Cyprus Association Of Directors Established

by Lorys Charalambous, Tax-News.com, Cyprus

28 January 2005

An association of Cypriot company directors has been formed to oversee corporate governance issues in the jurisdiction, the Financial Mirror reported this week.

The Cyprus Association of Directors Ltd is a non-profit limited liability organisation which has twenty founding members, all directors of public and private limited companies.

According to the Financial Mirror, the main objectives of the Association are to: develop and establish professional conduct guidelines for its members; promote the implementation of the Code for Corporate Governance established by the Cyprus Stock Exchange (CSE) and the Securities Exchange Commission (SEC); voice the views of Cypriot directors at the Permanent Committee of the Code of Corporate Governance under the CSE; and train directors in their duties, obligations and powers, and on the principles of good corporate governance.

The newly-elected board comprises: Constantinos Kittis (former Minister) Chairman; George Georgiades (EAC Chairman, Member of the BoD of Bank of Cyprus) Deputy Chairman; K. Kokkinos (Director, IBM Southern Europe and Cyprus Ports Authority) Hon. Treasurer; Marios Antoniades (Director, V. Eliades Ltd) Executive Director; Andreas Andreou (Company Secretary) Secretary; Ms. Alexandra Galanou (Director, Universal Life and Director Cyprus Fassouri) member; Loukas Benfield (Director Eurosure and Cyprus Development Bank) member; Stelios Nicholson (Executive Director, E. Nicholson & Sons Ltd) member; Harris Stavrinides, (Consulco Financial Services), member.

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