Regulatory Alerts2015-01-01
Decision No. 136 of 2015 of the Authority's Board of Directors Amending Corporate Governance Rules for Unlisted Securities Companies
The Financial Regulatory Authority's Board of Directors issued Decision No. 136 of 2015 to amend the executive corporate governance rules for unlisted securities sector companies. The decision mandates that companies exceeding 50 million Egyptian pounds in equity or 500 million Egyptian pounds in annual transaction volume or managed assets must establish a dedicated risk management committee, while permitting joint audit committees. It further introduces consolidated governance provisions allowing holding companies with at least 85% subsidiary ownership to utilize unified audit and internal audit functions, abolishes the Nomination and Remuneration Committee requirement, and clarifies treasury share disclosure obligations for subsidiary share buybacks.