In a move poised to reshape the landscape of corporate leadership in Cyprus, a new professional body has been established to champion the highest standards of governance and ethical practice. The formal inauguration of the Cyprus Institute of Directors & Corporate Governance (CyIoDCG) is scheduled for Monday, March 9, 2026, at the Bank of Cyprus Corporate Headquarters in Nicosia, signaling a pivotal moment for the nation’s business community. This launch represents the operational commencement of an institution whose central purpose is to cultivate a culture of integrity, accountability, and strategic foresight within the boardrooms of Cypriot organizations. As businesses navigate an increasingly complex global environment, the establishment of the CyIoDCG underscores a collective commitment to strengthening corporate resilience and fostering sustainable success through principled leadership and robust oversight frameworks. The event is expected to draw prominent figures from across the business and professional sectors, all converging to witness the beginning of a new chapter in Cypriot corporate excellence.
A New Standard for Directorship
The core identity of the Cyprus Institute of Directors & Corporate Governance is encapsulated in its mission to promote excellence in directorship while championing good governance. The Institute has set forth an ambitious vision to be recognized as the foremost authority on corporate governance in Cyprus, aiming to forge strong alliances with like-minded institutions across Europe to foster a cross-border dialogue on best practices. A key objective is to advocate for the development of “fit-for-purpose” Boards of Directors that are not only effective and accountable but also deeply grounded in ethical principles. To achieve this, the CyIoDCG is founded upon a robust set of values that will guide its activities and the standards it promotes. These foundational principles include an unwavering commitment to integrity and ethical leadership, the promotion of accountability and stewardship, the necessity for independence of judgment free from conflicts of interest, and a dedication to professional excellence and continuous learning to navigate the evolving business landscape. This framework is designed to build a culture of transparency and trust between corporations and their stakeholders.
A central component of the Institute’s strategic plan is the introduction of a flagship Directors’ Certification & Development Program, meticulously designed to empower both current and aspiring directors. This comprehensive program aims to provide senior leaders with the essential skills, sophisticated judgment, and strong ethical foundation required to address the complex economic and societal challenges of the modern era. The curriculum will focus on practical applications of governance principles, ensuring that graduates are well-prepared to contribute to effective, accountable, and ethically sound boards. By fostering a commitment to ongoing professional development, the CyIoDCG seeks to create a new generation of directors capable of driving long-term value and organizational resilience. The launch event, which will provide further details on this program, is supported by notable sponsors including Bank of Cyprus Holdings Plc, ECOMMBX LTD, and Petrolina Holdings Public Ltd, reflecting strong backing from the business community for this critical initiative.
Governance, Leadership, and the Path Forward
The CyIoDCG is actively inviting applications for membership from a specific cadre of qualified professionals, extending its reach to experienced directors at the board or company level and senior C-Level executives. The Institute aims to attract a diverse membership from a wide range of organizations, including publicly listed companies, regulated institutions, private enterprises, state-owned entities, and government institutions, thereby creating a rich network of expertise and experience. The governance of the Institute itself is entrusted to a distinguished Founding Board composed of prominent figures from the Cypriot business and professional community. This board is led by Chairman Kyriacos Kokkinos, Vice-Chairwoman Demetra Kalogerou, Secretary Marios Siathas, Treasurer Rea Georgiou, and Honorary Chairman Evdokimos Xenophontos. The board’s members include Achilleas Emilianides, Evgenios Evgeniou, Maria Tsiakka, Petros Florides, Cleopatra Kitti, Constantinos Papanastasiou, Christos Petrides, and Philokypros Rousounides, whose collective leadership will guide the Institute in achieving its strategic objectives.
The centerpiece of the launch event will be a compelling keynote address delivered by Professor Ludo Van der Heyden, a globally respected authority on corporate governance who holds the titles of Chaired Professor Emeritus at INSEAD and Distinguished Scholar at IMD. His speech, titled “Why Governance Matters Always: The critical role of Directors,” will explore the enduring and evolving significance of robust governance in today’s world. Professor Van der Heyden is expected to argue that effective governance is not a luxury for prosperous times but a fundamental necessity for survival and success, particularly during periods of volatility and crisis. His address will delve into the critical distinction between governance—the framework of oversight and strategic direction—and execution, the day-to-day management of an organization. He will emphasize that a strong governance culture, underpinned by solid values and ethics, is foundational to corporate resilience and long-term success. Drawing upon his extensive international experience, he will discuss the pressing imperatives for modern boards, including the call for integrity, the true meaning of independence, and the courage required for principled decision-making.
The Architecture of Corporate Freedom
Professor Van der Heyden’s perspective reconceptualized corporate governance not merely as a defensive compliance mechanism but as a proactive strategic asset, which he termed the “architecture of corporate freedom.” This framework was designed for the sustainable generation of value for all stakeholders, achieved through a focus on long-term value creation and prudent cash flow governance. In this view, directors served as the “custodians of this architecture,” tasked with bringing independent thought, a long-term perspective, and value-driven judgment to boardroom discussions. By challenging assumptions, shaping corporate culture, and aligning the organization’s purpose with its performance, effective directors ensured that companies remained trusted, adaptive, and relevant. This proactive approach to governance enabled organizations not just to navigate change but to lead it, creating durable value while safeguarding against the risks of autocratic leadership and personal agendas that could ultimately harm the corporation. The successful implementation of such an architecture depended on a collaborative practice involving key stakeholders, including owners, executives, and regulators, to build truly resilient and forward-thinking enterprises.
