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Board-level Representation

Employees have no statutory right to be represented at board level in Cyprus, although there are union representatives on the boards of two banks.

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Financial Participation

Employee financial participation in the form of employee (share) ownership or profit-sharing plays only a small role in Cyprus’ economy.

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Key Facts

Population2,055,496
Collective Bargaining Coverage 90%
Proportion of Employees in Unions 27%
Principal Level of Collective Bargaining

industry

Workplace Representation

union and works council

Board-level Representation

yes: state-owned and private companies

Company Board Structure

monistic or dualistic (choice)

Sources: see individual country sections; where a range of figures has been quoted, the lower number has been taken

 Cyprus*

Transposition of the SE legislation in Slovenia (Final Report: June 2006)

The process of implementing the SE statute in Slovenia began in November 2004, when the Slovenian government confirmed amendments to the Companies Act (amendment ZGD-H). However, in December 2004 the amending law was passed without provisions on the European Company. The reasons for this delay were the change of government and the strong influence of the SE regulation and the SE directive on Slovenian company and industrial relations law. Hence, Slovenia was one of the Member States furthest behind regarding implementation of the SE statute and was warned by the European Commission to speed up the implementation process, receiving an official letter in December 2005.

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Board-level representation in the European Company (SE)

Until 2004 there was no European standard of worker participation on the supervisory board or the board of directors of companies. The European Company (SE) legislation for the first time introduced a European reference for this form of worker interest representation familiar to many national corporate governance systems.

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Transposition of the SE legislation in the Slovak Republic (Report: July 2004)

The Slovak Republic is committed to transposing the acquis communautaire as a whole, with some derogations, by the date of EU accession, 1 May 2004. Under the auspices of the Ministry of Justice and the Ministry of Labour, Social Affairs and Family a new Act on the European Company (hereafter “SE”) was drafted, and on 13 May 2004 submitted for debate by the Council of Economic and Social Agreement (hereafter “CESA”). The Act was discussed and approved by the Slovak government on 26 May 2004, although it has not yet been discussed by the CESA. According to the legislator, a significant impact on employment is not expected. A negative impact could derive from the transfer of an SE’s registered office to another member state, but it is anticipated that this would affect relatively few jobs.

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