Committee monitors the Bank's and Group's Business Plan and Restructuring Plan implementation and takes all necessary decisions to attain the targets that have been set; and proposes the Annual Budget to the Bank's Board of Directors.