Regulatory Alerts2021-01-01
Financial Regulatory Authority Board Resolution No. (109) of 2021
The Financial Regulatory Authority issued Resolution No. 109 of 2021, which amends Article 6, Item 8 of the Egyptian Exchange's listing and delisting rules to mandate a minimum female board representation of 25% or two members. Listed companies must align their board compositions with this requirement by December 31, 2022. The resolution takes effect the day following its publication in the Egyptian Official Gazette and on the official websites of the Authority and the Exchange.
Financial Regulatory Authority
Chairman of the Authority
Board Resolution of the Financial Regulatory Authority No. (109) of 2021 dated 2021/7/5 Amending the Board Resolution of the Authority No. (11) of 2014 Regarding the Rules for Listing and Delisting of Securities at the Egyptian Exchange
Board of Directors of the Financial Regulatory Authority Having reviewed Law No. (159) of 1981 on Joint Stock Companies, Limited Partnerships with Shares, Limited Liability Companies, and Single-Person Companies, and its Executive Regulations; Having reviewed the Capital Market Law No. (95) of 1992, and its Executive Regulations; Having reviewed Law No. (10) of 2009 on Regulating Supervision over Non-Banking Financial Markets and Instruments; Having reviewed Presidential Decree No. (192) of 2009 Issuing the Basic System of the Financial Regulatory Authority; Having reviewed Board Resolution No. (11) of 2014 regarding the Rules for Listing and Delisting of Securities at the Egyptian Exchange; Having reviewed Board Resolution No. (123) of 2019 requiring the composition of boards of directors of companies listed at the Egyptian Exchange to include at least one female member; And having obtained the approval of the Authority's Board at its meeting held on 2021/7/5;
Resolved:
(Article One) Item 8 of Article 6 of the Rules for Listing and Delisting of Securities at the Egyptian Exchange is amended as follows: Article (6) - Item 8): (8) The proportion of female representation on the company's board of directors shall not be less than 25% or at least two members.
(Article Two) Companies listed at the Egyptian Exchange shall align their status as stipulated in this Resolution by no later than 2022/12/31.
(Article Three) This Resolution shall be published in the Egyptian Official Gazette and on the websites of the Authority and the Egyptian Exchange, and shall take effect from the day following its publication in the Official Gazette.
Chairman of the Board of Directors of the Authority Dr. Mohamed Omran