Independent Members

Mr. Robert Kyprianou
Dr. Andreas Soteriou
Mr. Takis Phidia
Ms. Cleopatra Kitti
Mrs. Androulla Pittas

Non-Independent Members

Mr. Stavros Ioannou

Board Responsibilities

The Bank is supervised by the Board of Directors in accordance with its Articles of Association.

The foremost duty and responsibility of the Board is to safeguard the Bank’s interests and to deliver sustainable long term growth in shareholder value.

The Board’s main responsibilities include:

• Formulate, review and overseeing the implementation of the Bank’s strategy and business objectives, major plans of action, risk policy, annual budgets and business plans
• Ensure clear and documented allocation of roles, responsibilities and authorities throughout the Bank, from the Board level, down to the senior management and internal controls function level
• Establish and oversee polices for selecting new members and re-appointing existing members of the Board, selecting, developing and replacing senior management and heads of internal control functions as well as the Bank’s succession planning
• Setting and overseeing code of business conduct and alert procedures for potential/actual breaches throughout the Bank
• Ensure that the Bank has established an appropriate risk management and internal controls framework, establish, monitor and assess the Bank’s risk culture and risk appetite
• Adopt and periodically review the remuneration policy of the Bank, ensuring its effective implementation and consistency with Bank’s risk appetite and effective risk management align key executives and Board remuneration with the longer term interests of the Bank and its shareholders
• Monitor and manage potential conflict of interest of management, Board members and shareholders
• Ensure the integrity of the Bank’s accounting and financial reporting systems and that appropriate systems of control are in place
• Define, oversee and be accountable for the implementation of governance arrangements including segregation of duties and conflict of interest and monitor and periodically assess the effectiveness of the Bank’s governance practices, taking appropriate steps to address any deficiencies.

The Board meets six (6) times per annum or more frequently if required. Members of the management body may not be absent from management body meetings, whether physically or otherwise, for more than two (2) consecutive meetings or twenty five percent (25%) of the annual meetings.