Circular Amending the Composition of Bank Boards of Directors

The Central Bank of Egypt, through a circular dated July 2, 2024, has amended the instructions regarding the composition of bank boards of directors. The amendment, effective from the board meeting on June 25, 2024, aims to enhance board efficiency by ensuring a balance of executive and non-executive members. It mandates a maximum of three executive members and at least two independent non-executive members, with non-executives responsible for overseeing senior management performance and a term limit of two terms (six years) for non-executive members, extendable by one term under specific conditions and with central bank approval.

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Cairo on: July 2, 2024
To: The Chairman of the Board
Bank

Greetings,

Referring to the Bank Governance Instructions issued on August 23, 2011, and its subsequent instructions, the latest being the amendment issued by Circular dated November 11, 2021, concerning the composition of bank boards of directors, and in order to enable banks to benefit from the expertise of executive members of their boards of directors in a way that supports the performance and efficiency of the board of directors in the decision-making process, the Board of Directors of the Central Bank decided in its meeting held on June 25, 2024, the following:

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Lineage: In force

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Source: Central Bank of Egypt — original document · Summary generated with machine assistance and reviewed before publication; the authoritative text is the regulator's original document. How RegAlert works