Regulatory Alerts2020-01-01
Board of Directors Decision No. (50) of 2020
The Financial Regulatory Authority (FRA) issued Decision No. (50) of 2020 mandating that all Egyptian unions of companies and entities operating in non-banking financial activities must include at least one female member on their boards of directors. The decision requires these unions to amend their statutes to comply with this quota by December 31, 2020, or at their next board election, whichever comes first. This regulation takes effect the day after its publication in the Egyptian Gazette and on the FRA website, reinforcing gender diversity requirements across the sector's governing bodies.
Financial Regulatory Authority
FINANCIAL REGULATORY AUTHORITY
Chairman of the Authority
Decision of the Board of Directors of the Financial Regulatory Authority
No. (50) of 2020 dated 22/3/2020
Regarding the mandatory inclusion of a female member in the boards of directors of unions
of companies and entities operating in the field of non-banking financial activities
Board of Directors of the Financial Regulatory Authority
Having reviewed Law No. (10) of 2009 regulating supervision over non-banking financial markets and instruments;
and Decision No. (35) of 2013 of the Board of Directors regarding the Articles of Association of the Egyptian Insurance Union;
and Decision No. (7) of 2015 of the Board of Directors regarding the Articles of Association of the Egyptian Microfinance Union;
and Decision No. (41) of 2015 of the Board of Directors regarding the Articles of Association of the Egyptian Real Estate Finance Union;
and Decision No. (20) of 2019 of the Board of Directors regarding the Articles of Association of the Egyptian Securities Union;
and Decision No. (149) of 2019 of the Board of Directors regarding the Articles of Association of the Union of Companies Operating in the Financial Leasing Activity;
and Decision No. (150) of 2019 of the Board of Directors regarding the Articles of Association of the Union of Companies Operating in the Factoring Activity;
and upon the approval of the Board of Directors in its meeting held on 22/3/2020;
Decided
(Article One)
The composition of the boards of directors of the Egyptian unions of companies and entities operating in the field of non-banking financial activities, as stipulated in the aforementioned Board decisions, must include at least one female member.
The unions shall take the necessary measures to ensure the representation of the female element in their boards of directors as mentioned in the preceding paragraph, and shall adjust their statutes accordingly by no later than 31/12/2020, whenever possible or at the first board of directors election of the union.
(Article Two)
This decision shall be published in the Egyptian Gazette and on the Authority's website, and shall take effect from the day following its publication in the Egyptian Gazette.
Chairman of the Board of Directors of the Authority
Dr. Mohamed Omran
Smart Village, Building 136, Giza, Egypt
Postal Code: 12577
Tel.: +202 35345350 - Fax: +202 35345356
info@fra.gov.eg
Smart Village, Building no. B-136, Giza
Postal Code: 12577
Tel.: (00202) 35345350 - Fax: (00202) 35370036
www.FRA.gov.eg