109 Annual Report 2021 The Senior Management of the Cyprus Energy Regulatory Authority (CERA) presents its report and audited financial statements of the Authority for the year ended 31 December 2021. Principal activities and nature of operations of the Authority The establishment of CERA arises from the obligations of Cyprus towards the European Union. CERA's basic mission is the supervision of the operation of the Energy Market (Electricity and Natural Gas) in a new and liberalised environment without monopolies. Review of current position, future developments and performance of the Authority's business The Authority's development to date, financial results and position as presented in the financial statements are considered satisfactory. Principal risks and uncertainties The principal risks and uncertainties faced by the Authority are disclosed in notes 6, 7, 30 and 32 of the financial statements. Results The Authority's results for the year are set out on page 114. Top Management The members of the Authority's Top Management as at 31 December 2021 and at the date of this report are presented on page 108. In accordance with the Law on the Establishment and Operation of the Cyprus Energy Regulatory Authority of 2021 (Law 129 (I)/2021), article 6 'Appointment, terms of appointment, remuneration and pension of the members of the Senior Management', the appointment of a person to the position of a member of the Senior Management is for a period of five to seven years and is limited to a maximum of two consecutive terms. Mr. Andreas Poullikkas and Mr. Philippos Philippou were reappointed on 15 October 2021 for seven years. Mr. Neophytos Hadjigeorgiou was appointed on 26 April 2016 for six years and his term has been renewed on 4 April 2022 for seven more years. Operating Environment of the Authority Any significant events that relate to the operating environment of the Authority are described in note 30 to the financial statements. Events after the reporting period Any significant events that occurred after the end of the reporting period are described in note 34 to the financial statements. TOP MANAGEMENT REPORT
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