Operating Framework

The Corporate Governance is a system of principles and practices that supports the organization and operation of the Organization, in order to safeguard and meet the legitimate interests of all involved parties.

The Cooperative Bank of EPIRUS, since 1998, has adopted and implements corporate governance principles.

Seeking transparency in the communication with its partners and direct and continuous information to the business and investment community, the Bank continuously and consistently complies with the regulatory requirements, as well as the continuously increasing expectations of the society.

In compliance with the applicable legislative and regulatory framework, the key piece of legislation being Law 4261/2014, the regulatory acts of the Bank of Greece, which is the supervisory authority, the EBA guidelines and the best practices:

  • The duties of the non-executive members of the Board of Directors have been separated from those of its executive members;
  • There is a comprehensive Internal Control System (ICS);
  • The Corporate Governance Regulation is implemented, which defines the framework and the guidelines for the governance of the Bank.
  • The duties of the BoD Members, its Committees, the Management Committees and all employees are defined and their powers are allocated within its organizational structure;

Policies and procedures are developed, in accordance with the size and the internal organization of the Bank, as well as the nature, the scale and the complexity of its activities, aiming at compliance.

The Cooperative Bank of Epirus has organized a proper and effective internal governance system, taking into account the risks and undertaking to properly manage them.

The Bank determines, in accordance with the regulatory framework, the criteria for assessing the suitability of the members of its administrative body and the persons holding key positions.

The corporate governance system includes a clear organizational structure, with clear, transparent and consistent reporting lines and allocation of duties, effective procedures for the identification, management, monitoring and reporting of risks that the Bank undertakes or may undertake, adequate internal control mechanisms, appropriate administrative and accounting procedures, remuneration policies and practices that promote the consistent, proper and effective management of risks.

The Bank prepares recovery plans every year in order to deal with any and all risks from significant deterioration of the economic conditions.