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KPMG Cyprus Audit Committee Institute: Directors Remuneration and Performance

KPMG Cyprus Audit Committee Institute: Directors Remuneration and Performance

The KPMG Cyprus Audit Committee Institute (ACI), in collaboration with INSEAD Independent Directors Network, organised an event with the subject: “Directors Remuneration and Performance”. The event took place on the 12th of November at KPMG offices in Nicosia, with the objective of discussing the importance of selecting the right Directors for the Board, as well as the challenge of deciding the appropriate remuneration and how this is linked with performance. The event was under the auspices of the British High Commission Nicosia.

Michael Antoniades, Chairman of KPMG in Cyprus and Petros Mavrommatis, Principal and Vice Chairman of KPMG Cyprus ACI, welcomed the attendees on behalf of the Firm and the Institute, respectively. Panayiotis Peleties, Board Member and Chairman of KPMG Cyprus ACI, talked about the importance for organisations to be in a position to attract Directors who have the appropriate skills and expertise required to effectively meet their terms of reference. In addition, he noted that there is a close link between remuneration and time spent by Directors to fulfil their duties. He then presented the key findings of a survey with participation of more than 2.300 Directors conducted by Global KPMG Audit Committee Institute and Board Leadership Centre.

A short speech followed by the British High Commissioner Stephen Lillie CMG, who stressed the challenge of getting the right balance between Directors’ remuneration and shareholders’ rights. The Commissioner made reference to newly-introduced UK regulations that increase transparency in Directors’ remuneration and strengthen the rights of the shareholders to object to what they consider inexcusable remunerations. He explained that the new regulations provide the shareholders and the public with the tools and information they need to evaluate if remuneration is related to performance.

The keynote speaker of the event was Helen Pitcher OBE, who addressed the event as President of the INSEAD Independent Directors Network. She analysed the varied roles of a modern Non Executive Director (NED) and stressed the importance for organisations to reward NEDs based on measurable criteria. As Ms. Pitcher explained, NEDs are those that provide business, strategic, functional and cultural oversight to their organisations, thus generating added value. Ms. Pitcher then outlined what skills should Board of Directors and shareholders seek when recruiting, in order to increase their Board’s capabilities and effectiveness. Her presentation concluded with an analysis on the importance of maintaining NED independence.

A Q&A session coordinated by Mr. Mavrommatis followed and the participants had the opportunity to raise questions and exchange views. A reception followed the event.

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