The Audit Committee shall consist of three members, in accordance with the provisions of Article 44 of Law 4449/2017, as in force. As a committee, it shall be independent from the Board of Directors, consisting of one non-executive director, one independent, non-executive director, within the meaning of Article 4 of Law 3016/2002 and Article 9 of Law 4706/2020, and a third person, who shall not be a director and who meets the independence requirements laid down in Article 4 of Law 3016/2002 and Article 9 of Law 4706/2020. It has been resolved that the term in office of the Audit Committee shall coincide with that of the Board of Directors of the Company, i.e. shall have a duration of 5 years.
More specifically, the Audit Committee shall be comprised as follows:
Mr Leventakis is an economist, holds a degree from the Higher School of Economic and Commercial Studies (ASOEE) and has long experience as a management executive at international auditing and consulting firms (EY). He is a contributing author to specialised accounting books on topics relating to International Accounting Standards and International Tax Planning. He is a scientific associate and instructor at various educational programmes organised by the Athens University of Economics and Business, such as ‘Training Professional Accountants in the Greek Accounting Standards’ and ‘Interconnection the Greek Accounting Standards with Income Taxation’. He has broad knowledge in the field of auditing and the International Auditing Standards, having undergone extensive training and having attended relevant seminars in Greece and abroad at the auditing firms where he was employed. He has been a speaker at internal audit seminars at various private enterprises and is an active member of the Institute of Internal Auditors. Moreover, he has contributed for a number of years in numerous special audits, including but not limited to management audits, tax audits and procedure compliance audits at various companies, providing specialised accounting, financial and consulting services. These include the preparation of financial statements, the application of the IFRS international accounting standards, the application of US GAAP, the preparation of financial reports, as well as participation in audit teams for the issuance of tax certificates. He holds a Master’s degree on Business Administration (MBA), a post-graduate degree from the Higher School of Economic and Commercial Studies (ASOEE), specialising in legal person income taxation, and is certified by the International Bureau of Fiscal Documentation, seated in Amsterdam, the Netherlands, as a speaker on ‘International Tax Planning’. He regularly contributes articles to authoritative journals of the industry, covering timely topics concerning taxation and accounting, and is a contributing author to specialised accounting books on business organisation and management topics.
Michalis K. Michaloutsos was a pupil at the 1st Model High School in the Plaka, Athens. He studied at the Agricultural University of Athens, specialising in Agricultural Engineering – Land Improvement, and continued his studies with a degree in Marketing from INSEAD Paris (Institut Européen d’Administration des Affaires). During his long career at the Petros Petropoulos Group he worked in the Sales Department, took over the Management of the Central Greece Branch and evolved from Product Manager to Division Manager in the Self-propelled Machinery Sector. After his retirement he was elected to the Board of Directors. He served as President from May 2017 until May 2020, since when he has held the post of Vice President.
He is a graduate of the Department of Economics of the Athens University of Economics and Business (AUEB), and obtained his postgraduate MSc degree in Money, Banking and Finance from the University of Birmingham. He started his career in 1993 at Intersec Brokerage Firm, where he became Head of Institutional Sales in 1997, before moving to National Securities, where he steadily rose in seniority, serving as Chief Executive Officer and President between 2004-2007. In 2010 and for four consecutive years he was Chief Executive Officer of Ethniki Insurance SA. He served as Member of the Board of MIG Real Estate (2009-2010), Director of the BoD of ETEBA (Greek Industrial Investment Bank) Romania (2005-2007) and Garanta SA (2011-2013), Vice President of Levant Partners Greece SA (2008-2009) and of Finans Life & Pensions Turkey (2011-2012). In the period 2011-2013 he was President of Ethniki Insurance Co SA, as well as the Ethniki Insurance (Cyprus) Ltd. Since 2008 he has been a Member of the BoD of Petros Petropoulos SA.