Comply or Explain
According to the Guidelines, it is preferable that the majority of the Directors be independent. Since February 2005, the majority of Bakkavör Group’s Board Directors has not been independent. In 2007, the Board consisted of three independent members and four non-independent members. However, Antonios P. Yerolemou will qualify as an independent Director within one year. 1
The Board of Directors complied with the Guidelines in all other respects during the year 2007.
Together, the Board members bring a valuable and balanced range of experience as they have all held, or hold, senior positions in professional and public life.
1 According to the Guidelines, Board members may not be defined as independent if they become Board members within three years of being an employee of the company. Antonios P. Yerolemou, who is a non-executive Director, was the Executive Chairman of Bakkavör Group’s subsidiary, Katsouris Fresh Foods, until September 2005. He will be considered independent as of 1 October 2008.
