Cyprus records sharp petrol price rise as MPs examine board gender balance bill

Nicosia, Cyprus. Cyprus recorded the EU’s fourth-largest monthly increase in petrol prices in August, according to Eurostat data released on Tuesday. On the same day, MPs began examining legislation on gender balance in listed company boards, while CySEC formally confirmed its chairman and vice chairman.

Petrol prices

Petrol prices in Cyprus rose by 6.2 per cent between July and August. Only Spain, with an 8.2 per cent increase, Romania, at 6.6 per cent, and Italy, at 6.3 per cent, recorded larger monthly rises.

Across the EU, petrol prices increased by 3.3 per cent in August compared with July, following a 4.7 per cent increase in July compared with June.

Board gender balance legislation

The bill before the House energy, trade, industry and tourism committee would require at least 33 per cent of director positions at listed companies to be held by the underrepresented gender.

It would also change director selection procedures, which would have to be based on clear, neutral and objective criteria, with greater emphasis on transparency and merit in senior appointments.

Listed companies would face new reporting requirements, while the Office of the commissioner for gender equality would monitor implementation. Companies covered by the law would have to submit annual reports containing information on their compliance.

The Commissioner’s office welcomed the start of the parliamentary debate, linking more balanced representation to equal opportunities, transparency, merit in appointments and greater participation by women and men in economic decision-making.

CySEC appointments

Cyprus Securities and Exchange Commission chairman George Karatzias and vice chairman Loukas Lagoudis signed their contracts with Finance Minister Makis Keravnos on Tuesday, formally confirming their assumption of the two senior positions at the regulator.