Regulatory Alerts2020-03-17
A circular dated March 17, 2020 regarding participation in bank board meetings via video or telephone during the year 2020
In light of the extraordinary circumstances the world is facing, the Board of Directors of the Central Bank of Egypt decided to make the following exceptions from certain instructions issued on January 29, 2019 concerning regular board meetings and teleconferences: 1. Postponing the maximum number of times a single Board member can participate in virtual or phone meetings until the end of the current year. 2. No requirement for a majority of Board members to physically attend meetings. 3. Obtaining prior approval from the relevant regulatory authority regarding any matters pertaining to the Central Bank. These exceptions will continue to apply as long as the existing directives remain in effect. The statement is from Hesham Okbah, acting Chairman of the board of Banque Misr and was presented by Tarek Amer, Governor of the Central Bank of Egypt.