INDICATOR: 2-20
Process to determine remuneration
Regarding the compensation of the members of the BoD of the parent company for their participation in the meetings of the BoD and its Committees for the financial year 2021, the compensation paid is as provided for by the applicable Remuneration Policy.
The most recent approved remuneration report of the members of the Board of Directors (financial year 2020) has been prepared in accordance with article 112 of Law 4548/2018 and with the framework of the parent company’s Remuneration Policy, approved on 20 December 2019. It was discussed at the Annual General Assembly of the Parent Company held on 30 June 2021, attended by shareholders representing 100.00% of the share capital, while the percentage of votes ”FOR” was 98.45% of the shareholders present.
The 2020 remuneration report is available via the corporate website while the corresponding 2021 report will be posted after its approval by the Annual General Meeting in 2022.
No options were granted in the 2021 financial year and no stock option plan is in force.
In formulating the remuneration policy for the executive level executives, the best remuneration practices in the domestic labor market based on market research and the most important factors affecting the competitiveness and motivation of the executives are taken into account.
There is no provision for negotiation between the social partners on the remuneration of managers at management level. For other employees, remuneration and working conditions are determined through Company Collective Labor Agreements, signed jointly by the Company and the employees’ union through collective bargaining, in accordance with the provisions of the applicable legislation.
HP Cyprus
- For personnel covered by a collective labor agreement – salary scales (collective agreement ) as per position
- For executives – salary according to market survey
EKO Serbia
Salaries are determined via benchmarked to market data, taking industry averages into account. Furthermore, when determining remuneration, several additional factors are taken into account: the position, performance, experience, skills, exceptional merits (successful projects, etc.)
ASPROFOS
No consultants are involved in the remuneration process of Asprofos’ employees. Salaries are determined on the basis of the company collective labor agreement signed between the Company and the Union.
EKO Bulgaria
The company strictly adheres to the underlying Bulgarian labor law, and follows the Group policies. Salaries are determined by the Management on the basis of industry position averages provided by the Mercer Remuneration Survey and by considering additional factors such as: performance evaluation, experience, skills, exceptional merits (successful projects, etc.). External consultants do not participate in the determination of salaries.
Jugopetrol
The General Assembly determines the amount of remuneration only for Board of Directors members. Consultants are not involved in determining remuneration.
DIAXON
Same as HELPE. The terms of the remuneration of the employees, who belong to the regulatory scope of the Company Collective Labor Agreement, is implemented through a process of collective bargaining between the Company’s Management and the Employees’ Company Union, in order to agree on the terms of the Collective Labor Agreement.
ΟΚΤΑ
The company does not use external consultants. The General Assembly determines the amount of remuneration of BoD members. Remuneration of the managerial staff is determined by their Employment Contracts, while remuneration of non-management-level staff is based on evaluation of job positions.