Regulatory Alerts2018-09-20
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Circular dated September 20, 2018 amending the periodicity of Board of Directors meetings and allowing participation by telephone or video call
The Central Bank of Egypt amends the Bank Governance Instructions to require Bank Board of Directors meetings to occur at least once a month, totaling at least twelve times per year. The amendment permits board members to participate via telephone or video call, subject to strict security protocols including encryption, identity verification, and penetration testing, while limiting remote participation to a maximum of four times per year per member. It also assigns new duties to the Board Secretary, including recording attendance methods, confirming document receipt by remote participants, and securely recording and archiving meeting minutes.
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