2021-11-11

A circular dated November 11, 2021 amending some governance provisions regarding the formation of the Council

In a letter dated November 11, 2021, the Central Bank of Egypt's Board of Directors decided to amend the Bank Governance Instructions issued on August 23, 2011, regarding the formation of bank boards. The amendments emphasize the importance of having a diverse and qualified board, with a majority of non-executive members, including at least two independent non-executive members. The changes also stipulate a clear separation between the roles and responsibilities of the Chairman of the Board and the CEO, with the Chairman being a non-executive member.

Egypt

Central Bank of Egypt

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