Cyprus has secured a place on the body overseeing the financial management and governance of international oil pollution compensation funds for the first time, following the election of maritime official Nicolas Ioannou.

Ioannou, Counsellor in Maritime Affairs and Alternate Permanent Representative of Cyprus to the International Maritime Organisation (IMO), won one of six contested seats on the Joint Audit Body of the International Oil Pollution Compensation Funds (IOPC Funds).

The election, announced by the Shipping Deputy Ministry on October 23, saw eight candidates competing for the positions, with 71 member states taking part in the vote.

The appointment brings a Cypriot official onto a body responsible for reviewing financial reporting, internal controls, risk management and the overall effectiveness of the funds’ operations.

The IOPC Funds provide compensation to individuals, businesses and public authorities affected by oil pollution from tankers, particularly when damages exceed the amounts recoverable from shipowners and their insurers.

Although established under international conventions adopted through the IMO, the funds operate as independent intergovernmental organisations.

Their Joint Audit Body comprises six members nominated by member states and an independent external expert, with elected members serving three-year terms.

For its part, the Shipping Deputy Ministry described the election as further recognition of Cyprus’ contribution to international maritime affairs and the confidence placed in its maritime administration.

It also stressed that the appointment carries responsibility for supporting transparency, accountability and sound governance within the funds, while thanking the countries that backed the Cypriot candidacy.