Regulatory Alerts2019-01-01
Circular Letter No. (4) for the Year 2019
The Financial Regulatory Authority extends the compliance deadline for companies listed on the Egyptian Exchange and non-banking financial firms to December 31, 2019, to amend their articles of association and implement cumulative voting for board elections. This extension fulfills Board decisions 154 and 155 of 2018 and aligns with Law No. 1 of 2009 to ensure proportional board representation and safeguard small investors. Companies must formally regularize their status and update their bylaws to incorporate the mandatory voting mechanism within the revised timeframe.
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