Five directors re-elected to the Board of BOC

Five directors re-elected to the Board of BOC

Five Board members were re-elected to the Board of Directors of the Bank of Cyprus at the Annual General Meeting of the shareholders held on Tuesday at the bank`s headquarters in Nicosia.

The five members are Maksim Goldman, Michael Spanos, Arne Berggren, Michael Heger and Lyn Grobler.

As Chairman of the Board of Directors, Josef Ackermann said in his speech at the meeting that Maksim Goldman is a US and Russian national and a US-trained lawyer and serves also as Director of Strategic Projects of Renova, a Swiss-based major financial firm. Goldman has an extensive professional background.

Michael Spanos, is a Cypriot, with an economics and business background, and with very extensive experience in leadership positions in the business sector. Spanos is a current and former member of many business Boards and of the Board of the Central Bank.

Arne Berggren is a national of Sweden, with training as an economist and very extensive experience as a financial expert in several countries. Arne was the Chairman of the formers Board’s Risk Committee, which is guiding the Bank’s risk management efforts and decides and approves the strategies for the restructuring of non-performing loans.

Michael Heger was appointed as Director by the Board in 2016. He is an Austrian national with a legal academic background and a very extensive experience in the financial sector of several European countries.

Lyn Grobler was born in South Africa. She has a technical training and very impressive experience as an IT expert and senior information technology officer in several UK corporations. Grobler is currently the Group Chief Information Officer of the Hyperion Insurance Group based in London. Grobler will head a new Board Technology Committee to be established, which will guide and lead the Bank’s work in the area of information technology, the digitalization of banking operations and access to banking services, among many other technical issues that the Bank is addressing.

The AGM was attended by 167 shareholders, either in person or by proxy, who represented 3.518.061.472 shares, that is 39,427%
of the total issued share capital of the company.

It discussed the Directors’ Report, the Auditors’ Report and the Consolidated Financial Statements for the year 2015, approved the Board of Directors’ Remuneration Report and fixed the remuneration of the Members of the Board.The AGM noted the re-appointment of Ernst & Young as the Company’s Auditors for the year 2016.