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(iii) The curricula vitae of the Board of Directors’ members are posted on the Company’s website www.
mytilineos.gr.
(iv) The current Board of Directors was elected by the General Assembly on the 18.07.2011 and its mandate
ends on the 18.07.2015. It comprises two executive, four non executive and five independent members.
(v) The members of the Board of Directors – apart from the executive ones that deal exclusively with the
company’s activities – are professionally active in their fields of specialization, as it can also be verified by
their CVs.
(C)
Risk Management and internal audit
Information concerning risk management and internal audit:
i. Description of the main features of the risk management and internal audit systems
a. Risk Factors
By operating in three in three basic business sectors, Metallurgy and Mines, Energy and Integrated Energy
Projects (EPC), the “Mytilineos Group (“The Group”) is faced with a number of different risk factors.
Consequently, the Group’s exposure to these risk factors can potentially influence its operation, its financial
state or its operational results.
Apart from the risk factors that may be presented in other parts of the annual management report of the
Group, the following ones constitute the basic risk factors that could significantly influence the results and the
financial state of the Group.
Market risk
The global financial conditions continue to present fluctuations. The Group is faced with risks that stem from
the fluctuations in the price of LME, the parity €/$, the wider economic and financial environment as well as
the market of the final products of Aluminum.
In this context, the Group has developed a series of actions in order to counterbalance its exposure to the risks
of the market, to improve the structuring of the cost and ensure its liquidity.
These actions include:
•
Counterbalancing the risk stemming from the fluctuation of the aluminum price with the use of various
financing tools.
•
Counterbalancing the risk stemming from its exposure to the fluctuations of the parity €/$ with the use of
compensating products
•
Restructuring energy cost items.
•
Implementation of programs for the optimal utilization of assets and implementation of cost reduction
programs.
•
Processing plans for the improvement of the production process.
•
Reevaluation of the Group’s credit policy as well as of the procedures used for the appraisal of the
customers’ creditworthiness.
