Nicosia, Cyprus. Cyta chief operating officer Nicos Stylianou said the organisation’s True Value assessment aims to capture its wider economic, social and environmental impact in Cyprus. He said the approach responds to growing public demand for transparency.
Rationale for the assessment
Stylianou said Cyta’s role extends beyond connectivity and communication technologies, describing it as part of daily life in Cyprus and the country’s development. He said the decision to proceed with the True Value methodology was driven by increasing public interest in what organisations, particularly those of public benefit, offer to citizens and the country.
Measuring value beyond financial statements
Stylianou said Cyta generates economic value through its services, investments and network of partners, while also producing social value and environmental impact that affect daily life and the economy. He said the assessment aims to present this overall picture using data, translating activity into figures intended to show benefits for Cyprus.
Methodology and scope
He said economic value typically includes what is reflected in annual financial statements, such as revenue, operating costs and profitability. He described True Value, or Real Value, as a methodology aligned with international standards that measures economic, social and environmental contributions and converts them into an equivalent financial value.
Recorded effects and impacts
Stylianou said the approach records positive effects including investments in technological infrastructure, tax payments, job creation, training and social responsibility initiatives, while also taking into account impacts such as environmental effects arising from operations.
What impact do you expect public-benefit organisations in Cyprus to disclose beyond their financial results?
