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For the first time, FRA launches an award to recognize outstanding female leaders in the non-banking financial sector

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• Dr. Omran: FRA tends to increase the minimum percentage of women’s representation on corporate boards to reach 25-30%
• Dr. Omran: FRA is preparing to grant additional incentives to companies that direct a significant part of their financing to women

Dr. Mohammad Omran – FRA’s Chairman announces that the Authority has organized an Award for the most outstanding women operating in capital market activities, listed companies, insurance, real estate finance, financial leasing, and factoring and microfinance companies. This Award is launched within the framework FRA’s efforts to support women operating in the non-banking financial sector. In addition, it will reinforce FRA’s BOD decisions that contribute to empowering women through giving them the opportunity to lead and participate in administrative decision-making by ensuring their representation on boards of listed companies and other companies and Unions operating in non-banking financial activities.

Dr. Omran explains that FRA has launched women’s empowerment application that provides an integrated database of qualified women to occupy senior positions for companies operating in non-banking financial markets. Such step will activate the presence of women on corporate boards and achieve gender diversity that will have positive impact on Board’s performance, especially with regard to its financial performance. In this respect, it is important after this step to involve the non-banking financial sector in reviewing women’s performance and achievements on the ground. In this regard, FRA shed light on females that are already present and considered pioneering models that must be encouraged.

FRA’s Chairman confirms that in the event that the number of women in FRA’s database reaches several hundred, the matter will be presented to FRA’s BOD to issue a decision to raise the percentage of women’s representation on corporate Boards by not less than 25-30% of the number of board members.

Dr. Omran indicates that FRA is going to study granting additional tangible incentives to companies that are interested in making women represent the majority of clients benefiting from their activities.  At the forefront of those incentives is reducing FRA’s services fees and development fees to urge companies to target women and reach them to occupy the largest proportion of customers.

FRA’s Chairman adds that planning and announcing the award for the most distinguished women is consistent with the Authority’s approach to achieve sustainable development , empowering women and encouraging them to increase their participation in non-banking financial activities, whether as an entrepreneur or as a consumer or beneficiary of various non-banking financial services. The fifth goal of the sustainable development goals becomes one of FRA’s priorities in a way that achieves the Egyptian vision in this regard.

According to Omran, if the United Nations celebrated women in 2020 under the slogan “I am the Generation of Equality: Realizing Women’s Rights” with the aim of bringing together multiple generations of women leaders and celebrating change-makers of all ages, then it is fair to commend the Egyptian experience in the non-banking financial sector, which deserves our attention and display the contributions of women in this sector, as they are active, distinct and influential actors.

FRA’s Chairman emphasizes that Federations operating in the non-banking financial sector shall address their corporate members to nominate highly qualified distinguished women. This nomination is according to a number of objective criteria, foremost of which is that the nominee for the Authority’s Award must hold a senior / executive position.  In addition, the nominee must represent an effective model that inspires other women and influences the next generation of women operating in non-banking financial activity. Also ,  the nominee must have self-awareness and personal development.  Finally, the nominee must present her certificates and mention the workshops and training programs previously attended and must have at least 15 years of professional experience.

Dr. Omran adds that the nomination applications received from Federations, Companies’ Heads or Chairmen of boards of entities operating under FRA’s supervision and control must include a detailed report on female candidates. The application must be submitted by Sunday December 20, 2020 and be presented to the arbitration committee that will be formed from senior specialists and distinguished expertise in international institutions. FRA will not interfere in the committee’s choices.  In addition, the said committee will conduct personal interviews with the candidates at the end of next month via electronic platforms for a period of 15 minutes to select the winners.

Dr. Omran points out that the Authority will organize an event to hand out prizes in the presence of a number of public figures at its headquarters.

This news item was originally published by the Finance Regulatory Authority (FRA EG). For more information, please see the Source Link.

Regulator Information

Abbreviation: FRA
Jurisdiction: Egypt

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