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Urgent Call For Telework Measures Amid Heightened Security Risks At British Bases In Cyprus

The British Base Personnel Sector of PASYDY has requested the introduction of telework arrangements for employees working at British bases in Cyprus. The request was submitted to Stephen B. Dougan, Deputy Command Secretary of the Sovereign Base Areas Administration (SBAA), through the union’s General Secretary.

Rationale Behind Telework Implementation

According to PASYDY, the administration of the British bases has instructed personnel at the Akrotiri base to leave the area, with operations continuing only with essential security staff. No similar directive has been issued for facilities in Episcopi, Dhekelia and Agios Nikolaos. Employees at those locations continue to work on site, according to the union.

Telework Directive: A Proactive Strategy

In its letter titled “Urgent Recommendation For Immediate Telework Implementation,” PASYDY said it is concerned about the security situation in the region. The union wrote: “We express our concern regarding the current situation and the military developments in the region, which may pose risks to personnel working at British bases in Cyprus.” PASYDY suggested that employees whose duties do not require a physical presence should temporarily move to telework arrangements.

Operational Safety And Leadership Accountability

Continuing on-site operations under current security conditions could expose staff to additional risks, the letter states. PASYDY argues that introducing telework arrangements for roles that do not require a physical presence would help reduce potential exposure while allowing operations to continue.

The union also urged the administration to consider the request with urgency and introduce the necessary adjustments where possible. According to the letter, such measures would prioritize employee safety while maintaining operational continuity.

PASYDY noted that similar remote-work arrangements have been adopted by organisations and institutions during periods of heightened uncertainty, particularly when security or operational conditions affect normal workplace activity.

Eurobank Approves €258.7M Dividend And €288M Share Buyback

Robust Dividend And Share Repurchase Initiatives

Eurobank S.A. shareholders approved a dividend distribution of €258.7 million at the annual general meeting held on April 28. The resolution was supported by approximately 77% of paid-up capital, representing more than 2.77 billion voting shares. The dividend will be paid from special reserves and remains subject to approval by the European Central Bank.

Strategic Share Buyback And Capital Optimization

In addition, shareholders approved a share buyback programme of up to €288 million over the next 12 months, pending regulatory clearance. The programme includes the cancellation of 28,097,019 own shares, which will reduce share capital by approximately €6.18 million. Following this adjustment, total share capital is set at €792,751,032.04, divided into around 3.6 billion ordinary voting shares with a nominal value of €0.22 each.

Enhanced Executive And Employee Incentives

Alongside capital measures, the meeting addressed remuneration. Shareholders approved an allocation of €35.2 million from special reserves for employee compensation. A five-year programme was also introduced to distribute shares to eligible executives and employees of Eurobank and affiliated entities. In parallel, a revised variable remuneration framework allows selected senior executives to receive up to 200% of fixed pay.

Governance And Audit Oversight Reforms

Changes were also made at the board level. Alexandra Reich was appointed as an independent non-executive director, replacing Jawaid Mirza. Following this appointment, eight of the thirteen board members are classified as independent. Amendments to the articles of association introduce flexibility in board terms and allow partial renewals.

Strengthening Audit And Sustainability Commitments

On the audit side, KPMG Certified Auditors S.A. was appointed as the statutory auditor for 2026. The fee is set at €1.8 million for statutory audits of separate and consolidated financial statements, with an additional €0.3 million allocated for assurance of the sustainability statement. The meeting also approved the 2025 remuneration report and confirmed committee fee arrangements, alongside updates on audit committee activity and independent director reporting.

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