Corporate Governance

SIB (Cyprus) Limited has in place corporate governance system organized in line with best market practices in areas including, but not limited to,:

  • Reporting and Disclosure;
  • Remuneration;
  • Board of Directors Responsibilities and
  • Internal Committees and Management Bodies

By applying and upholding best market practice in the abovementioned areas, SIB (Cyprus) Limited manages to promote accountability of the management, fair remuneration policies and transparency.

(a) Reporting and Disclosure:

SIB (Cyprus) Limited, discloses in its annual report return on assets, thus providing information on efficient management of use of assets to generate earnings.

(b) The Board of Directors:

Responsibilities of the Board of Directors include, but are not limited to, the following:

  • Implementation of strategic objectives and risk prevention strategies;
  • Overseeing of disclosure procedures and integrity of financial reporting systems;
  • Supervision of senior management; and
  • Monitoring of effectiveness of the governance arrangements of the company.

(c) Risk & Compliance Committee:

The Risk & Compliance Committee is responsible for approving risk management policies and overseeing compliance with laws and regulations. The Committee is made up of members of the Board of Directors who do not perform executive functions in the company and is chaired by an independent director.

(d) Audit Committee:

The Audit Committee is responsible for ensuring the integrity of financial reporting and the effectiveness of audit processes. The Committee is made up of members of the Board of Directors who do not perform executive functions in the company and is chaired by an independent director.

(e) Executive Committee:

The Executive Committee is made up of the Senior Management of SIB (Cyprus) Limited. It is responsible for ensuring implementation of policies, strategies and high-level principles set by the Board of Directors.

(f) Remuneration Committee:

SIB (Cyprus) Limited’s remuneration policy encourages effective risk management, avoids conflict of interest and is in line with the long term business interests of the company. The Remuneration Committee is made up of members of the Board of Directors who do not perform executive functions in the company.

(g) Nominations Committee:

SIB (Cyprus) Limited does not have a Nominations Committee since as per its Articles of Association, the members of the board of directors are appointed by the shareholders.

Contacts

Head Office:
Alpha Business Centre,
1st Floor, Block B,
27 Pindarou Street,
1060 Nicosia, Cyprus

Postal Address:
P.O. Box 20934
CY-1665 Nicosia, Cyprus

Tel: +357 22 41 9000
Fax: +357 22 41 9100
e-mail: info@sib.com.cy

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