Regulatory Alerts2024-09-24
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Circular dated September 19, 2024 regarding updated governance and internal control instructions for banks
The Central Bank of Egypt issues updated instructions on corporate governance and internal control for all banks operating in Egypt, replacing previous regulations from 2011 and 2014. The document mandates specific board composition requirements, including a maximum of three executive directors, at least two independent non-executive directors, and representation for minority shareholders holding 5% or more. It establishes detailed obligations for board committees, internal audit functions, risk management, and the use of technology for remote board meetings, requiring banks to adopt comprehensive internal policies and submit annual self-assessment results to the regulator.
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