The Annual General Meeting was held on 17th November 2015 at 18.00 hrs at the Amathus Beach Hotel in Limassol.

The closed session of the meeting was attended by the CIBA members and proceeded to its business at 18.00 hours chaired by President Frixos Savvides.

The President referred to the Financial Statements of 2014 and

• informed the members that the Board had approved the Financial Statements of 2014 and these are now presented to the members for approval

• the same were unanimously approved by the members.

The President expressed his appreciation and thanks to Mr. Tassos Nolas of PWC for their work and support during 2014.

Immediately afterwards the President asked Mr. Chris Koufaris to present to the Meeting the Executive Committee Report on CIBA and its activities.

Mr. Koufaris presented by way of a PowerPoint presentation the Report, which covered:

• The current structure of the Executive Committee
• The current structure of CIBA membership
• Statistical information on the number of companies registered with the Company Registrar YTD October 2015 compared to previous years
• The Member’s Meetings
• Other notable events, activities and upcoming events of the association

Mr Koufaris thanked various the Government Departments and Organisations for their support and their co-operation with the Association. In addition, he thanked all of CIBA’s sponsors, as well as the exclusive sponsors of the 2015 AGM, D.D. Fidelity Associates Ltd.

In concluding, the members approved the reappointment of PWC as auditors.

The President adjourned the meeting at 18.45 hours.

The Open Meeting started at 19.00 hours with the arrival of Minister of Transport, Communication and Works, Mr. Marios Demetriades – who was representing the President of the Republic, Mr. Nicos Anastasiades who was unable to attend – and other officials.

The President of the Association Mr. Frixos Savvides, opened the meeting with his address.


Thereafter, Minister of Transport, Communication and Works, Mr. Marios Demetriades, addressed the meeting.


Subsequently upon the conclusion of Minister’s speech, the President Mr Frixos Savvides invited him to Award the CIBA 2015 Business Excellence award. This year’s award was presented to RCB Bank Ltd. in recognition of their commitment to corporate social responsibility and their contribution to the restoration of confidence to the Cyprus economy. The award was accepted by Mr. Kiril Zimarin CEO of the company.

A filmnet by RCB Bank was shown to the audience and thereafter a thank you acceptance speech was given by Mr. Kiril Zimarin, CEO of RCB Bank Ltd.

The President thanked all those present for honouring the Association with their presence and subsequently, declared the Meeting closed and invited all members and guests to proceed to the cocktail reception which was well hosted by the Amathus Hotel. The management and staff of the Amathus are congratulated and thanked for their excellent organisation of the event.