CYPRUS: Changes at BOC board, PwC new auditors from 2019

Bank of Cyprus announce that it has appointed Marios Kalochoritis as a Senior Advisor to the Group Chief Executive Officer and will resign from the bank’s board of directors.

 
As a Senior Advisor, Kalochoritis will oversee and help manage certain of the assets and exposures that were acquired by the bank during the recent economic turmoil. In that capacity, he will join the boards of a number of companies in which the bank has significant economic interests. He will represent and advise the bank in managing the value of these investments.
Kalochoritis has been a board member of BOC Holdings since the end of 2016 and of the bank since 2013.
In an announcement, the bank said that “in his new role, Kalochoritis will draw on his own experience as a successful banker, manager and businessman, as well as the valuable insight into the Group that he has acquired while serving on the boards.
Kalochoritis will now step down from the boards, as well as from the relevant Risk Committee (RC) and Human Resources and Remuneration Committee (HRRC), to be replaced by Anat Bar-Gera.
Meanwhile, the bank also announced that it has appointed PwC LLP of the UK and PwC Cyprus as the new auditors from January 1, 2019, replacing EY (Ernst & Young).
The bank had announced in its Annual Corporate Governance Report 2016, its intention to conduct an audit tender during 2017.
A competitive tender process took place recently and the board has approved the Group Audit Committee’s recommendation for the appointment of PwC UK as the external auditors of the Group and PwC Cyprus as the external auditors of the bank for accounting periods commencing on January 1, 2019 and thereafter. The appointment of PwC UK and PwC Cyprus will be recommended to the shareholders for approval at the 2019 Annual General Meeting.
EY will continue in its role and shall audit the Group’s interim and annual financial statements for the financial years ending 31 December 2017 and 2018.