Asbis Strengthens Governance Practices While Addressing Key Compliance Gaps

Cyprus-based IT firm maintains transparency while working to align fully with global governance standards

ASBISc Enterprises PLC has reaffirmed its commitment to strong corporate governance, even as it disclosed a few areas where it has yet to fully align with established best practices. The company reported that while it broadly follows the Best Practice for GPW Listed Companies 2021 guidelines, it currently does not comply with four specific provisions, largely tied to its internal audit structure.

At the center of this gap is the absence of a formally appointed internal auditor. The company acknowledged this limitation, stating, “The company has not yet appointed an internal auditor to manage the internal audit function.” Despite this, Asbis emphasized that its audit committee and board continue to oversee internal controls and risk management processes to safeguard shareholder interests.

As reported by CIO Bulletin, the company has built a strong foundation in transparency and stakeholder communication. It regularly publishes financial results, engages actively with investors, and ensures timely responses to queries, often within two weeks.

Beyond governance, Asbis is also making strides in environmental, social, and governance (ESG) initiatives. It integrates climate considerations into decision-making, promotes workplace equality, and discloses data such as gender pay gaps and sustainability goals.  

Operating under Cyprus law, the company follows a single-board structure rather than maintaining separate supervisory and management boards. It also maintains diversity targets and emphasizes independent decision-making at the board level. While most governance principles are in place, Asbis signaled that strengthening its internal audit function remains a priority as it moves toward full compliance.