Cyprus is set for a new era of governance across key sectors as the Cyprus Institute of Directors & Corporate Governance (CyIoDCG) was formally inaugurated on Monday.
CyloDCG, a leadership learning and certification programme, has set a high bar for success. It aspires to become the voice of directors in Cyprus, spearheading good governance, and ensuring competent leadership.
CyloDCG chair Kyriacos Kokkinos, former Deputy Minister for Research, Innovation and Digital Policy, explained that good governance is necessary to meet the shifts in global trends, adding that boards face unprecedented scrutiny.
“Good governance extends beyond mere compliance and risk management; it embodies readiness to identify and seize opportunities in an environment of uncertainty and ongoing challenges,” the CyloDCG chair and vice-chair said.
Kokkinos explained that a fit and proper board is not a given but rather the result of relentless improvement, collective learning and sharing knowledge and experience.
“It is now time to further elevate the role and capabilities of directors in Cyprus,” he shared with the audience at the Bank of Cyprus, comprised of MPs, former ministers, and directors.
Kokkinos identified regulatory reforms, digital transformation, evolving societal expectations, shifting capital markets and geopolitical developments as the key shifts to be steered by boards.
The CyloDCG chair emphasised that while Cyprus has made meaningful progress in strengthening governance standards, particularly in listed companies and regulated entities, there is a key opportunity to extend and deepen those standards into state owned enterprises.
Indeed, it identified the target audience as business boards, directors in the private and public sector, regulated entities, state owned enterprises such as Cyta and EAC “and, yes, the government – central and local”.
CyloDCG vice-chair Demetra Kalogerou, former chair at the Cyprus Securities and Exchange Commission (CySEC), emphasised that the organisation is committed to providing current and future leaders with the necessary tools to further ensure success and stability.
They explained that CyloDCG is set to become Cyprus’ member of the European Confederation of Directors’ Associations, which covers about 50,000 individual directors across 24 countries.
That is in tune with CyloDCG’s vision to become the leading professional association and centre for corporate governance in Cyprus, while institutionalixing the profession of directorship.
“We bring together the institutional credibility from leading European institutions on directorship and the expertise of an exceptional faculty to create a leadership learning program tailored to your needs,” the CyloDCG chair and vice-chair explained.
They added that the organisation is currently in discussions with the Chartered Governance Institute towards establishing a strategic partnership.
“Our intention is for Chartered Governance Institute to formally assess and accredit our certification programme,” they added, which would include collaborating closely on joint delivery of the programme, training, and alignment of the certificate with the Chartered Secretary and Chartered Governance Professional pathway.
“Governance matters — always. And together, we will elevate it,” CyloDCG's chair and vice-chair emphasised in their closing remarks.
