Compliance Matters

Selection process

In principle, the candidates for the directorship at RCB Bank Ltd may be proposed by the current directors as well as by the shareholders. All candidates are considered by the Nominations Committee of the Board of Directors. The Nominations Committee assesses the candidates according to the provisions of the regulatory framework of the country of its incorporation in force. Upon the assessment, the Nominations Committee conveys its recommendations to the Board of Directors, which decides taking into account the Committee's recommendations. An application, for the approved by the Board candidates, is submitted through the Central Bank of Cyprus to the European Central Bank for their final approval. Once the approval is received, the Board of Directors proceeds with the formal appointment, which is subsequently confirmed on the next annual general meeting of the Bank.

Independence criteria

RCB Bank Ltd has adopted in full the independence criteria for the members of the Board of Directors set out in the regulatory framework of the country of its incorporation.

Attendance to meetings

The Board of Directors holds regular meetings at least four times a year on a quarterly basis; when necessary, the Board of Directors holds additional meetings or passes written resolutions from time to time. Each member of the Board of Directors has to attend all meetings. The members of the Board of Directors may be allowed to be absent for not more than 2 consecutive meetings or 25 per-cent of the meetings held during a year. Up until now, the Board of Directors has complied with the minimum attendance requirements.