Wise Wolves Finance Ltd aim is to deliver more than just profit. The company actively engaging with building such business that will generate values based on principles of honesty, transparency, professionalism, confidence and priority care of client interests.
All our transactions are carried out in the interest of the clients and always executed strictly within limits of the rights specified in the relevant agreements and instructions with the client. All information of client’s instructions and transactions are kept in strict confidence with care and are used in favor only of that client. Our team of professionals is acting in the interest of the client, providing them the best price options, appropriate notifications for all possible risks and changes in policy of the company or tendencies of the markets and do not disclose any confidential information with the exception of the cases when the disclosure of certain information is required in accordance with specific legislation.
Compliance to the requirements of Paragraph 23, of Directive DI 144-2014-14 of the Cyprus Securities and Exchange Commission for the Prudential Supervision of Investment Firms (the “Directive”)
A. Country-by-Country reporting
In line with the requirements of paragraph 18 of the Directive, the Company discloses in its Annual Financial Statements the relevant details for itself and presents on a consolidated basis, the following information:
- names, nature of activities and geographical location
- profit or loss before tax
- tax on profit or loss.
Since the Company does not receive any public subsidies no such disclosure is necessary. It is further noted that for the year ended 31 December 2015 and onwards the Financial Statements will also include the number of employees, employed by the Company on a full time equivalent basis, as required by the aforementioned paragraph of the Directive.
B. Public disclosure of return on assets
The Company is planning to disclose in annual report among the key indicators its return on assets, calculated as net profit divided by their total balance sheet once the data becomes available.
C. Matters related to Remuneration
In line with the requirements of the Directive, the Company has prepared and implements a Remuneration policy which is applicable for its staff as well as Senior Management. The key elements of the policy are presented below as well as in the Company’s Public Disclosures document (also provided on our website). It should be noted that taking into consideration its size, the Board of Directors has created a Remuneration Committee that is responsible among others for the following:
- Taking decisions regarding remuneration, including those which have implications for all staff, senior management and risk takers
- Designing and ensuring the implementation of the Remuneration Policy
- Setting the level of reward for the executive and non-executive members of the Board of Directors
It should be noted that the Company’s Board of Directors decided that as at the time being there is no need for a Nominations Committee to be set up.
In establishing the Remuneration Policy, (the “Policy”) the Company complies with the following principles, in a manner appropriate to its size, internal organization and the nature, scope and complexity of its activities:
- The Policy is consistent with and promotes sound and effective risk management and does not encourage risk-taking that exceeds the acceptable levels of risks
- The Policy is in line with the Company’s strategic direction, objectives, value and has been designed to serve the Company’s long term interests
- The Remuneration Committee is responsible for ensuring the implementation of the policy, to periodically review it and suggest changes that are deemed necessary for ensuring that the Company’s talent is retained while excess risk taking is avoided
- The Policy, is at least annually, subject to independent internal review for compliance with policies and procedures adopted by the Company
- The remuneration of the staff engaged in control functions is in accordance with the achievement of the objectives linked to their functions, independent of the performance of the business areas they oversee
- The remuneration of the Senior Officers in the Risk Management and Compliance functions is directly overseen by the Remuneration Committee.
D. Governance Arrangements
In identifying the Board of Directors, the Company has taken into consideration the matters outlined in paragraph 12 of the amended Law 144(I)/2007. As such the members of the Board of Directors:
- Have sufficiently good repute and possess sufficient knowledge, skills and experience to perform their duties
- Commit sufficient time to perform their functions in the Company
- The number of directorships held by each member of the Board does not compromise the time devoted to the Company. In all cases the Company’s Board members do not hold more than one of the following combinations of directorships at the same time:
- one executive directorship with two non-executive directorships;
- Four non-executive directorships.
- Act with honesty, integrity and independence of mind to effectively assess and challenge the decisions of the senior management where necessary and to effectively oversee and monitor the decision-making of the management.
Overall, the Company’s governance arrangements comply with the below requirements, as these are set out in the Law:
- The overall responsibility for the Company lies with the Board of Directors, which approves and oversees the implementation of the Company’s strategic objectives, risk prevention strategy and internal governance;
- the Board of Directors ensures the integrity of the accounting and financial reporting systems, including financial and operational controls and compliance with the Law and relevant standards;
- the Board of Directors oversees the process of disclosure and announcements;
- the Board of Directors is responsible for providing effective supervision of senior management
- the Chairman of the Board of Directors does not exercise simultaneously the functions of a chief executive officer in the Company;
- The Company’s Board of Directors monitors and periodically assesses the effectiveness of the Company’s governance arrangements and takes all appropriate steps to address any deficiencies.