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Ensuring Transparent And Fair Value In Privatisation

by THEFUTURE.TEAM

September 30, 2025

State Aid Commissioner Stella Michaelidou has reiterated that the bidding process in all privatisations must be conducted in an open, transparent manner that ensures equal access to information and avoids any conditions that might depress the final sale price. This principle is especially critical in the forthcoming privatisation of the Cyprus Stock Exchange.

Open And Transparent Bidding Process

Commissioner Michaelidou emphasized that competitive tenders should be free from restrictions that could lower the ultimate valuation of the asset. Speaking with the Cyprus News Agency, she clarified that the tender process for the Cyprus Stock Exchange must be rigorously assessed under EU state aid rules. This assessment will be carried out by her office and, if necessary, by the European Commission, ensuring that market standards are maintained.

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Independent Valuation And Fair Pricing

The Commissioner stressed the necessity of an independent valuation conducted by a certified firm to ascertain fair market value. “The sale must be conducted at a price that reflects fair value, without being undervalued,” she stated. This insistence on an unbiased valuation prevents any mispricing that could arise from state-imposed conditions or undisclosed arrangements.

Safeguarding The Market Economy Principle

Michaelidou made it clear that the privatisation process must avoid incorporating elements that represent state intervention post-sale, such as special privileges or exclusive rights. She noted that retaining a state stake allows the government to monitor and influence the new owner’s management, contrary to the market economy investor principle where conditions that could lead to state aid should be avoided.

Mitigating State Aid And Ensuring Legal Certainty

Highlighting the broader framework of EU state aid rules, the Commissioner advised that each privatisation case be examined based on its specific data. Conditions imposed in the tender documents must be assessed to ensure they do not translate into state aid. Michaelidou referred to legal precedents where private investors would not impose such conditions, thereby reinforcing the necessity for market-compliant processes.

Ensuring Competitive And Unbiased Tenders

In addition to rigorous evaluations, potential conditions such as tax benefits, guarantees, or debt conversions must be scrupulously examined to ensure they do not provide undue advantages. The assessment should consider realistic market behaviors, risk profiles, and expected returns. The Finance Ministry has been advised to subject any tender conditions to this evaluative process, with the option of using the European Commission’s preliminary notification process to secure legal certainty.

In summary, Commissioner Michaelidou’s guidance underlines the importance of adhering to market standards. By ensuring that bids are invited in an open, transparent manner and that the sale is underpinned by an independent valuation and free of state intervention, the privatisation process can maximise revenues while maintaining fair competition and legal clarity for all parties involved.

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Women Remain Underrepresented Among Scientists And Engineers Despite Sector Growth

Overview Of The Sector Growth

Recent Eurostat data show continued growth in Europe’s science and technology workforce. In 2025, more than 81.6 million people aged 15 to 74 were employed in science and technology occupations across the European Union, representing a 1.8% increase compared with 2024 and a 25.3% rise over the past decade.

Cyprus recorded a similar trend, with women accounting for 51.8% of the science and technology workforce, slightly below the EU average but still among member states where women represent a majority of employees in the sector.

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Women’s Representation And Its Implications

Women accounted for 52.5% of the science and technology workforce across the EU, representing approximately 42.8 million workers. Service activities remained the largest area of employment for women in the sector. Their share increased by 2.3% compared with the previous year and by 27.9% since 2015, equivalent to an increase of 9.3 million workers. The figures reflect the continued growth of female participation across science and technology occupations over the past decade.

Persistent Gender Imbalance In Specialized Roles

Despite representing a majority of the overall science and technology workforce, women remained less represented in specialist positions such as scientists and engineers. In 2025, women accounted for 40.8% of scientists and engineers across the European Union, an increase of 0.5 percentage points compared with 2015. At the same time, the number of women employed in these professions rose from 5.3 million in 2015 to 8.2 million in 2025, representing a growth of 54.4%. Germany recorded the largest number of scientists and engineers in the EU, with 4.2 million people employed in these occupations.

Regional Variations Across Europe

Disparities are also evident at the regional level. Latvia, for instance, recorded the highest share of women in science and technology at 62.4%, followed by Hungary’s Great Plain and North region (61.1%) and Estonia (60.5%). In contrast, Corsica in France reported only 42.7%, with Malta and Italy’s Centre region trailing at 46.0% and 47.2% respectively. These variations signal the need for tailored policies to address local challenges while promoting a unified approach toward gender inclusivity across the EU.

Conclusion

Eurostat data show continued growth in science and technology employment across Europe, alongside rising female participation in the sector. Women represented a majority of the overall science and technology workforce in 2025, although their share among scientists and engineers remained lower than in the broader sector. The latest figures provide a snapshot of how employment patterns across science and technology occupations have evolved over the past decade.