Remuneration Policy

1.            Remuneration of Executive Directors

For the Executive Directors, the Company adopts and applies the Human Resources Division remuneration policies and practices of Bank of Cyprus Group to which the Company belongs.

In general, the remuneration of the Executive Directors of the Company includes:

  • Basic salary
  • COLA
  • Shift allowance

The salary scales of the Executive Directors are determined under the applicable Collective Agreement between the Bank of Cyprus Group and the Cyprus Union of Bank Employees.

The Company also carries out annual performance reviews/appraisals of the Executive Directors over defined targets.

Any increments that may be granted by the Company (e.g. annual increments or additional increments) are added to the basic salary.

2.            Remuneration of Non-Executive Directors

The remuneration of the Non-Executive Directors of the Company is determined by the Board of Directors of Bank of Cyprus Group and includes a fixed salary.

According to the remuneration policy for the Non-Executive Directors, directors’ fees are paid only to the Company's Independent Non-Executive Directors, whereas no directors’ fees are paid to the Non-Executive Directors that represent Bank of Cyprus Group.

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