Motivated by improving its ranking in the World Bank\u2019s annual \u201cDoing Business\u201d report along with international attention currently drawn towards gender diversity and equality, and as part of its strategic sustainable development plan 2030, Egypt is continuously raising awareness on the importance of female contribution on both societal and professional levels. According to Egypt\u2019s 2030 plan, Egyptian women are expected to take up around 30% of key management positions by 2030.<\/p>\n
On 29 September 2019, the official gazette issued the Financial Regulatory Authority (the \u201cFRA\u201d) Decrees numbers 123 (the \u201c1st Decree\u201d) and 124 for 2019 (the \u201c2nd Decree\u201d) amending the EGX listing rules and the licensing requirements for non-banking financial services, respectively, to impose female representation on board of directors.<\/p>\n
What\u2019s new?<\/p>\n
By virtue of the 1st Decree, the FRA amended the Rules for the Listing and Delisting of Securities on the Egyptian Stock Exchange (the \u201cListing Rules\u201d). The amendment adds a new requirement to the Listing Rules regulating the general conditions of securities\u2019 listing on EGX. The added requirement is to the effect that \u201cthe company\u2019s board of directors must include at least a female member.\u201d<\/p>\n
Similarly, by virtue of the 2nd Decree, the Non-Banking Financial Service\u2019s Regulations (issued by FRA Decree no. 53 of 2018) currently include the same requirement outlined above as a pre-requisite to obtaining the FRA\u2019s operation license. That said, the FRA is entitled under the new amendment to except certain \u2018professional companies\u2019, to be decreed by the FRA, from the requirement of including a female member on their boards of directors.<\/p>\n
Under the Decrees, companies subject to the new requirements must implement said requirements by appointing at least one female members on their boards of directors as soon as possible and by no later than 31 December 2020 or in the first board elections to be held after the issuance of the Decrees.<\/p>\n
Market Reaction<\/p>\n
Dr. Maya Morsy \u2013 the Head of the National Council for Women praised the amendments and said that they show that: \u201cDr. Mohamed Omran believes in the Egyptian woman\u2019s abilities in the various tasks assigned to her and his keenness on the women\u2019s representations on the board of directors of the listed companies and the companies working in the non-banking financial activities\u201d.<\/p>\n
Dr. Mohamed Omran \u2013 the Chairman of the FRA \u2013 confirmed \u201cthe importance of the women\u2019s representation on corporate Boards, which achieves many national and international goals, including the implementation of the National Strategy for the Empowerment of Egyptian Women 2030, setting the target for women in senior management posts by 2030 at 30% and achieving Sustainable Development Goals\u201d.<\/p>\n","protected":false},"excerpt":{"rendered":"
Motivated by improving its ranking in the World Bank\u2019s annual \u201cDoing Business\u201d report along with international attention currently drawn towards gender diversity and equality, and as part of its strategic sustainable development plan 2030, Egypt is continuously raising awareness on the importance of female contribution on both societal and professional levels. According to Egypt\u2019s 2030 […]<\/p>\n","protected":false},"author":1,"featured_media":3240,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"ocean_post_layout":"","ocean_both_sidebars_style":"","ocean_both_sidebars_content_width":0,"ocean_both_sidebars_sidebars_width":0,"ocean_sidebar":"sidebar","ocean_second_sidebar":"0","ocean_disable_margins":"enable","ocean_add_body_class":"","ocean_shortcode_before_top_bar":"","ocean_shortcode_after_top_bar":"","ocean_shortcode_before_header":"","ocean_shortcode_after_header":"","ocean_has_shortcode":"","ocean_shortcode_after_title":"","ocean_shortcode_before_footer_widgets":"","ocean_shortcode_after_footer_widgets":"","ocean_shortcode_before_footer_bottom":"","ocean_shortcode_after_footer_bottom":"","ocean_display_top_bar":"default","ocean_display_header":"off","ocean_header_style":"","ocean_center_header_left_menu":"0","ocean_custom_header_template":"0","ocean_custom_logo":0,"ocean_custom_retina_logo":0,"ocean_custom_logo_max_width":0,"ocean_custom_logo_tablet_max_width":0,"ocean_custom_logo_mobile_max_width":0,"ocean_custom_logo_max_height":0,"ocean_custom_logo_tablet_max_height":0,"ocean_custom_logo_mobile_max_height":0,"ocean_header_custom_menu":"0","ocean_menu_typo_font_family":"0","ocean_menu_typo_font_subset":"","ocean_menu_typo_font_size":0,"ocean_menu_typo_font_size_tablet":0,"ocean_menu_typo_font_size_mobile":0,"ocean_menu_typo_font_size_unit":"px","ocean_menu_typo_font_weight":"","ocean_menu_typo_font_weight_tablet":"","ocean_menu_typo_font_weight_mobile":"","ocean_menu_typo_transform":"","ocean_menu_typo_transform_tablet":"","ocean_menu_typo_transform_mobile":"","ocean_menu_typo_line_height":0,"ocean_menu_typo_line_height_tablet":0,"ocean_menu_typo_line_height_mobile":0,"ocean_menu_typo_line_height_unit":"","ocean_menu_typo_spacing":0,"ocean_menu_typo_spacing_tablet":0,"ocean_menu_typo_spacing_mobile":0,"ocean_menu_typo_spacing_unit":"","ocean_menu_link_color":"","ocean_menu_link_color_hover":"","ocean_menu_link_color_active":"","ocean_menu_link_background":"","ocean_menu_link_hover_background":"","ocean_menu_link_active_background":"","ocean_menu_social_links_bg":"","ocean_menu_social_hover_links_bg":"","ocean_menu_social_links_color":"","ocean_menu_social_hover_links_color":"","ocean_disable_title":"default","ocean_disable_heading":"default","ocean_post_title":"New FRA Regulations: A Step Forward
Towards Gender Equality","ocean_post_subheading":"