On Tuesday, 16 June 2015, the Cyprus Fiduciary Association held its 3rd Annual General Meeting at the Hilton Park Hotel in Nicosia.
The Annual General Meeting was honoured by the presence of the Minister of Finance, Mr. Harris Georgiades, the Minister of Energy, Commerce, Industry and Tourism, Mr. Giorgos Lakkotrypis, the Chairwoman of the Cyprus Securities & Exchange Commission, Ms. Demetra Kalogerou and the President of the Cyprus Investment Promotion Agency (CIPA), Mr. Christodoulos Angastiniotis. In his brief address, Mr. Georgiades referred to the difficulties faced by the Cyprus economy in recent years and stated the better prospects we have today due to the hard work performed so far. He stated the importance of the fiduciary and international business sector in the revival of the economy and congratulated the Administrative Services Providers (ASPs) who managed to support the sector and maintain the prospects for the future. In her own speech, Ms. Kalogerou analysed the current situation regarding the supervision of the sector and stressed that the Commission’s objective is to strengthen their supervisory role in order to restore the confidence of investors and consequently support the development of the international business sector in Cyprus. Ms. Kalogerou also stressed the need and obligation of ASPs to perform their duties and work with ethics and integrity. She noted the important role of the Cyprus Fiduciary Association in promoting ethical standards and wished the further growth of the Association for the benefit of the sector. Finally, the President of CIPA, Mr. Christodoulos Angastiniotis congratulated the Association for its contribution in the development of the sector and for the efforts in promoting Cyprus as an international business centre. CIPA, he said, aims in cooperating with organizations and representative bodies to develop important sectors of the Cyprus economy.
In his own speech, the president of the Association, Mr. George Savvides, after making reference to the Association’s activities during the past 12 months, analysed the current economic situation and highlighted its positive outlook. Despite the positive steps, Mr. Savvides then noted that there haven’t been done enough to strengthen the international business sector in our country. He made reference to a number of issues that negatively affect the sector and stressed the need for the Government to examine and resolve these issues in order to give a new momentum to the economy.
The Meeting ended with the adoption and approval of the financial statements of 2014, the approval of certain proposed amendments in the Articles of Association, and the election of two (2) new members on the Board of Directors, Abacus Ltd and Opus Services Ltd.