Regulatory Alerts2022-01-01
Decision of the Board of Directors No. (48) of 2022
The Financial Regulatory Authority issued Board Decision No. (48) of 2022 requiring women to hold at least 25% or two seats on the boards of Egyptian associations for companies and entities operating in insurance and non-banking financing. Each association must align its board composition during its next election or by December 31, 2022. The decision takes effect the day after publication in the Egyptian Gazette and repeals any conflicting provisions.
The Egyptian Gazette – No. 80 on April 5, 2022
32 General Authority for Financial Supervision Decision of the Board of Directors No. (48) of 2022 Dated March 16, 2022 Regarding the representation of women on the boards of directors of associations of companies and entities operating in the insurance sector and non-banking financing activities
The Board of Directors of the General Authority for Financial Supervision Having reviewed Law No. 10 of 2009 organizing supervision over markets and non-banking financial instruments; And having reviewed the Authority's Board Decision No. 35 of 2013 regarding the Basic Law of the Egyptian Insurance Association; And having reviewed the Authority's Board Decision No. 2 of 2015 regarding the Basic Law of the Egyptian Association for Financing Medium, Small and Micro Enterprises; And having reviewed the Authority's Board Decision No. 41 of 2015 regarding the Basic Law of the Egyptian Association for Real Estate Financing; And having reviewed the Authority's Board Decision No. 20 of 2019 regarding the Basic Law of the Egyptian Association for Securities, amended by Board Decision No. 47 of 2022 which stipulates that the percentage of women's representation on the association's board must not be less than (25%) or at least two members; And having reviewed the Authority's Board Decision No. 149 of 2019 regarding the Basic Law of the Association of Companies Operating in the Financial Leasing Activity; And having reviewed the Authority's Board Decision No. 150 of 2019 regarding the Basic Law of the Association of Companies Operating in the Factoring Activity;
The Egyptian Gazette – No. 80 on April 5, 2022
33 And having reviewed the Authority's Board Decision No. 50 of 2020 regarding the requirement for female representation on the boards of directors of associations of companies and entities operating in non-banking financial activities; And having reviewed the Authority's Board Decision No. 47 of 2021 regarding the Basic Law of the Egyptian Association for Entities Operating in Consumer Financing; And after the approval of the Authority's Board in its extended session from March 16, 2022 to March 22, 2022;
Decided:
(Article One) The percentage of women's representation on the boards of directors of Egyptian associations for companies and entities operating in the insurance sector and non-banking financing activities (real estate financing - financial leasing - factoring - financing of medium, small and micro enterprises - consumer financing) must not be less than (25%) or at least two members.
(Article Two) Each association shall take the necessary measures to ensure women's representation on its board as mentioned in the preceding article, and it shall regularize its status accordingly in the first election for the association's board, or by December 31, 2022, if possible.
(Article Three) This decision shall be published in the Egyptian Gazette and on the Authority's electronic website, and shall take effect from the day following its publication in the Egyptian Gazette, and repeals any provision contrary to its provisions.
Chairman of the Board of Directors Dr. Mohamed Omran