Regulatory Alerts2020-01-01
Board of Directors Decision No. (91) of 2020
The Financial Regulatory Authority of Egypt issued Decision No. (91) of 2020 to amend the listing and delisting rules by replacing Article 37, which mandates that all companies with shares or depositary receipts listed on the Egyptian Exchange must establish an audit committee comprising at least three non-executive directors, with a majority being independent and the chair selected from among them. The committee members must possess recognized competence in the company's field, with at least one member having financial and accounting expertise, and the committee is permitted to invite external auditors to its meetings. Existing listed companies are required to align their governance structures with these new provisions no later than December 31, 2020.