As it is widely known our Managing Director, George Savvides, has been the instigator and among the founders of the Cyprus Fiduciary Association, a non-for-profit organisation representing Cyprus companies providing corporate, trust and related services, known as Administrative Service Providers. George also served as President of the Board of Directors of the Association for five years, from its creation in 2011 until 2016.
During an event organised by the Cyprus Fiduciary Association in the evening of 4 December 2019, George was presented with an Honorary Membership Award, “in recognition of his leadership, invaluable contribution and tireless service” as it is mentioned on the honorable plaque.
In his short speech George thanked the Board of Directors and the members of the Association for the great honor. He added that it always feels nice to know that your contribution and efforts are recognised and applauded.
George mentioned that although during his presidency there was a lot of hard work to set up the Association and attract members and despite the difficult years of the financial austerity that followed, his and the Board of Directors’ role back then was easier than currently, in terms of the Association being relevant to its members. At the time, providers were seeking to get together because initially the industry was not regulated, so they wanted to be part of a body which applied certain minimum standards related both to compliance with laws and regulations but also concerning customer service. Afterwards, with the introduction of regulatory legislation, they were seeking guidance and advice in order to comply with initial and ongoing obligations. When the financial crisis hit the country people were leaning towards the Association for exchanging ideas and representation to the various stakeholders. Finally, in the years that followed, another important role played by the Association was the promotion of the industry and the country both at a local and at an international level.
George added that in contrast now that things are running much smoother in all respects, the job of the current Board of Directors is harder in terms of making sure that the Association remains relevant for its members. To that respect, joking, he concluded that he would probably not like to be in the position of the current President!
You can find below some pictures from the event.