The subject of economic transparency of the Independent Social Support Body, chaired by the First Lady, Philippa Karsera Christodoulides, has been indirectly raised in Parliament.
The reason is a bill proposed by the DISY MP of Ammochostos, Nikos Georgiou, which is expected to be included in the agenda of the Institutions Committee meeting next Wednesday.
The proposal, also co-signed by DISY MP of the Ammochostos electoral district, Kyriakos Chatzigiannis, includes two main parameters.
The maintenance of a register for the origin of donations and other financial resources from legal events, as well as the disclosure of a relevant list.
According to the explanatory report with which Nikos Georgiou justifies the proposal, the aim is to enhance transparency and accountability regarding the resources of the Independent Social Support Body’s special fund.
The Body was established by relevant legislation in 2014 and operates as a special fund.
According to the Law, it aims to “provide financial support to a natural person, whom the Committee deems to be a person in need according to the provisions of this Law.”
The finances of this Independent Social Support Body are managed by a management committee, chaired by, according to the existing legislation, “the spouse of the respective President of the Republic.” In this case, it refers to Philippa Karsera Christodoulides.
Regarding the financial audit of this body, the Law does not provide for any disclosure regarding the origin of the funds.
Specifically, the Body is obliged to prepare financial statements annually, based on international accounting standards, and submit them to the Ministerial Council through the Minister of Finance.
A copy of the financial statements is also submitted to Parliament and published in the official Gazette of the Republic.
Moreover, the Minister of Finance submits a list to Parliament every six months detailing all benefits to beneficiaries.
However, there is no provision for the source of the funds.
It should be noted that the resources of the Body come from donations and contributions or from legal activities approved by the management committee.
Obviously, the MPs promoting this bill consider covering this parameter necessary, i.e., accountability for the origin of the funds.
Nikos Georgiou’s proposal, co-signed by Chatzigiannis, provides for the amendment of two articles of the main Law, in such a way that, according to the explanatory report, “the management committee of the special fund of the Body should keep a register and post a list on its website regarding its resources, which may come from contributions and/or donations from natural and legal persons, as well as from any other legal source or activity approved by the said committee.”
According to an interview given by Philippa Karsera Christodoulides last February 11, 2024, to Phileleftheros, the Body aims to spend €2 million for the current academic year (2023-24) to assist more than 1,000 individuals.
The First Lady had justified her optimism for raising the aforementioned amount by saying that within ten months she had utilised her contacts “as the spouse of the President of the Republic, both in Cyprus and abroad, to find major sponsors who would believe in the Body and the power of education as we do.”
In the same interview, she also indicated the origin of these funds: “I am truly grateful to patriotic Cypriots, both within and outside our country, large businesses, the shipping community, and other organisations and foundations that responded to our call, supported, and will consistently support the Body by contributing positively to society. Support through the Body is not charity; it’s an act of social responsibility.”
“To give an enterprise back to the state – and society – something significant as a sign of interest in its future, a sign of appreciation for the safe environment that the state offers for their operations and profitability.”
