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OFET
The aim of this initiative is to gather all the corporate governance practices applied in the Organization in a single framework with the aim of aligning with the principles of Sustainable Development and the Strategy of the Organization as well as creating an integrated plan to achieve this alignment as well as of the continuous upgrading and augmentation of said practices.
Management, Senior Management, Total Employees, Total Stakeholders (Customers, Suppliers, Social Total)
2020-2021 for the major upgrade and thereafter will be subject to the logic of periodic evaluation and continuous improvement
The Organization has a long industrial history - 65 years. The Governance System was significantly revised in 2009 in the light of managing to achieve balanced results & sustainable development in the context of EFQM accreditation. The following practices emerged from this first important review:
• Strategic Development Plan and Performance Management System
• Definition of Critical Performance Indicators - KPI Map
• Introduction of Balanced Scorecard
• Customer and Employee Satisfaction Measurements
• Evaluation of Suppliers
• Create a CSR program
• Environmental Management Program
• Introduction of Code of Ethics & Ethics - Policies - Risk Management
Over the years, improvements have been made continuously, with the most important one taking place in 2020, as part of the initiative in question and including:
• Review in the light of ESG and the full adoption of the Global Compact Principles
• Reporting according to GRI
• Annual ESG Report assessment
• Evolution of the Supplier Evaluation System according to GRI
• Continuous Evolution of the Environmental Management System
• Development of Systematic Stakeholder Engagement Approaches – implementation of Policies
• Digitization of internal control processes - in real time
• Integrated Risk Management Plan - Risk Manual
• Full integration of all new Operational Procedures into the Unified Quality Management System
Executives that make up the Sustainability Team, Senior Managers, Top Management - in particular the executives of the following Management Bodies & Committees
Board of directors
Management Team (Executive Committee)
Sustainability Team (introduced)
Internal Audit team Compliance Team
The entire Organization
Upgrading the management of relations with suppliers and resellers, ensuring the defense of the Organization's UN Global Compact values and its possible exposure from any deviant practices of the above partners
Strengthening the assurance of the rational management of financial resources and avoiding waste or waste of money
Strengthening the rational management of natural resources, thus a positive effect for the whole society
Alignment with Materiality Assessment - targeted actions with high impact on key Stakeholders
Enhancing rational decision-making by Top Management - improved governance, continuously improving work environment and economic benefits for all employees due to economic growth
From the above, the following focuses on the Organization
Upgrading the management of relations with suppliers and resellers, ensuring the defense of the Organization's UN Global Compact values and its possible exposure from any deviant practices of the above partners
Strengthening the assurance of the rational management of financial resources and avoiding waste or waste of money
Enhancing rational decision-making by Top Management - improved governance, continuously improving work environment and economic benefits for all employees due to economic growth