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Corporate Governance Code
Published on 03 May 2018
Cyprus
Kýpros
This is the good practice's implementation level. It can be national, regional or local.
About this good practice
The Council of the Cyprus Stock Exchange (CSE) in 2002 issued the Code of Corporate Governance for the Cyprus Stock Exchange. The aim of the Code is to strengthen the monitoring role of the Board of Directors, to protect small shareholders, to adopt greater transparency and to provide timely information, as well as to sufficiently safeguard the independence of the Board of Directors in its decision - making. Furthermore, the Code aims to achieve conformity of listed companies with internationally accepted rules of corporate governance as they are widely applied by both individual and institutional investors in the selection of listed securities and the creation of investment portfolios internationally, and therefore establishes regulatory indicators of compliance with desirable rules of corporate governance.
The Code is voluntary for the listed companies. Listed Companies have an obligation to include in their Board of Directors’ annual report to shareholders, a report on corporate governance.
The primary bodies responsible for the Code and its enforcement are the CSE and the Cyprus Securities and Exchange Commission (CYSEC).
The Code is voluntary for the listed companies. Listed Companies have an obligation to include in their Board of Directors’ annual report to shareholders, a report on corporate governance.
The primary bodies responsible for the Code and its enforcement are the CSE and the Cyprus Securities and Exchange Commission (CYSEC).
Resources needed
The company to follow the Code of Corporate Governance needs either an employee to be responsible for this task or an external consultant to be contracted for this task.
Evidence of success
The corporate governance program has boost the companies reputation. Also, corporate governance includes instituting policies that require the company to take specific steps to stay compliant with local, state and federal rules, regulations and laws. Also, it limits the potential for bad behaviour of employees by instituting rules to reduce potential fraud and conflict of interest.
Potential for learning or transfer
It protects small shareholders to adopt greater transparency and to provide timely information, as well as to sufficiently safeguard the independence of the Board of Directors in its decision – making.
Further information
Website
Good practice owner
You can contact the good practice owner below for more detailed information.
Organisation
Cyprus Stock Exchange
Cyprus
Kýpros
Contact
Operations Manager