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At a meeting of the Board of Directors of the Company on 2 nd November 2005 it was decided to fully adopt and implement the Code of Corporate Governance that was published by the Cyprus Stock Exchange in September 2002 and was modified in November 2003. Therefore the related committees were created and responsible officials were appointed in order to comply with the Code. The Board of Directors of the Company will continue its commitment for the fully implementation of the regulations of the Corporate Governance Code.
The members of the Board of directors are:
Name
Position
Status
Michael Ioannides
President
Executive
George Ioannides
Vice President
Chrysostomos Chrysostomou
Director
Antonis Ioannides
Non Executive
Daniel Ioannides
Michael Filipou
Non Executive - dependent
Michael Michael
Non Executive - Independent
Philippos Frangos
Internal audit
The Board maintains, according to the Code of Corporate Governance, an internal audit department. Mr. George Ioannides (BA Accounting and Economics, M.Sc Shipping Trade & Finance) is in charge in order to secure the fixed assets of the Company and the shareholders investment.
Audit committee
The audit committee was appointed by the Board of Directors and consists of the following Directors (2 non executive independent and 1 executive):
Michael Michael –President- Non executive independent Director
Philippos Frangos - Non Executive Independent DirectorDaniel Ioannides - Non Executive non independent Director
The committee will meet at least 2 times annually.
Remuneration committee
The remuneration committee was appointed by the Board of Directors and is consisted of the following Directors:
Daniel Ioannides –President- Non executive non independent Director
Michael Michael - Non executive independent Director
Philippos Frangos - Non Executive Independent DirectorThe Directors’ remuneration is being approved by the shareholders. The remuneration of the Non Executives Directors is not related with the profits of the Group.
Nominations committee
The nominations committee was appointed by the Board of Directors and consists of the following Directors:
Michael Ioannides –President of the Board of Directors
Daniel Ioannides - Non executive non independent Director
Antonis Ioannides – Non executive non independent Director
The main responsibility of the committee is to make suggestions about the appointment of new experience and capable members of the Board of Directors. REVISED Corporate Governace 2007 - updated 041207.doc
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