The need for the Project and the ESG criteria

Three criteria increasingly influence the "value" of a company: its actions towards the Environment, its attitude towards Society, and the Corporate Governance it applies. This is the triptych of the acronym "ESG" (Environmental, Social, Governance) which reflects the sustainable development of a business.

Both at international and european levels, regulatory obligations and standards have been launched, and continue to be introduced, for companies which, now, affect the capital markets and the financial sector regulatory-wise, but in the future will directly affect the businesses themselves.

At the same time, companies themselves recognize the value of incorporating ESG criteria into their practices. Thus, more and more companies are measuring and disclosing their ESG data.

The Project

Artemis Credit Bureau (“Artemis”) in collaboration with the Association of Cyprus Banks and the banks represented, along with ICAP CRIF S.A., a member of the international CRIF S.p.A. Group, established in the Cypriot market an important infrastructure Project in the field of ESG, the Interbank Project for the assessment of businesses based on ESG criteria in the Cypriot market. Through the Project, an international, reliable tool for assessing the degree of compliance of companies regarding ESG criteria, is introduced to the Cypriot market.

As part of the Project, companies are invited to complete a questionnaire through an international digital platform for ESG data collection and evaluation, named “Synesgy”.

How does the Project work
  • Firstly, the bank informs its corporate client about the Interbank Project and the role of Artemis.
  • Subsequently, Artemis sends an email to the customer with an invitation to participate in the through a relevant link.
  • By clicking on the link, the company is led to the "Synesgy" platform where it registers by inputting the necessary information.
  • The company then completes the questionnaire with questions about the measures it has taken to demonstrate its compliance with the ESG criteria. By completing the questionnaire, the company automatically receives:
  1. Its ESG Score,
  2. Its ESG Certificate, valid for one (1) year. The certificate can be published on the company's website and shared with its customers, suppliers, and partners.
  3. A customized Action Plan with prioritized recommendations on how the company can improve its ESG performance.

All the above, along with any supporting documents submitted by the company in the platform, are communicated, through Artemis, to each company’s partner bank for evaluation purposes through using Environmental, Social and Corporate Governance criteria.

As the Project is interbanking, companies which are common clients of different banks will be asked to fill a single questionnaire for all the banks, while correspondingly, the banks involved, will draw homogeneous information about the company, which, for transparency purposes, will be exactly the same receives by the company.

About Synesgy platform

The Synesgy platform is an innovation of the CRIF S.p.A. Group It provides the ability to each company, regardless of its size and industry, to assess its degree of sustainability. In the cypriot market, the platform is offered through the subsidiary of the CRIF S.p.A., ICAP CRIF S.A.

The platform is based on the evaluation of the company's ESG data through recognized methodologies, which are based on the latest international and european regulations and standards in the field of ESG.

More information about Synesgy platform can be found here:

Additional information about the questionnaire

If you have received an invitation to complete the questionnaire about your company through the Synesgy platform and you need clarifications a regarding its completion and/or any other technical support, you may contact the Customer Support Service of ICAP CRIF S.A. via the email address [email protected] .