The Logicom 19th Annual General Meeting was held on June 21st at the Hilton Hotel in Nicosia.
The Meeting was attended by 38 shareholders in person, and 10 shareholders via proxy, representing a total of 70 % of the issued shares.
As part of the proceedings, the Board of Directors Annual Report, the Group's Audited Financial Statements, the Consolidated Financial Statements, the Corporate Governance Report and the Auditors' Report for 2017 were submitted and all were approved by the shareholders. The shareholders also approved a payment of a dividend of €0.065 per share (19.12% on the nominal value of the share) that corresponds to 30.82% of the Profit Attributable to Shareholders.
The directors Mr. Giorgos Papaioannou and Mr. Anastasios Athanasiades, retired pursuant to the rotation process and were reelected by the shareholders. Mr. Adamos Adamides, who had completed his one-year re-election period, did not offer himself for re-election.
Mr. Adamides, Chairman of the Board of Directors, addressed the subject of his retirement in his speech to shareholders. He expressed his gratitude for his 19 years as Chairman of the Board of Directors of Logicom, and thanked each and every member of the Board of Directors and managing team for their contribution and cooperation, stating that "I am certain that Logicom's vision will continue to be fulfilled. My confidence is based on the fact that seeing this vision come to life is a goal that is shared by all."
He ended his speech with a heartfelt farewell to the colleagues and members of the Board who had stood by him throughout his tenure: "The responsibilities with which I have been entrusted, and the length of my service have naturally led me to become emotionally connected to Logicom, and this is relationship that I will treasure always."
In his address, Logicom's Managing Director and Vice-Chairman of the Board, Mr. Varnavas Irinarchos, welcomed shareholders and referred to the poignant atmosphere that permeated this Annual General Meeting as a result of Mr. Adamides' departure:
"Although we have been aware since last year of the decision of our President and very good friend, partner, and mentor for the past 35 years, Mr. Adamides, to not seek re-election in the Board of Directors, we still find today to be an emotional one. "
He went on to describe Mr. Adamides lasting effects on Logicom: "Mr. Adamides, having taken over the company's chairmanship on 8th July 1999, inspired among Logicom's management a spirit of progress and integrity, not only with regard to our professional activity, but also our interpersonal relationships."
Mr. Irinarchos thanked Mr. Adamides for his service, stating: "On behalf of the Logicom family, we thank you for your generous offering throughout these years. As you begin this next chapter of your life, I wholeheartedly wish you and your wonderful family health and good fortune."
Mr. Irinarchos went on to address the Logicom Group's focus and priorities, and the company's success in the past year:
"Our Group continued on its positive trajectory in 2017, achieving significant growth in its financial results, as well implementing to a large degree its goals and objectives."
He addressed the Group's many achievements over the past year, most specifically the development of Logicom's digital ecosystem, which included an upgrade and expansion of the Logicom Cloud Marketplace, e-Commerce, the CRM system, and other digital infrastructure, such as the Employee Portal.
He explained: "In the service sector, we have strengthened our ability to implement complex digital transformation projects. We have also strengthened our consulting services with sophisticated analytical and digitization capabilities. We are thus able to help our clients understand the changes that are taking place , and formulate their digital transformation strategies."
Mr. Irinarchos also emphasized the prevalence of cybercrime, and the need for mitigating this risk. "We have upgraded our Group's cybersecurity proposal through new partnerships with the world's most specialized companies in this field."
Beyond the Group's investment in digital transformation, Mr. Irinarchos commended Logicom's expansion of operations in the more traditional areas of technology, including an extension of strategic partnerships with Oracle, Cisco, HP Inc., Hewlett Packard Enterprise, Dell EMC, and Computer Associates.
Mr. Irinarchos also expanded on the important and complex infrastructure projects the Group has undertaken both in Cyprus and abroad, including the installation of a security system for the Cyprus Telecommunications Authority against DDOS attacks, the optical network expansion of the telecommunication provider Melita in Malta, the pilot phase of the installation of smart meters for the Electricity Authority of Cyprus, and many more.
Finally, Mr. Irinarchos expressed his pride at Logicom's investments and achievements in its home base of Cyprus, especially the Group's many Corporate Social Responsibility Activities. These include, among others, the offering of 15 post-graduate scholarships to Cypriot students in the areas of Cloud Computing, Artificial Intelligence, Big Data & Analytics, Cybersecurity, Internet of Things (IoT), Machine Learning and Blockchain, as well as the Company's continued sponsorship of Cyprus' largest running event, the Cyprus Marathon. These actions have all led the company to become the first in Cyprus to implement the provisions of the International ISO 26000 standard for Corporate Social Responsibility and become verified by an international independent body.
Mr. Irinarchos expressed his confidence for the future, affirming that "We believe we have the right strategy, and are well positioned and ready to face challenges but also to take advantage of the opportunities that are expected to emerge." He ended his address by thanking the Board of Directors, Management Team, Staff and Shareholders for their support and trust.