CIFA Annual Review 2020

Cyprus Investment Funds Association (CIFA)
Financial Statements for the year ended 31 December 2019 41
REPORT OF THE BOARD OF DIRECTORS
The Board of Directors of the Cyprus Investment Funds Association
(CIFA) (the ‘’Association’’) presents to the members its Report and
audited financial statements of the Association for the year ended 31
December 2019.
Principal activities and nature of operations of the Association
The principal activities of the Association, which are unchanged from last
year, are to act as the single unified representative body of the industry
in Cyprus, representing the sector in economic missions to promote
and support the development of the Cyprus Investment Fund industry,
provide support to its members in knowledge building through regular
educational programs and encourage maintenance of industry standards
and professionalism.
Results
The Association’s results for the year are set out on page 44.
Board of Directors
The members of the Association’s Board of Directors as at 31 December
2019 and at the date of this report are presented on page 40. All of them
were members of the Board of Directors throughout the year ended 31
December 2019.
The Electoral General Meeting is held every three years.
Independent Auditors
The Independent Auditors, Joannides + Co Limited, have expressed their
willingness to continue in office and a resolution giving authority to
the Board of Directors to fix their remuneration will be proposed at the
Annual General Meeting.
By order of the Board of Directors,
Maria Panayiotou
Secretary
Nicosia, ................... 2021