The Audit Committee was established in 1999 and operates in accordance with the provisions of the applicable regulatory framework [especially, Bank of Greece Governor's Act No. 2577/2006 and Greek Laws 4706/2020 and 4449/2017 (article 44), as in force].
In accordance with Greek Law 4449/2017, as in force, the type of the Audit Committee, the term of office, the number and the qualities of its members are determined by the General Meeting of Shareholders. The members of the Committee are appointed by the Board of Directors or the Annual General Meeting of Shareholders, upon recommendation of the Corporate Governance and Nominations Committee, while one member is the HFSF representative at the Board of Directors. The Chair and the Vice Chair of the Committee are appointed by the Committee members. The Committee is composed of at least three non-executive Directors, of which 75% (rounded to the nearest whole number) (excluding the HFSF Representative) are independent members of the Board, in accordance with the definition of independence specified in the relevant framework, particularly Article 9 of Greek Law 4706/2020, Bank of Greece Executive Committee Act 224/2023 and the Bank’s Corporate Governance Code.
Pursuant to the resolution of the Annual General Meeting of Shareholders of 25.07.2024, the Audit Committee remains a Committee of the Board of Directors and is consisted of five (5) non-executive Board members, of which at least four (4) are independent according to the provisions of the relevant framework. The term of office of the Committee members that will be appointed by the Board of Directors in accordance with Article 44 par. 1 case c) of Greek Law 4449/2017 shall follow their term of office as Board members, i.e. until the Annual General Meeting of year 2027 and shall, in any case, automatically expire if they cease to be members of the NBG Board.
In this context, on 25.07.2024 the members of the Audit Committee were appointed by the Board, following recommendation of the Corporate Governance & Nominations Committee. On the same date, the Committee constituted into a body, appointing its Chair and Vice – Chair among its independent non-executive members. The members of the Committee satisfy the appropriateness criteria/qualifications set out in Article 44 of Greek Law 4449/2017, as well as in the Audit Committee Charter. The Committee convenes regularly at least six times per annum or extraordinarily, whenever deemed necessary, keeps minutes of its meetings and reports to the Board every three months or more frequently if deemed necessary.

In May 2023, the Committee Charter was revised.