Regulatory Alerts2017-01-01
General Authority for Financial Supervision Board of Directors Decision No. 57 of 2017 Concerning the End-of-Service Gratuity Fund for Permanent Employees of the Egyptian Sugar and Integrated Industries Company
The General Authority for Financial Supervision issued Decision No. 57 of 2017 to appoint an interim board of ten members to manage the End-of-Service Gratuity Fund for permanent employees of the Egyptian Sugar and Integrated Industries Company. This interim board is mandated to elect interim leadership, collect fund revenues, disburse benefits, monitor operations, and prepare a transitional financial study of the fund's status as of June 30, 2016. The decision further requires the interim board to convene an extraordinary general assembly to elect a permanent board within one year and mandates publication in the Egyptian Gazette and on the Authority's website.
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