Higher remuneration of Bank of Cyprus directors and key executives in 2022

The remuneration of the Board of Directors and key executives of the Bank of Cyprus for 2022 reached €6.37 million compared to €5.85 million in 2021, according to the lender’s annual report.

Specifically, the remuneration of the non-executive directors was €1.24 million in 2022 from €1.25 million in 2021 and the two executive directors received a total of  €1.04 million from €801,000 in 2021, Philenews reported on Tuesday.

The total remuneration of the key management personnel together with redundancy benefits, employer contributions, charges for retirement benefits and share-based benefits amounted to €3.82 million for 2022 from €3.68 million in 2021.

In more detail, the remuneration of the executive directors as presented in the 2022 annual report is: CEO Panicos Nicolaou CEO’s salaries and other short-term benefits €761k from €715k in 2021, employer contributions €38k, charge for retirement benefits €60k, share value dependent benefits €92 thousand.

The remuneration of Elisa Livadiotou Executive Director of Financial Management and Deconsolidation Activities (appointed on October 6, 2021) is: salaries and other short-term benefits €285 thousand, employer contributions €25 thousand, charge for retirement benefits €22 thousand, share value dependent benefits €25 thousand.

The share value dependent benefits relate to the cost for the year for share benefits granted in December 2022.

The remuneration of the non-executive directors on the Board of Directors for 2022 is: Efstratios-Georgios Arapoglou (Chairman) €257,000, Lyn Grobler €165,000 Konstantinos Iordanou €95,000, Ioannis Zographakis €157,000, Maksim Goldman €40,000, Maria Filippou €108,000, Michael Heger €40,000, Nikolaos Sofianos €129,000, Paula Hadjisotiriou €132,000.

The Bank of Cyprus announced that following the shareholder vote on May 20, 2022, Maksim Goldman and Dr. Michael Heger have not been re-elected to the board of directors of the lender.

The annual report also clarifies that all transactions with board members and their related parties are conducted on normal commercial terms and conditions applicable to comparable transactions, including interest rates, with customers of similar creditworthiness.