MONDAY, 30 JAN 2023

 

CONNECT

Facebook Linked In Twitter
IMH LTD

Staying The Course: Five Questions For The ECB

Anastasiades: Vasiliko Energy Center Paves The Way For Full Growth Of Degraded Area In Larnaka

IMH LTD

SERVICES

brought to you by Barclays

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.

MORE ON SERVICES

Tototheo Maritime Incorporates Starlink Into Its Service Portfolio

Leading global communication service provider, Tototheo Maritime ™, has added Starlink’s ...

Succeed in the Digital Era! The In-Class DMI PRO starts in March

ImarComms Digital, a Global Partner of the Digital Marketing Institute, announces that ...

FROM AROUND GOLDNEWS

   

Political Advertising Ends By Midnight On Thursday

The Cyprus Radiotelevision Authority issued a press release Monday in which it states that according to the relevant legislation, all radio-television ...
   

Energy Crisis: Will Europe's Ban On Russian Diesel Hike Global Fuel Prices?

Europe is taking another big step toward cutting its energy ties with Russia, banning imports of diesel fuel and other products made from crude oil in Russian ...
   

Electricity From Renewable Sources Rises In Cyprus And EU, According To Eurostat

In absolute terms, the production of electricity from renewable energy sources in the European Union increased by almost 5% from 2020 to 2021 according to data ...
   

UNFICYP's Mandate To Be Renewed Annually, UNSC Resolution To Be Approved On January 30

The mandate for United Nations Peacekeeping Force in Cyprus (UNFICYP) is expected to get renewed annually, instead of every six months, from now on.
   

Ministry Of Health Issues Health Protocol Against Spread Of COVID-19 During Sunday's Presidential Elections

The Ministry of Health issued Monday a press release on a series of protection measures for the prevention of the spread of COVID-19 that should be implemented ...
   

PwC 2023 Global M&A Industry Trends Outlook

Global M&A activity will likely rise in the second half of 2023 as investors and executives look to balance short-term risks with their long-term business ...
   

EU Raises The Alarm On Soaring Asylum Requests

The European Union is becoming increasingly worried about the surging number of requests lodged by asylum seekers who are, in principle, ineligible for ...
   

Staying The Course: Five Questions For The ECB

The European Central Bank looks set on Thursday, February 2 to deliver another large interest rate rise to curb inflation. What it does after that is less ...
 

YOUR COMMENTS

HEADLINES

MOST POPULAR

EY_27/1-10/2
GORDIAN

IMH LTD