Circular dated November 23, 2020 regarding extending the period of exceptions for participation in bank board meetings via video or telephone

Cairo: November 23, 2020

Dear Mr. Chairman,

Greetings,

With reference to the instructions on corporate governance of banks issued on August 23, 2011, and its subsequent circulars, the latest of which is the circular dated March 17, 2020 issued as part of the Central Bank of Egypt's procedures to mitigate the impacts of the novel coronavirus, which allowed banks not to comply with the maximum limit on the number of times a single board member participates via video or telephone, and not to require the physical presence of a majority of the current board members.

Continuing the efforts made to support banks during the current stage, and keen to enable them to perform their duties optimally, the Board of Directors of the Central Bank of Egypt, in its meeting held on November 8, 2020, has decided the following:

Extending the period of allowance for the following exceptions regarding Item 2/1(a) of the instructions issued on January 29, 2019, concerning the periodicity of holding board meetings and the number of times of participation via telephone or video, until the end of December 2021:

1. Not complying with the maximum limit on the number of times a single board member participates via video or telephone.

2. Not requiring the physical presence of a majority of board members.

This is while the remaining provisions of the instructions issued in this regard continue to apply.

Please be informed to take the necessary action to implement the aforementioned decision.

Yours faithfully,

Tarek Amer