TITAN is aiming to the highest standards of corporate governance. In addition to the provisions of the Greek law, the TITAN Board of Directors has decided to officially apply the U.K. Code on Corporate Governance as revised by the U.K. Financial Reporting Council in June 2010.

The Group CSR Committee, one of the Board Committees, chaired by the CEO, since 2009, met four times during 2010 with all members present. The other members of the Committee are: two executive Board members, the General Managers of Greece and U.S.A. regions, the Group Technology & Engineering Director, the Group Chief Financial Officer, the Group HR Director and the Group Corporate Social Responsibility Director.

Having defined the Group CSR framework, CSR Committees were established and operate at regional and local levels with regular meetings throughout the year in all countries apart from the plants in Turkey and Kosovo, which recently joined TITAN Group. Through internal assessment and stakeholder engagement process, focus areas for corporate social responsibility have been identified in all regions and local action plans are implemented accordingly.

The CSR Liaison Delegates’ Network with representatives from all countries and regions is focused on sharing and learning from best practices and supporting the implementation of local action plans aligned with TITAN Group CSR policy and priorities for 2015.

The first meeting of TITAN CSR Liaison Delegates’ Network, hosted in Athens in October 2010, discussed the Group priorities for 2011 and opportunities to improve in areas such as: measuring and understanding our social footprint, engagement with stakeholders and particularly with employees and communities, voluntarism and social solidarity.

Acknowledging the significance of cultural diversities in living our values and meeting our commitments, the Board of Directors appointed two Communities of Interest with managers from all Group operations. Their task was to review overall compliance with TITAN standards and principles as defined in our Code of Conduct and propose changes and initiatives to improve understanding and employee engagement. This offered the opportunity to also assess communication and training programs developed so far to meet this aim and benchmark with best practices. A new draft of TITAN’s Code of Conduct was prepared and presented for further consideration by the Board of Directors while initiatives to embed corporate values in the organization where evaluated so as to identify the ones that can be shared as best practices among Group subsidiaries.