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MYTILINEOS GROUP
SUSTAINABILITY REPORT 2011
18
the Group Companies are checked and certified
in accordance with the Occupational Health and
Safety Management Systems (OHSAS 18001 –
ELOT 1801) and the Environmental Management
(ISO 14001) and Quality Management (ISO 9001)
Standards, respectively.
The Internal Rules of Operation lay down the
responsibilities, duties and obligations of all
statutory bodies established pursuant to the
Articles of Association and to the applicable laws.
Risk Management
Adopting a pre-emptive approach, MYTILINEOS
HOLDINGS S.A. and its subsidiaries have in place
a Risk Management System which is coordinated
by the Board of Directors, covers the entire
management hierarchy and concerns all business
activity sectors.
Because of the nature of the core activities
of the Group Companies (heavy industries),
each proposed business action is continuously
monitored in order to identify potential associated
risks in business planning, in the development and
presentation of new products, and in environmental
protection and the protection of public health, so
as to decide on the best way in which such risks
are to be handled.
The activities of the Group Companies also involve
multiple financial risks, including currency and
interest rate risk, market price fluctuation risk,
credit risk and liquidity risk.
The risk management and risk hedging plan of
the Group Companies aims to limit the potential
adverse impact on the Group’s financial results
which may result from the inability to forecast the
financial conditions and the fluctuations in the cost
and sales variables. To this end, the Group employs
derivative financial instruments to compensate for
its exposure to specific risk categories.
The Risk Management Policy is applied by the
Group’s Corporate Treasury Department, which
operates as a service centre and follows specific
directions approved by the Management. The
Corporate Treasury Department identifies,
quantifies, manages and offsets the financial risks
created from the core operations of the Group
Companies.
Procedure for evaluating the performance
of the Board with respect to the Group’s
economic, environmental and social
performance
In addition to the annual evaluation, in the regular
and extraordinary Board meetings extensive
references are made, if judged necessary by the
Chairman and CEO, to the economic, environmental
and social performance of the Group and of the
Group Companies, followed by the evaluation of
the performance of the Board members in relation
to these issues.
The relevant information is secured through the
information available to the CEO through his
presence in the Boards of Directors and from
the reports submitted to the Board's executive
members through the management hierarchy, in
line with the latter’s duties.
Initiatives of the Group relating to the
precautionary approach or principle
In line with the requirement for application of the
precautionary approach, the Group’s strategy
relies on investing in accountability and on the
annual publication of Sustainability Reports,
which accompany the Group's annual financial
statements. The Sustainability Report presents
in detail the economic, environmental and social
performance of the Group’s individual companies
by business activity sector. In its operations,
the Group adheres to principles and values that
promote business excellence, striving for socially
responsible development with respect to the
environment, and for social acceptance of its
business activities.
These values are based on continuous efforts to
support the development of the human resources
of the Group Companies, by fostering teamwork,
personal integrity and professional conduct and
by ensuring good health and safety standards at
the workplace.
These standing corporate values, together with
the rules of ethical and professional conduct and
with the Group’s overall Corporate Governance and
Performance System, ensure its correct operation
and the achievement of the desired results in
dealing with economic, social and environmental
challenges.
Memberships in associations
and/or national/international
advocacy organisations
The Group participates actively in initiatives for
financing societies and associations and provides
financial assistance to local sports clubs, local
communities and cultural societies, as well as to
scholarship funds, in order to help them cover
their needs and to support their work. The Group
is committed to recording the needs of the local
communities where its operations are located
and to contribute to their fulfilment, so that the
conditions for sustainable development of the
communities concerned may be created.
Furthermore, the Group is an active – and, in
some cases, voluntary – member of national
bodies of strategic importance, such as the
Athens Chamber of Commerce and Industry, the
Association of Sociétés Anonymes and Limited
Liability Companies, the Greek Mining Enterprises
Association, the Hellenic Management Association
and the Athens Concert Hall Organisation.
The Group Companies are members of the
Hellenic Federation of Enterprises (SEV). Finally,
the Group is a member of the Hellenic Network for
Corporate Social Responsibility and, demonstrating
its heightened sense of responsibility and its
sensitisation with regard to human rights, has
adopted the principles of the UN Global Compact,
a strategic policy initiative of the UN in the areas
of human rights, labour, environment and anti-
corruption.
Corporate Governance
