Related party transactions

The Company follows the rules on transparency, independent financial management and the accuracy and correctness of its transactions, as stipulated by the law.

The Company’s transactions with related parties take place for a price or consideration which is equivalent to the one that would apply if the transaction were to take place with some other natural or legal person, under the conditions that prevail in the market at the time when the transaction takes place and, in particular, equivalent to the price or consideration agreed to by the Company when entering into a transaction with any third party, in accordance with the applicable law.

The Company complies fully with all relevant provisions of the laws.

More specifically, under the International Accounting Standards and the International Financial Reporting Standards and, in particular, in accordance with IAS 24 "Related Party Disclosures", the Company is obliged to disclose the related party transactions, primarily via periodic financial statements. Furthermore, in accordance with the provisions of articles 99-101 of Law 4548/2018, transactions of the Company with related parties, as well as the provision of security and guarantee to third parties in favour of such persons, are only permitted after approval by the Board of Directors or, where applicable, by the General Meeting, with the exception of the transactions listed in paragraph 3 of article 99 of Law 4548/2018. In addition, the Board of Directors shall announce the approval of any related party transaction in accordance with the provisions of Article 101 of Law 4548/2018.

Related parties to the Company are considered the persons designated as such in accordance with the International Accounting Standard 24, as well as the legal entities they control, in accordance with the International Accounting Standard 27.

Under the responsibility of the Finance General Division, the information on the transactions between related companies is in the report accompanying financial statements of the Company, for the shareholders’ information.