Regulatory Alerts2020-01-01
Circular Letter No. 9 of 2020 Regarding the Prohibition of Combining the Chairman of the Board and CEO or Managing Director Positions for Egyptian Exchange Listed Companies
The Financial Regulatory Authority (FRA) of Egypt issued Circular Letter No. 9 of 2020 to mandate the separation of the Chairman of the Board and Chief Executive Officer or Managing Director positions for all companies listed on the Egyptian Exchange. This requirement, formalized through Decision No. 47 of 2020 amending the Listing Rules, aligns local corporate governance standards with international best practices to strengthen board oversight and executive accountability. Listed entities must align their corporate structures with this mandate within one year of its effective date or upon convening their first board election, whichever occurs first.
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