Dr Marinos Voukis, Chairman of CSR Cyprus, discusses the Organisation’s recent initiatives and the challenges facing Cypriot companies as they attempt to adopt comprehensive CSR strategies in light of the EU’s Corporate Sustainability Reporting Directive (CSRD).
In a recent interview with GOLD magazine, he, among other things, also talks about how CSR Cyprus is helping its members adapt to the CSRD and other new regulations and priorities and/or strategic goals for CSR Cyprus for the next five years.
How has CSR Cyprus promoted sustainable development and CSR in Cyprus in 2025?
Over the past year, CSR Cyprus has continued to strengthen its role as a key driver of sustainable development in our country. In addition to delivering our annual programme of networking events and educational seminars in Cyprus, this summer we organised a five-day training programme in Copenhagen. This gave our members an opportunity to witness cutting-edge environmental, social and governance strategies in action and to broaden their own international networks.
More recently, together with IMH, we co-organised the 17th Corporate Sustainability and Responsibility Conference, which brought together business leaders, renowned academics and policymakers to discuss the latest developments on sustainability in Europe and to explore the status of the EU’s Omnibus package and the Corporate Sustainability Reporting Directive (CSRD).
Throughout the year, we also worked closely with government bodies to advance sustainability and encourage stronger public–private sector engagement. Alongside the Authority for Co-operative Societies, we held the 4th CSR Best Practices Awards, while in collaboration with the Directorate General Growth of the Ministry of Finance, the Citizens Commissioner, the Commissioner for the Environment and Animal Welfare and the Pancyprian Volunteerism Coordinative Council, we also co-organised the first SDG Awards for NGOs. These initiatives aim to raise awareness of the urgency of embedding sustainability into our everyday lives and also to recognise organisations, people and practices that make a difference.
In addition, through our “CSR Cy Talks” video series, we provided a dynamic platform for sharing best practices and highlighting local success stories among our members. Finally, we played an active role in representing our members’ interests during the public consultation process on the transposition of the CSRD into national law.
How do you help smaller businesses with limited resources to implement CSR/sustainability initiatives?
We are fully aware that smaller businesses face significant challenges in navigating the complex regulatory environment around sustainability. Our message is clear: sustainability must be integrated into the core business of every organisation, regardless of its size.
We invite smaller organisations to join our network, where they can connect with peers, exchange ideas and learn how other companies are addressing similar challenges. Through formal training, visits abroad and networking, they can familiarise themselves with sustainability principles, collect basic data and gradually build capacity among their personnel. CSR Cyprus thus helps smaller organisations begin their sustainability journey, educate their staff, change their culture, integrate sustainability into their mission and operations and eventually prosper through their established resilience and differentiation strategy.
What challenges do you see to the adoption of CSR practices by Cypriot companies?
Although awareness of CSR is steadily increasing – something clearly reflected in the growth of our network – significant challenges remain. Many companies still view CSR as a voluntary add-on – often limited to one-off charitable donations – rather than as a strategic business priority that has a long-term impact. There is also a widespread misconception that CSR is only relevant for large corporations covered by the CSRD. This perception discourages smaller enterprises from becoming actively engaged in CSR initiatives.
Other barriers include limited expertise in sustainability reporting, a lack of trained personnel and the costs associated with investing in data collection systems or external consultants. These factors make it difficult for companies to measure and communicate their impact effectively.
To address these issues, we have focused on training and capacity-building. For example, last year, in partnership with the Cyprus Employers and Industrialists Federation (OEB), we held a pioneering seminar on measuring impact through the Social Return on Investment (SROI) methodology.
How is CSR Cyprus helping its members adapt to the CSRD and other new regulations?
CSR Cyprus actively supports businesses as they adapt to the evolving EU regulatory framework. In addition to organising webinars, seminars, trips abroad and workshops dedicated to the CSRD and CSDDD, we closely monitor developments and keep our members promptly informed. We have also participated in discussions at the House of Representatives regarding the transposition of the CSRD into law.
Through our partnership with CSR Europe – the European umbrella network of national CSR organisations – we advocate for compliance processes that are efficient and practical, seen not as a burden but as an opportunity for companies’ self-assessment and improvement.
What are your priorities and/or strategic goals for CSR Cyprus for the next five years?
Our newly elected Board of Directors, appointed in July 2025 for a two-year term, remains committed to strengthening the value we deliver to our members, deepening our impact and expanding our reach.
In addition, we aim to build stronger partnerships within Cyprus and across Europe. By exchanging knowledge and scaling collective action, we aspire to contribute even more meaningfully to sustainable development at the national level.
This Special Feature first appeared in the October edition of GOLD magazine. Click here to view it.
