Corporate Governance is a system of principles underlying the organization, operation and administration of an incorporated company, aiming to secure and satisfy the lawful interests of all those who relate with the company.
Alpha Bank Cyprus Ltd adopts and implements the principles of corporate governance, aiming at transparency in communication with the Bank’s Shareholders, Management, Employees, Partners, Contractors and Suppliers at keeping investors promptly and continuously informed. By continuously pointing its efforts towards meeting consistently its Customers and the State’s expectations, Alpha Bank Cyprus Ltd applies the legislation and regulatory framework concerning the financial sector and especially everything that applies to corruption prevention and the legitimization of revenues coming from illegal activities.
The main purpose of the corporate governance framework is to ensure compliance with the respective legal, supervisory and regulatory obligations and therefore that provisions of the current Central Bank of Cyprus’ Directive to Credit Institutions regarding corporate governance and management principles, as well as the relevant legislation and directives of the Central Bank of Cyprus.
Given that Alpha Bank Cyprus Ltd is member of the Alpha Bank Group and consists a subsidiary, the Board of Directors implements the corporate governance principles, the procedures and the mechanisms developed at the Group level, unless legal and supervisory demands in the Democracy of Cyprus or issues of proportionality specify otherwise.
Effective Corporate Governance is not determined by a fixed program but rather, by a continuous effort to integrate parameters proposed each time in conjunction with the ever-increasing expectations of society. Correct corporate structures and procedures result in successful Corporate Governance, which promotes the recognition and reputation of the company.
In this context, the Bank has separated the Chairman’s duties from those of the Managing Director and implements a comprehensive system of internal audit for the Group in accordance with international standards and the current regulatory framework. In addition, Alpha Bank Cyprus Ltd, as member of Alpha Bank Group, in order to implement effectively the corporate governance framework, complies with the Group’s Code of Ethics provisions, with the purpose to promote the standards required by modern corporate governance and to enhance the efficiency of Internal Audit rules.
Moreover, Alpha Bank authorized in January 2013 the establishment of a communication channel through which Employees can impeach in confidentiality possible political intervention of ask for advice (whistleblowing).