Cyprus Mail

Bank of Cyprus to keep board remuneration unchanged

The Bank of Cyprus board of directors proposed leaving the remuneration of its members unchanged following last year’s increase, the bank said.

If shareholders approve the proposal at the bank’s annual general meeting on November 25, the board chairman and vice-chairman will continue receiving an annual salary of €120,000 and €80,000, the bank said in an emailed statement. The bank’s senior independent director will continue receiving €70,000 while and other non-executive members and the chairpersons of the audit and risk committee will receive €45,000 respectively.

The chairs of the human resources and remuneration committee and nominations and corporate governance committee will continue receiving €30,000 while audit and risk committee members will receive €25,000, the bank said. Members of the human resource and remuneration committee will receive €20,000 and their colleagues in the nomination and corporate governance committee will get €15,000.

Three board members, Ioannis Zographakis, Marios Kalochoritis and Christodoulos Patsalides, whose term is expiring this year are seeking re-election, the bank said. All other board members, including the bank’s chairman Josef Ackermann, the former Deutsche Bank banker, and Bank of Cyprus’s vice-chairmen, the U.S. billionaire Wilbur Ross and the Russian Maksim Goldman, will remain in office to which they were elected last year.

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