Board of Directors Secretariat

General Authority for Financial Supervision Board of Directors Decision

No. (57) of 2017 dated 19/4/2017
Concerning the End-of-Service Gratuity Fund
for Permanent Employees of the Egyptian Sugar and Integrated Industries Company

General Authority for Financial Supervision Board of Directors

Having reviewed Law No. 54 of 1975 promulgating the Law on Private Insurance Funds and its Executive Regulation and amendments;
and Law No. 10 of 1981 promulgating the Law on Supervision and Control of Insurance in Egypt and its Executive Regulation and amendments;
and Law No. 10 of 2009 regulating supervision over non-banking financial markets and instruments;
and Authority Decision No. (41) of 1981 registering the private insurance fund for permanent employees of the Egyptian Sugar and Integrated Industries Company under No. (155);
and the articles of association of the aforementioned fund and its amendments;
and Memorandum No. (3) of the General Administration for Technical Inspection of Private Insurance Funds dated 3/4/2017;
and the approval of the Authority's Board of Directors in its meeting held on 19/4/2017.

Has Decided

(Article One)

The Board of Directors appoints an interim board for the End-of-Service Gratuity Fund for Permanent Employees of the Egyptian Sugar and Integrated Industries Company consisting of the following gentlemen:

1. Mr. Abdul Rahman Muhammad Abdul Fattah
2. Mr. Mohsen Mahmoud Nasr Al-Jundi
3. Mr. Abu Al-Hassan Ambarek Muhammad
4. Mr. Yasser Mustafa Muhammad
5. Mr. Muhammad Hasan Abdul Jawad
6. Mr. Husain Abdul Sayed Ahmad
7. Mr. Safi Abdul Tawab Sayed
8. Mr. Osama Abdul Wahab Ahmad
9. Mr. Essam Al-Din Muhammad Abdul Ghani
10. Mr. Saeed Ibrahim Salam

The term of this interim board shall not exceed one year or until a new board of directors for the fund is elected through an extraordinary general assembly convened by the interim board.

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(Article Two)

The interim board of directors of the fund shall undertake the following tasks:

a. Elect interim chairman and secretary for the fund and approve their signing authority.
b. Take necessary measures to collect all fund revenues and disburse due insurance benefits to members in accordance with the approved articles of association of the fund.
c. Monitor the fund's operational system and ensure the integrity of its activities.
d. Promptly prepare a transitional study to ascertain the fund's actual financial position as of 30/6/2016, and submit it to the General Authority for Financial Supervision within two months of its date.
e. Convene an extraordinary general assembly to elect a new board of directors for the fund before the expiration of the one-year term.

(Article Three)

This decision shall be published on the Authority's website and in the Egyptian Gazette, and shall take effect from the day following its issuance. Competent authorities are tasked with its implementation.

Chairman of the Board of Directors
Sherif Samy