Governance agreement seeks to boost Cyprus competitiveness

The Cyprus Chamber of Commerce and Industry (Keve) and the Cyprus Institute of Directors and Corporate Governance (CyIoDCG) have signed a memorandum of cooperation aimed at strengthening corporate governance, business excellence, sustainable development and the role of company directors.

The agreement establishes a framework for cooperation between the two organisations, with a focus on exchanging expertise and information, preparing studies and policy proposals, and jointly organising conferences, educational programmes and other initiatives.

According to an official statement, the partnership places particular emphasis on improving the effectiveness of boards of directors, promoting high standards of corporate governance and fostering a culture of responsible leadership for the benefit of the business community and the wider economy.

The memorandum also provides for close cooperation in developing initiatives that strengthen transparency, accountability and the professional training of executives, while encouraging the exchange of knowledge and best practices.

The two organisations said they expect the cooperation to make a meaningful contribution to strengthening Cyprus’ business ecosystem, enhancing the competitiveness of the economy and promoting modern standards of management and development.

“Corporate governance concerns all businesses, regardless of size, that seek to grow in a sustainable way,” said Keve president Stavros Stavrou.

“It is not merely a framework for good management, but an important factor in creating long-term value, strengthening the credibility, transparency, accountability, effectiveness and competitiveness of businesses,” he added.

“It is with great pleasure that Keve, in cooperation with the Cyprus Institute of Directors and Corporate Governance, will join forces to promote corporate governance and strengthen competitiveness based on the values of accountability, integrity and ethical conduct,” said Keve secretary-general Philokypros Roussounides.

On his part, CyIoDCG board chairman Kyriacos Kokkinos said the institute views corporate governance as a key element of sustainable growth across both the private and public sectors.

“Corporate governance is a strategic pillar of sustainability, transparency and long-term value for every organisation, from small and medium-sized enterprises to listed companies and public sector organisations,” Kokkinos said.

“We will work together with the Cyprus Chamber of Commerce to strengthen governance standards and further enhance the institutional role of boards of directors,” he added.