Responsible Operation

Cyta is governed by a nine-member Board of Directors, its members appointed by the Council of Ministers for a term of 2.5 years. The Board is responsible for Cyta’s proper functioning and long-term development. It is also tasked with approving the organisation’s budget and strategy and with monitoring their faithful application.

More specifically, the Board is responsible for the implementation of general directives, issued by the State through the Minister of Finance. Members of the Board represent Cyta at conferences, in meetings and other events.

The Board may transfer any of its competences or administrative powers to any Board member, to the Chief Executive Officer or the Deputy Chief Executive Officer or to Committees comprising members of the Board and personnel members.

Corporate Risk Management & Business Continuity  
The Corporate Risk Management System is aimed to identify, assess and systematically manage all material risks associated with Cyta in order to ensure that objectives are met and achieve risk awareness on a corporate level. What is more, the Risk Management System can help to timely identify opportunities and harness the positive potential of business activities or changes occurring in the ontext of local or international conditions.

Internal Audit
In Cyta, Internal Audit contributes to securing the organisation’s smooth operation by providing independent and objective assurance as well as advisory services to the Administration and Management in terms of the adequacy and effectiveness of risk management activities, security safeguards and corporate governance–namely the core principles of business excellence. The aim of the Internal Audit is to create value for the organisation and to help strengthen its performance through the quality of its work.

Audit Committee
The Audit Committee operates in alignment with the principles of Corporate Governance. It is comprised exclusively of members of Cyta’s Board of Directors.
Among other things, the Committee reviews the following:

  • The Organisation’s Financial Statements and the Accounting Principles according to which they are prepared. 
  • The appointment and remuneration of External Auditors and the effectiveness of External Audit, including assessment of the independence and objectivity of the External Auditors.
  • The adequacy and effectiveness of the Internal Audit System regarding both Cyta and its subsidiaries.
  • The Annual Audit Programme, progress made on its implementation, and Internal Audit reports.
  • The evaluation of the Internal Audit as well as its proper and effective organisation, staffing and operation.

Any successful organisation in the Information Technologies and Communications sectors runs on the basis of simplicity, speed, flexibility and innovation. These are the necessary characteristics for the operation of any successful organisation in our contemporary setting of fluidity.

Bearing this in mind, internal preparations are already underway for a holistic modernisation of the institutional framework, of governance, of the internal operation model and of workplace customs. The aim is to prepare the ground for Cyta’s flexible and innovative operation whilst pursuing its goals for simplification and speed.