Day: June 8, 2022

The European Commission welcomes the political agreement reached today between the European Parliament and the Council on the Directive on improving the gender balance among non-executive directors of listed companies proposed by the Commission in 2012.

Europe has many highly qualified women with 60% of current university graduates being female. Nevertheless, women are underrepresented in high-level positions, including in corporate boards and the progress is very slow. Only a third of members of non-executive corporate boards are women and this is even less among executive boards. The Directive sets a target for EU companies listed on the EU stock exchanges to accelerate the reach of better gender balance. It sets a share of 40% of the underrepresented sex among non-executive directors and 33% among all directors. These companies must ensure that board appointments procedures are clear and transparent, and that applicants are assessed objectively based on their individual merits, irrespective of gender.

Driving up gender equality with clear targets and objective appointments based on merit

The agreed Directive will ensure that gender balance in corporate boards of listed companies is sought across the EU, while allowing for flexibility for Member States that have adopted equally effective measures. This flexibility will allow for the suspension of the procedural requirements set out in the Directive.

The main elements of the Directive are:

* At least 40% of the underrepresented gender must be represented in non-executive boards of listed companies or 33% among all directors. Member States have to ensure that companies strive to achieve this objective. Those companies that do not achieve those objectives must apply transparent and gender neutral criteria in the appointment ofdirectors and prioritise the underrepresented sex where two candidates of different sexes are equally qualified.

*Clear and transparent board appointment procedures with objective assessment based on merit, irrespective of gender. The selection procedure of non-executive directors will need to comply to the following binding measures:

* Where two candidates of different sexes are equally qualified, preference shall be given to the candidate of the underrepresented sex, in companies where the target for gender balance is not achieved.

* Companies must disclose their qualification criteria should the unsuccessful candidate request it. Companies are further responsible to prove no measures were transgressed, if there is suspicion that an unsuccessful candidate of the underrepresented sex was equally qualified.

* Companies must undertake individual commitments to reach gender balance among their executive directors.

* Companies that fail to meet the objective of this Directive must report the reasons and the measures they are taking to address this shortcoming.

* Member States’ penalties for companies that fail to comply with selection and reporting obligations must be effective, proportionate and dissuasive They could include fines and nullity or annulment of the contested director’s appointment. Member States shall also publish information on companies’ that are reaching targets, which would serve as peer-pressure to complement enforcement (“faming” provision).

Members of the College said:

The President of the European Commission, Ursula von der Leyen, said: “Diversity is not only a matter of fairness. It also drives growth and innovation. The business case for having more women in leadership is clear. After ten years, since the European Commission proposed this directive, it is high time we break the glass ceiling. There are plenty of women qualified for top jobs: they should be able to get them.”

The Vice-President for Values and Transparency, Vera Jourová, said: “The first time the Commission put the issue of women in economic decision-making high on the agenda was in 2010. Since then, women on boards have risen by 17 percentage points, mainly due to legally binding initiatives implemented in some Member States. This remains a painfully slow progress. With this Directive, we will collectively accelerate our efforts to strive for gender equality and better balance in economic decision-making.”

Commissioner for Equality, Helena Dalli, said: “Today’s agreement on Gender Balance on Corporate Boards takes our Union another step towards stronger and fairer societies. Talent has no gender and women’s leadership skills and vision matter. Yet, entrenched selection patterns of corporate board members continue to largely overlook women candidates. Change in this sector only materialised in countries that set quotas by law or policy. It is time for women and men to be equally represented on company boards EU-wide. Beyond the moral reasons for diversity and inclusion, there are ample benefits of this Directive for companies, including greater creativity and increased productivity.”

Next steps

The political agreement reached by the European Parliament and the Council is now subject to formal approval by the co-legislators. Once published in the Official Journal, the Directive will enter into force 20 days after publication and Member States will then need to transpose the new elements of the Directive into national law within two years.

Background

The Commission tabled the proposal on gender balance in company boards in November 2012. It aimed at improving transparency in the selection of board directors in the largest publicly listed companies. While the European Parliament adopted its position in 2013, the Council could not reach an agreement on the file for almost ten years, with some Member States considering that binding measures at the EU level were not the best way to pursue the objective.

In her political guidelines, President von der Leyen committed to building a majority to unblock the Directive on women on boards.Finally, on 14 March 2022, the Council was able to adopt its general approach, unblocking the file. On 23 March 2022, the European Parliament reconfirmed its position, thereby paving the way for negotiations between the two co-legislators.

To lead by example, the Commission has, for the first time, achieved a fully gender-balanced college of Commissioners: since October 2020, 13 out of 27 Commissioners are women. The Commission also strives to reach gender parity (50%) at all levels of its management by the end of 2024.

National legislation and the state of gender balance in economic decision-making vary across Member States. Eight Member States have adopted national gender quotas. Ten Member States have opted for softer non-binding measures, and nine have no substantial legislation on the issue.

Legislative action to address gender imbalance continues to drive progress. Gender imbalance is more than twice as severe in countries that have taken no substantial action against countries that introduced measures. Countries with national quotas have the highest share of women sitting as board members of listed companies. However, to this day only one Member State has achieved effective gender balance on corporate boards.

A corporate board of a listed company is balanced when each gender makes up at least 40% of its composition.

The EU Gender Equality Strategy 2020-2025 presents policy objectives and actions to make significant progress by 2025 towards a gender-equal Europe. The goal is a Union where women and men, girls and boys, in all their diversity, are free to pursue their chosen path in life, have equal opportunities to thrive, and can participate equally in and lead European society. One of its key objectives is achieving gender balance in decision-making.

Source: Cyprus News Agency

Larnaca authorities expect around 100,000 people to visit the city this year for the Kataklysmos festivities that will take place between Friday and Wednesday at the Finikoudes coastal area of the town.

Larnaca Mayor, Andreas Vyras said during a press conference, on Tuesday, to announce the event that, after two years of absence, due to the pandemic, this important traditional event, that has been taking place for more than 100 years, is back. Larnaca, he said, is ready to welcome back the thousands of visitors, locals and tourists, who will honour the town with their presence for the Kataklysmos (flood) festivities. The Larnaca Kataklysmos Fair, celebrating Pentecost, is documented since the 19th century and is on the UNESCO national list of intangible cultural heritage of humanity.

The mayor said that this year, they have planned a six-day long programme between June 10 and 15, with music concerts, folk dancing, traditional tsiattista competitions, poetry, short plays, sports events and activities for children.

The festivities will kick start on Friday, at 8pm, with a parade. House President Annita Demetriou, who will be the guest of honour, will deliver a speech at the festival’s opening event.

Among the performers are popular singers Paola, Ilias Vrettos, Stavros Constantinou, Josephine, and Panos Mouzourakis. The garden theatre of the Medieval Castle of Larnaca will host the Karagiozis Shadow Theater Festival.

As every year, kiosks on Europe Square, will offer the opportunity to visitors to learn more about 13 traditional professions such as chair making and basket weaving. Craftsmen will be there to explain the process of creating these items.

The programme also includes swimming, sailing, canoe, and boat races, a beach volley tournament while the Golden Bay Hotel will host the Blitz Chess Tournament.

Responding to a question, Vyras said that it is estimated that around 100,000 people will visit Larnaca during these six days, while there is great demand for hotel accommodation mainly for the coming long weekend of Pentecost Monday.

Source: Cyprus News Agency

40% of non-executive director posts should go to the under-represented sex

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Dissuasive penalties for non-compliance

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Small and medium-sized enterprises with up to 249 employees will be excluded

After being blocked in the Council for a decade, EP and EU countries’ negotiators finally agreed on a bill to increase the presence of women on corporate boards.

The provisional agreement reached on Tuesday night on the draft legislation aims to ensure gender parity on boards of publicly listed companies in the EU.

At least 40% of non-executive directors should be women

The so-called “Women on Boards” Directive aims to introduce transparent recruitment procedures in companies, so that at least 40% of non-executive director posts or 33% of all director posts are occupied by the under-represented sex. Thanks to Parliament, companies must comply with this target by 30 June 2026, compared to the Council’s proposal of 31 December 2027. In cases where candidates are equally qualified for a post, priority should go to the candidate of the under-represented sex.

MEPs insisted that merit must remain the key criterion in selection procedures, which should be transparent, as part of the agreement. Listed companies will be required to provide information to the competent authorities once a year about the gender representation on their boards and, if the objectives have not been met, how they plan to attain them. This information would be published on the company’s website in an easily accessible manner.

Small and medium-sized enterprises with fewer than 250 employees are excluded from the scope of the directive.

Penalties

The proposal includes effective, dissuasive and proportionate penalties for companies that fail to comply with open and transparent appointment procedures. Parliament succeeded in including examples of specific penalty measures, such as fines and companies having their selection of board directors annulled by a judicial body if they breach the national provisions adopted pursuant to the Directive.

Quotes by the rapporteurs

Evelyn Regner (S&D, AT), co-rapporteur, said: “Parliament has been asking for a Directive for more women on boards for over a decade. The Council was finally ready to come to the table 10 years after the Commission made its proposal. It was high time to have binding measures. More women on boards make companies more resilient, more innovative and will help to change top-down structures in the workplace. One of the main achievements is transparency. Selection processes have to be based on clear, predetermined criteria and with this agreement, only the best candidates will be selected, thereby improving the overall quality of boards.”

Lara Wolters (S&D, NL), co-rapporteur, added: “All data show that gender equality at the top of companies is not achieved by sheer luck. We also know that more diversity in boardrooms contributes to better decision-making and results. This quota can be a push in the right direction for more equality and diversity in companies.”

Press conference

The lead EP negotiators Evelyn Regner (S&D, AT) and Lara Wolters (S&D, NL) will answer journalists’ questions on the deal on Wednesday 8 May at 9.00 CEST in the Daphne Caruana Galizia room (WEISS N -1/201) in the European Parliament in Strasbourg. More details on how to follow the press conference are available here.

Next steps

Once Parliament and Council have formally approved the agreement, the Directive will enter into force 20 days after it has been published in the EU’s Official Journal. Member states would need to implement the directive two years after it has been adopted. Parliament succeeded in including an assessment on the scope of the directive at a later stage on whether non-listed companies should be included in the scope of directive.

Background

The European Commission first presented its proposal in 2012 and the European Parliament adopted its negotiation position back in 2013. The file was blocked in the Council for almost a decade, until Employment and Social Affairs ministers finally agreed on a position last March.

Today, only 30.6% of board members in the EU’s largest publicly listed companies are women, with significant differences among member states (from 45.3% in France to 8.5% in Cyprus).

Source: Cyprus News Agency

This material is not a CNA editorial material and CNA shall not bear responsibility for the accuracy of its content. In case you have any questions about the content, kindly refer to the contact person mentioned in the text of the press release.

Source: Cyprus News Agency

In his address to MEPs on Wednesday, the Speaker of the Ukrainian Verkhovna Rada (parliament) Ruslan Stefanchuk called on the EU to endorse his country’s membership application.

Welcoming Mr Stefanchuk to the hemicycle in Strasbourg, Parliament’s President Roberta Metsola underscored Ukraine’s “fight for freedom, for democracy, for the values that bind us as Europeans, is our fight. What Ukraine has had to endure was unthinkable a few months ago, but your people have inspired the world.”

President Metsola added that the European Parliament will continue to actively support Ukraine’s efforts to be granted EU candidate status. “We know how important it is to send a clear signal that Ukraine’s place is within our European family. To tell everyone that Ukraine is Europe,” she said.

Mr Stefanchuk outlined how the initial Russian assault on Ukraine had shocked his country and the entire world, but that Ukrainians had quickly realised what they needed to do: unite against the aggressor.

Praising President Metsola for being one of the first European leaders to visit Ukraine following the outbreak of the war, he also thanked European countries for their response to the Russian aggression, for welcoming Ukrainian refugees, and for standing with the people of Ukraine in these dark times. At the same time, he raised the prospect of more action in the event of the war continuing, including further EU sanctions, even as they start to negatively impact European economies. “Because the price for defeat will be way bigger,” he said.

In addition, Mr Stefanchuk also expressed his deep wish for the European Union to strongly support his country’s desire to be granted EU candidate status. Ukraine and its people need this powerful message from Europe, he underlined, while pointing out that any other political signal would only benefit Russian President Vladimir Putin and his regime. He also thanked the European Parliament for its strong support for his country.

You can watch his address again here. (08.06.2022)

Source: Cyprus News Agency

Sixteen talented and sought-after artists from Cyprus have joined forces to take part in the charity exhibition “Make Art, Not War” to express solidarity with Ukraine and help Ukrainian refugees arriving in Cyprus.

The exhibition, which is supported by the German Embassy in Nicosia, will open on Thursday, 16 June, at 6.30 p.m. at 10.10Hall the ARt House and will run until 24 June.

A press release from the German Embassy said the participating artists are Andreas Makariou, Anna Privaloff, Andreas Paraskeva, Anna Varella, Andreas Nicolaou, Anna Reznikova, Cristina Countas, Irina Sigitova, Katie Sabry, Louis Yiannapis, Ludmila Budanov, Maria Michael, Marios Varellas, Nicholas Ladommatos, Pambos Charalambous, Tat Rosso.

The proceeds from the exhibition will be donated to the initiative CY4UA. This initiative was established shortly after the outbreak of the war in Ukraine and has been supporting Ukrainian refugees arriving in Cyprus since then.

On the occasion, the German Embassy said it stands united with its EU and Western partners in its condemnation and firm response to Russia’s deliberate and unprovoked invasion of Ukraine and in full solidarity with the Ukrainian people.

Source: Cyprus News Agency

The Cyprus problem was the focal point of the conference of the Federation of Cypriot-American Organizations that was successfully held on June 4, at the Terrace on the Park in New York.

Representatives of all associations and members of the Federation from all over America took part in the conference and debated on their future action plan.

The conference was addressed, inter alia, by the Permanent Representatives of Cyprus and Greece to the United Nations, Ambassadors Andreas Hadjichrysanthou and Maria Theofili, the Consuls General of Greece and Cyprus in New York, Michalis Fyrillas and Konstantinos Koutras, the Archbishop of America Elpidoforos, Presidents and members of many Cypriot organizations, while the Cypriot government was represented by the Presidential Commissioner Photis Photiou, a press release says.

The President of the Cyprus Federation of America, Kyriakos Papastylianou, in his speech to the conference pointed out the need to register Greek Cypriots in America, an effort that began on the initiative of the Cypriot unions, and called for continued support from the Cypriot government.

PSEKA President Philip Christopher, referred to the change of attitude of the American Government that has been observed in recent years towards Greece and Cyprus in relation to Turkey and pointed out that it is useful to increase the number of Greek members in Congress to promote national issues.

The Consul General of Cyprus in New York, underlined the work the Cypriot unions are doing, saying: “Despite the pandemic, you continue your activities, you continue to be committed to what you are doing and this is very important.”

The Consul General of Greece in New York, Konstantinos Koutras, said that the Cypriot Hellenism participates uninterruptedly and with special courage in all the great struggles of the nation.

Ambassador Hadjichrysanthou gave a speech on the Cyprus issue and what is expected from the UN. Regarding the resolution, which will be adopted at the end of July, he noted that it should include stronger references stressing that the basis for a solution to the Cyprus problem is clear in accordance with previous resolutions. He also pointed out the need to also strengthen the references to Varosia and the missing persons issue and called on all organizations to exert their influence in Washington in order to achieve a successful resolution.

The Greek Ambassador to the UN, Maria Theofili, pointed out that, in view of the Ukrainian crisis, Turkey is trying to exploit well-known ambiguous tactics in order to promote its revisionist plans both towards Cyprus and Greece and in the wider region.

“Cyprus issue, and not only the Ukrainian issue, is primarily a matter of invasion and occupation. Greece does not accept and will never accept the consequences of the Turkish invasion and this is exactly the message that together with the Cyprus Permanent Representative we promote every day within the UN,” Theofili said.

Source: Cyprus News Agency

Cabinet convenes today at 09:30 local time to make decisions about the funeral of late Minister of Labour Zeta Emilianidou which is expected to take place on Friday and how the state will honour her.

Emilianidou passed away on Monday evening at 68 years of age. She suffered a brain aneurysm mid May and she was being treated in an ICU at a medical center in Athens. The deceased will be transported to Cyprus today afternoon.

President Nicos Anastasiades contacted her family yesterday morning and expressed his deep condolences. All his activities have been postponed until the day of the funeral.

Flags at Presidential Palace and all government buildings are flying at half mast.

?essages of condolences are still pouring in.

Source: Cyprus News Agency

Cypriot MEPs, Loucas Fourlas (EPP) and Costas Mavrides (S&D), have explained the reasons of their abstention from voting on the EP report on Turkey.

Invited by CNA to comment on the report, Fourlas identified several gaps in the report on Turkey, adding that he could not vote in favour of a report that encourages the upgrading of the EU-Turkey customs union, classifies Kurds as terrorists and praises Turkey on the issue of immigration.

As far as Cyprus is concerned, Fourlas noted that after intensive efforts through the EPP, a very clear reference to Varosha and the illegal opening of the fenced-off city has been included.

On his part, Mavrides stated that key references were not included in the report on Turkey. In particular, the Social Democrat MEP stressed that on his initiative a reference on the withdrawal of the Turkish troops from Cyprus was adopted, while other crucial references were not included in the text, such as the ban on arms sales by the EU member states to Turkey and the imposition of sanctions.

Regarding EU-Turkey trade relations, Mavrides said that the report “encourages the upgrading of the Customs Union Agreement with the fulfilment of the existing obligations towards Cyprus, which Turkey refuses to fulfil since 2005, and therefore the Agreement should have been revoked”.

Cyprus has been divided since 1974, when Turkish troops invaded and occupied 37% of its territory.

Source: Cyprus News Agency

Parliamentarians from Cyprus and Ireland stressed the need of EU unity and common stance to all key issues concerning the individual Member States, during a discussion at the Parliamentary Committee on Foreign Affairs, in Nicosia, which was attended by the President of the Lower House of Ireland, Seán Ó Fearghaíl and a delegation, consisting of MPs Brendan Howlin and Ruairí Ó Murchú.

From the Cypriot side, the MPs stressed the need for the EU to show the same solidarity and sensitivity it shows towards Ukraine following Russia’s invasion, also in the case of Cyprus suffering from Turkey’s actions, as well as for the huge migration pressures that the country is facing. The need to strengthen Cyprus-Ireland cooperation in the field of higher education was also noted.

The Irish delegation noted the solidarity it has received from the EU concerning Brexit and the new challenges it faces, especially with regard to the Northern Ireland Protocol, which was part of the Brexit agreement, but Britain is now trying to act on it unilaterally.

The President of the Irish Lower House thanked Cyprus for its support on the issue of Brexit, stating that unfortunately the issue is still ongoing. He said that small countries often have common interests and must support each other.

He stressed that a great area of common interest between the two countries is conflict resolution and wished for unity to be achieved in Cyprus, noting that Ireland fully supports a bi-zonal bi-communal solution to the problem. He also noted that it must be heartbreaking for Cypriots to look at the green line and to see soldiers of the occupying force and added that “we need to get rid of that”. He also noted the need for local leadership on both sides to move forward.

On the issue of higher education, he said that they are committed to raising the issue of further cooperation with Cyprus, in the academic institutions of Ireland. He also spoke about the need for EU support for front-line countries regarding migration, while noting the need for the EU, in addition to the unified response to Ukraine, to see what is happening in other parts of the world where there are still crises, such as Afghanistan, Syria and Yemen.

The chairman of the Parliamentary Committee on Foreign Affairs, DISY MP Harris Georgiades, said that Russia’s invasion in Ukraine should be a wake-up call for the EU in terms of the need to formulate an effective foreign policy. As he said, similar aggressive actions by Turkey have been going on for years in Cyprus and the EU must ensure that its foreign policy will work effectively in the Eastern Mediterranean. As he said, Turkey’s actions in the Eastern Mediterranean constitute an open issue and a very open threat to Europe’s stability, while adding that the EU needs to have a credible policy regarding Turkey.

He also stressed the need for EU unity and credibility in its stance on all important issues, such as Brexit, immigration, the environment and open markets.

Source: Cyprus News Agency