Regulatory Alerts2018-01-01
Circular Letter No. (7) of 2018
The Financial Regulatory Authority (FRA) of Egypt mandates that listed companies and non-banking financial institutions must amend their articles of association to implement cumulative voting for board elections and guarantee proportional capital representation, defined as at least one board seat per 10% of shares. Enforced via amendments to Listing Rules and licensing decisions, this requirement ensures minority investor representation and active participation in corporate governance. Existing entities must align their bylaws with these provisions prior to their next board election or within one calendar year, whichever is sooner.
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