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Cyprus Stock Exchange advocates for sustainable development

Cyprus Stock Exchange (CSE) president Marinos Christodoulides
Cyprus Stock Exchange (CSE) president Marinos Christodoulides

Cyprus Stock Exchange (CSE) president Marinos Christodoulides recently emphasised the growing importance of Sustainable Development, Social Responsibility, and Corporate Governance in the financial sector.

Addressing attendees at the ESG Cyprus Forum 2023, which was held on December 5, under the auspices of the Cyprus Stock Exchange (CSE), Christodoulides highlighted the pivotal role of integrating sustainability principles into financial investments.

Moreover, he reaffirmed the CSE’s commitment to promoting sustainable development through risk management and enhancing transparency in financial activities.

During his speech at the forum, Christodoulides mentioned that the exchange has introduced regulations to facilitate the entry of companies oriented towards sustainable development.

In recent years, several Cyprus and international companies have been listed on the CSE’s New Market, focusing on renewable energy sources.

Moreover, the CSE president noted significant reductions in admission rights concerning green corporate bonds to attract additional value.

The amendments in legislation, like the recently adjusted law for a reduced 3 per cent rate defence on listed corporate bond interests, create a competitive environment for such product introductions in the exchange, he explained.

He further noted that the CSE is expected to soon host several issues of green bonds.

Furthermore, Christodoulides emphasised the assessment of listed companies based on their ESG (Environmental, Social, and Governance) activities.

He said that the exchange invites interested companies to evaluate the prospects of introducing their securities to broaden investors’ investment options and development prospects through the market.

Through its corporate governance, the CSE aims for the highest standards and transparency, considering investor trust and public confidence as fundamental, the president explained.

What is more, he said that the exchange is collaborating with companies to strengthen their governance structures, ensuring the rights of all stakeholders.

Christodoulides concluded by highlighting the exchange’s pioneering role in corporate governance in Cyprus, providing a secure transparency framework through the application of Corporate Governance Code for listed companies.

The code, he explained, aims to enhance the supervisory role, and independence of the board, safeguarding minority shareholders, as well as promoting transparency and timely disclosure.

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