Central Bank of Cyprus updates governance framework and conflict of interest rules

The Central Bank of Cyprus (CBC) has released a summary of its governance framework, detailing decision-making structures and measures against conflicts of interest. The Governor serves as the head of the institution, presiding over the Board of Directors, the Resolution Authority, and the Executive Committee, with a five-year renewable term appointed by the President of the Republic. The Board of Directors includes the Governor, the Deputy Governor, two executive consultants, and five non-executive consultants. Personnel and board members are strictly required to disclose any potential or perceived conflicts between personal interests and official duties. Procedures have been established to record and mitigate these conflicts, which may include relieving staff of specific tasks. Furthermore, staff members performing supervisory duties are subject to a cooling-off period of six months after leaving the bank before accepting roles in supervised institutions. These measures aim to increase institutional transparency, accountability, and public trust.