Regulatory Alerts2018-01-01
Decision of the Board of Directors of the General Authority for Financial Supervision No. 154 of 2018 Amending Decision No. 11 of 2014 on Listing and Delisting Rules for the Egyptian Exchange
The General Authority for Financial Supervision issued Decision No. 154 of 2018 to amend its previous listing and delisting rules for the Egyptian Exchange. The decision repeals Article 49 regarding the splitting of nominal share values and replaces specific definitions and conditions in Articles 4 and 6 to mandate cumulative voting for board elections. This amendment requires company articles of association to stipulate cumulative voting to enable proportional board representation whenever feasible, with the decision taking effect the day after its publication in the Egyptian Gazette.
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