Regulatory Alerts2024-07-02
A circular dated July 2, 2024 amending the composition of banks’ boards of directors
On July 2, 2024, the Central Bank of Egypt issued a letter to the Chairman of the Board of Directors of a bank, referencing the Bank Governance Instructions of August 23, 2011, and subsequent amendments, including the most recent one from November 11, 2021. The letter announces a decision by the Central Bank's Board of Directors to modify the instructions regarding the composition of bank boards, emphasizing the need for a balance of executive and non-executive members, including at least two independent non-executive members, with a maximum term limit for non-executive members. The letter requests compliance with the decision.