"Strong corporate governance is the foundation of our long-term success"
Varnavas Irinarchos, Managing Director
At Logicom, strong corporate governance is the foundation of our long-term success. The Logicom Board of Directors sets high standards for the Group's employees, officers, and directors. We have implemented the Corporate Governance Code, as published by the Cyprus Stock Exchange, in March 2003, as part of our duty to serve as a prudent fiduciary for shareholders and to oversee the management of the Group's business.
Governance can only be as good as the Board of Directors behind it. At Logicom, each Board member brings a plethora of skills and experience to the table and we are fully engaged and committed to providing management and guidance to the Company's executive management team. We maximise shareholder value by taking a long-term view and are in constant pursuit of value creation. The Board is vigilant in its system of checks and balances and its assessment and management of risk.
The effectives of the Board is vital to the success of Logicom and the strategic direction that it provides, and we undertake a rigorous evaluation each year in measuring how well we are performing in relation to our shareholders, partners and employees. Logicom currently has 7 Board members, 4 of whom are independent. All members of the Board's Risk Management and Compensation committees are independent, and all but one member of the Board's Audit committee are independent. At each AGM, 1/3 of the members of the Board in rotation have to step down and have to be voted for re-election. Shareholders also have the opportunity to approve the executive compensation of the Board at each year's AGM.
We take our responsibility to our shareholders very seriously. Our experience has shown us that diligent governance increases Logicom's competitiveness and enhances the company's performance, thus creating further value for our shareholders. This is why we continuously strive to improve the corporate governance of Logicom, maintain our focus on long-term strategy, and effectively monitor the Group's capital and liquidity position.