The Chief Executive Officer (hereafter CEO) is a member of the Company's Board of Directors and his/her function can be combined with the function of Chairman of the Board.
The CEO is delegated by the board, when it is established as a body, to have full administrative and representational powers. In the context of this authority, the CEO is in charge of all the Company's departments, directs their operation, makes the necessary decisions in the framework set out by the applicable legislation, the Articles of Association, the regulations governing the Company's function, the approved projects and budgets, as well as board decisions.
Responsibilities of the CEO include most importantly:
- To draft the Company's income and expenditure budget at least two (2) months before the beginning of the fiscal year and submit it to the Company's board for approval.
- To submit to the Company's Board the necessary proposals and suggestions as to fulfil the Company's objectives as provided for in Article 2 of the Articles of Association.
- To draft the Company's annual report within three (3) months from the end of every fiscal year.
- To execute the decisions of the Board.
- To draft contracts of a financial nature up to the value defined by a board decision.
- To initiate to the board on all items on the agenda, with the additional capacity of initiating issues outside the agenda for decision making, in accordance to the ordinances of the law and the Company's statutes.
- To monitor the Company's daily operations, as well as to supervise the undertakings of each of its operational units and organizational sectors, as well as the discharge of duties of the Company's employees in all areas.
- The CEO may transfer a part of his/her competences stipulated by the law and the Company's Articles of Association to other members of the board, the executive directors, managers or other company employees.
- The CEO drafts a contract of employment with the Company. The duration of the contract, the remuneration, as well as the general employment terms of the CEO are determined upon the decision of the Company's Board of Directors and approved in accordance to article 23a of Codified Law 2190/1920, as in force, by a General Meeting decision. In any case, the duration of the Chief Executive's contract cannot exceed four (4) years.
- When absent or incapable to attend the CEO shall be replaced by the Chairman of the Board, provided that the function of Chief Executive does not coincide with being Chairman of the Board; in any other case, by a person appointed by the Board, following a suggestion of the CEO.
- If the relationship of the Chief Executive with the Company is terminated on any grounds, the board decides upon filling-in the position until a replacement is selected.