In 2018, in continuation with the previous year, the most senior managerial responsibilities within the company were shared, in the absence of a Managing Director, according to the areas of competence, between the Chief Corporate Officer (CCO), the Chief Executive Officer (CEO) and the Chief Financial and Risk Officer (CFRO), and in accordance with the duties conferred by the Board of Directors.
The Board of Directors also conferred powers on the company's Chief Officers to manage - within determined limits - the company's ordinary activities and to implement the directives dictated by the administrative body. The Board of Directors furthermore conferred on the Chairman the power to oversee the work delegated to the Chief Officers, reporting to the Board of Directors upon the tasks assigned to them. Each Chief Officer in his/her turn partially sub-delegated some of the delegated powers. This power delegation system ensures that the Board of Directors are constantly updated regarding the implementation of the delegated powers and thus informed of developments and key company operations. This system is based on a clear and formalized internal structure, subdivided into distinctive units, each one with a specifically identified and respective line of hierarchical subordination, roles and responsibilities. This organizational structure requires the structuring of responsibilities which enhances competencies, whilst at the same time, allows for checks and balances such as:
- the Auditing Department reporting to the Chairman whilst functionally subordinate to the Board of Directors and to the Control, Risks and Sustainability Committee;
- staffing structures were embodied in the Chief Corporate Officer, along with the Purchasing Department and broken down according to the main corporate cost centres;
- business development competencies are centralized under the Chief Operating Officer.
These SEA Chief Officers “delegated” to manage their own relevant area regularly partook in Board meetings to provide background information or more in-depth information on the discussions tabled.