In Cyprus, embracing ESG principles—Environment, Society, and Governance—is the key to corporate success. By prioritizing robust corporate governance, strong social responsibility, and a holistic ESG approach, companies can enhance shareholder performance, improve services and products, and increase investment appeal, ultimately aligning profit with purpose for lasting success in the market.
The local elections in Cyprus this year are a web of complexity, with a staggering 3,232 candidates vying for various public offices, including councilors, deputy mayors, and district governors. The restructuring of municipalities and the ambiguous roles of newly elected officials add layers of intricacy, promising a postelection period of challenges and adjustments for the electorate and governing bodies.
Former Shipping Deputy Minister, Vasilis Demetriades, leads the race for Limassol District Governor with a vision of a “humancentred authority” focused on accessible, fair, and transparent governance. His rivals, including Yiannis Tsouloftas and Nicos Nicolaides, promise change, progress, and efficiency, setting the stage for a diverse and dynamic political contest in Limassol.
The new presidential palace in Northern Cyprus symbolizes the Turkish Republic of Northern Cyprus’ aspirations for selfgovernance and a distinct identity. It represents a physical and symbolic leap towards consolidated governance, reflects cultural heritage, and is designed to enhance connectivity between leaders and citizens, thereby strengthening democracy and establishing a permanent seat of power in the region.
Trust in political institutions can be rebuilt through transparency in donations, citizen participation, and fair decisionmaking. The decline in trust, evident in OECD surveys, highlights the need for politicians to focus on responsiveness, competence, and justice to restore public confidence in the system.
CySEC’s 2024 agenda focuses on intensifying supervision of Cypriot Investment Firms (CIFs), emphasizing crossborder activities and complex financial products distribution. The regulatory authority aims to enforce robust internal governance, compliance systems, professional conduct, client onboarding, marketing standards, and sustainability integration while utilizing technology to enhance market oversight.
Prevent organized crime with increased police presence and adapted tactics, revealed in a memo detailing a 60day operation in Cyprus. Economic measures and communication strategies play a crucial role in governance, highlighted by the Amalthea initiative’s diplomatic impact and the transparency of central bank leadership.
The delayed budget submission by CyBC was caused by frozen bank accounts due to workers’ compensation, reflecting deeper financial issues within the broadcaster. The legislative response by the opposition party Akel highlights the seriousness of the matter, calling for stricter controls to prevent future delays and ensure public trust in semigovernmental organizations.
The new legislative proposal allows citizens to introduce their own laws to parliament with 5,000 signatures, enhancing direct democracy by giving the public a voice in governance. This initiative aims to bridge the gap between the electorate and the lawmaking process, empowering citizens to propose and amend laws directly.
Critiques of President Nikos Christodoulides’ first year in office include opposition claims of “sugarcoating” achievements and a disconnect between public perception and government narrative. Critics urge for clarity on the Cyprus problem, decisive action, and a governance strategy that reflects societal needs and expectations.
