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Alpha Bank adopted and implemented, as early as 1994, the principles of corporate governance, aiming at transparency in communication with the Bank’s Shareholders and at keeping investors promptly and continuously informed. 
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The Chairman of the Board of Directors, Vasileios Rapanos, and the CEO of Alpha Bank Group, Vassilios Psaltis, carried out an important visit to Cyprus.
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Corporate Governance Arrangements

  • Corporate Governance
  • Corporate Governance Arrangements
  • Committees Composed By Members of Board of Directors
  • Bank’s Committees
  • Internal Control Framework

Board of Directors Audit Committee
 
The main mission of the Audit Committee is to ensure the credible and effective fulfillment of the Bank’s obligations regarding audit issues that result from the Regulatory Framework. The Committee’s purpose is, among others, to monitor and assess the adequacy and effectiveness of internal control systems and submitting suggestions to the Bank Board of Directors to take measures toward improvement.
 
The current composition of the Audit Committee:

Member’s Name

Composition

Membership Status

Andreas Demetriou

Chairman

Independent Non-Executive

Lenia Georgiadou

Member

Independent Non-Executive

Constantinos Papadopoulos

Member

Non-Executive

Neophytos Karamanos

Member

Independent Non-Executive


 
Board of Directors Risk Commitee
 
The main purpose of the Risk Committee is to ensure the credible and effective fulfillment of the Bank’s obligations regarding risk issues that result from the Regulatory Framework. The Committee’s purpose is, among others, to consult the Board of Directors on the current and future configuration and risk-taking strategy of the Bank, taking into account the relevant Legal, Supervisory and Regulatory Framework.
 
The current composition of the Risk Committee:

Member’s Name

Composition

Membership Status

Militsa Christodoulou Drakou

Chairwoman

Independent Non-Executive

Neophytos Karamanos

Member

Independent Non-Executive

Maria Agrotou Iacovidou

Member

Independent Non-Executive

Aikaterini Marmara

Member

Non-Executive


 
Board of Directors Nominations, Corporate Governance and Sustainability Committee
 
The main mission of the Corporate Governance and Nominations Committee, is to ensure the credible and effective fulfillment of and compliance to the Bank’s obligations regarding nomination and corporate governance issues, that result from the Regulatory Framework. The Committee ensures that the composition, structure and operations of the Board of Directors comply to the demands raised by the relevant Legal, Supervisory and Regulatory Framework and conform with the provisions of the Bank’s Memorandum of Associations and the current principles of corporate governance. Additionally, the Committee is engaged to implement the framework related to the Environmental, Social and Governance (ESG) factors, in order to strengthen the Bank's long-term commitment, to it’s sustainability development.


The current composition of the Nominations, Corporate Governance and Sustainability Committee:
Member’s Name Composition Membership Status

Lenia Georgiadou

Chairwoman Independent Non-Executive

Michael Colakides

Member Independent Non-Executive

Maria Agrotou Iacovidou

Member Independent Non-Executive
 

Board of Directors Remuneration Committee
 
The main purpose of the Remuneration Committee, is to exercise competent and independent judgment on the Bank’s remuneration practices taking into consideration the Bank’s risk, capital and liquidity and the likelihood and to make fair, balanced and sound judgments with regard to the remuneration of individuals who hold key positions across the Bank. The Committee develops reviews and monitors the implementation of the Bank’s Remuneration Policy ensuring that is aligned with the Bank’s and the Group’s strategic objectives and values, advising the Board of Directors in its supervisory function to make decisions regarding remuneration matters.

The current composition of the Remuneration Committee:
 
Member’s Name Composition Membership Status

Michael Colakides

Chairman Independent Non-Executive

Militsa Christodoulou Drakou

Member Independent Non-Executive

Aikaterini Marmara

Member Non-Executive

Executive Committee

The Executive Committee acts as a collective corporate body of the Bank. The Committee’s powers and authorities are determined by way of a CEO act, delegating powers and authorities to the Committee.

The indicative main responsibilities of the Committee include but are not limited to the following:
The Executive Committee prepares the strategy, business plan and annual budget, including the strategy on Environmental, Social and Governance (ESG) issues, of the Bank for submission to and approval by the Board of Directors of the Bank

Moreover, the Executive Committee manages the implementation of the strategy, business plan and annual budget of the Bank, as approved by the Board of Directors, and reports accordingly to the Board of Directors. Prepares and submits for approval by the Board of Directors the annual Financial Statements and interim Financial Results, actively participates in the Internal Capital Adequacy Assessment Process and the Internal Liquidity Adequacy Assessment Process.

Further to the above, the Committee is responsible for the implementation of: the overall risk strategy, including the institution’s risk appetite and its risk management framework, an adequate and effective internal governance and internal control framework, the selection and suitability assessment process for Key Function Holders, the amounts, types and distribution of both internal capital and regulatory capital and the targets for the liquidity management of the Bank.

The Committee discusses issues related to the Bank’s Purpose and Values, culture and human resources as well as approves and manages any collective program proposed by the Human Resources Division for the Staff.

In addition, the Committee is responsible for the implementation of the Bank’s strategy on ESG issues, the distribution of means for achieving targets for the liquidity management of the Bank and any arrangements aimed at ensuring the integrity of the accounting and financial reporting systems, including financial and operational controls, risk management and compliance with the law and the relevant standards.

Risk Management

The Bank has an independent control function, Risk Management Function which is headed by the Chief Risk Officer (CRO), who holds a General Manager position. Risk Management is comprised of the following 2 divisions:

  • Credit Risk Division
  • Market & Operational Risk Division.

The Board of Directors ensures the independence of the General Manager Risk by providing direct access to the Board through the Board Risk Committee.

The Risk Management Divisions are independent from executive functions, business line responsibilities, operations and revenue generating functions. 

Risk management comprises a broad framework of policies and procedures on the undertaking, assessment, monitoring and treatment of the various risks affecting the activities of the Bank. Particular emphasis is placed on the strict observance of the framework and the overall management of the various risk types, as well as on the determination of the acceptable risk appetite, during the business decision-making process and target setting.

The main responsibilities of the Risk Management Divisions are the following (list is not exhaustive):

  • Assist the Board Risk Committee, Board of Directors and Senior Management of the Bank to establish and communicate within the Organization, the Bank’s risk appetite and objectives.
  • Assist the Board Risk Committee and Senior Management of the Bank to develop and communicate within the Organization, the risk management policies.
  • Proceed to the identification, assessment, measurement, monitoring and reporting of risks.
  • Report to the Senior Management, the Board Risk Committee and the Board of Directors the results of the assessment and monitoring of risk exposures.
  • P repare and submit an Annual Report to the Central Bank of Cyprus and the Board of Directors, presenting an overview of key risk issues within the Bank and recent developments and overview of the Bank’s Risk Management Framework.
  • Participate in the formulation of the Bank’s strategy, Risk Appetite Framework and the risk limit setting.


Internal Audit Division

The Audit Division is responsible for the internal audit of the Bank and reports to the Board of Directors through the Audit Committee, as well as to the Managing Director of the Bank. The Audit Division performs audits regarding the adequacy and the effectiveness of the internal control system of the Bank, in accordance with the stipulations of the regulatory framework and investigates thoroughly cases on which there is evidence that the interests of the Bank are harmed. Monitors the implementation and the effectiveness of the corrective actions recorded in the reports of all sorts of audits (by internal auditors, external auditors, Regulatory Authorities etc.).


Compliance Division

The Bank has established a code of conduct regarding the implementation of optimal practices in business operations, in management, in the behavioural regulations of the Bank’s Officers and Employees and for the Bank’s traders, shareholders and third parties.

The obligations and the principles derived from the undertakings of the Bank’s Officers and Employees are included in the Code of Conduct. These obligations are recorded in the Personnel Manual.

The Bank has designed, developed and implemented a comprehensive, compliance regulatory framework, in order to prevent and effectively manage the risks of not complying with the current regulatory framework (Risk Compliance) that may arise from the operational activity.

The Bank has established appropriate policies and procedures and has adopted audit and monitoring recognition mechanisms, of the relevant risks, in order to ensure regulatory compliance.

More specifically the Bank has developed an exhaustive culture of compliance:

(A) based on the full comprehension of the regulations, national and international standards and best practices governing the Bank and the compliance risks that faces and

(B) that complies with the Bank and the Group’s business code of conduct and corporate values.


Information Security Department

The Bank has adapted the Alpha Bank Group Information Security Framework, which ensures Management’s commitment with respect to information security.

In particular the Bank has established policies, procedures and information security mechanisms, for the correct use and safeguarding of information assets of the Bank and it’s customers.

In this regard the Bank:

  • Has an administrative structure in place, that administers all information security issues.
  • Applies the Group Information Security Framework in all procedures and systems of the Bank and proposes improvements of the framework to the responsible Division of Alpha Bank Group.
  • Implements procedures for the detection, containment and response to security incidents, from internal or external threads and to disasters from physical or other occurrences, which affect or may affect the Bank.
  • On a regular basis assesses the information security performance and takes necessary actions, so that it remains at acceptable levels by the Management.
  • Implements an education and training program on information security matters for all employees of the Bank, including senior management.

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Regulatory framework

  • Investor Compensation Fund
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  • MiFiD Directive
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  • Common Reporting Standard - CRS
  • DAC6
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  • SEPA / Regulation (EU) No.260/ 2012
  • Compliance Division
  • Patriot Act Certification
  • Wolfsberg AML questionnaire
  • KYC Statement
  • Whistleblowing Policy and Procedures
  • Crossborder fees / Regulation (EU) 2019/518
  • Terms of Use of Social Media
  • LIBOR Transition to Alternative Risk-Free Rates
  • Customer Information Update

For your information

  • BREXIT FAQ
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Useful links

  • The Financial Ombudsman of the Republic of Cyprus
  • Central Bank of Cyprus
  • European Central Bank
  • Association of Cyprus Banks
  • Consumer Protection Service – Ministry of Energy, Commerce and Industry
  • Directive on Arrears Management of 2015
  • Guide on the Code of Conduct on the Handling of Borrowers in Financial Difficulties

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