Regulatory Alerts2021-11-11
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Circular dated November 11, 2021 amending some governance provisions regarding the formation of the Council
The Central Bank of Egypt amends the Bank Governance Instructions of August 23, 2011, effective upon the expiration of the current Board of Directors' term. The amendments require banks to include a representative for minority shareholders holding 5% or more of total shares, ensure at least two female board members, and mandate the separation of the Chairman and CEO roles. Additionally, the Board composition is limited to a maximum of two executive members with at least two independent non-executive members, non-executive tenure is capped at six years, and independent non-executive members are prohibited from chairing more than one committee, except the Audit Committee.
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