Aggregated News From Investment Management Regulators

FRA guarantees Egyptian women a seat on the boards of directors of Federations operating in non-banking financial activities – Monday 23/3/2020

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• Dr. Omran: We will not stand long for one seat on the boards of directors of companies or Federations subjected to FRA’s supervision and we seek to increase this number in the future.

Dr. Mohammed Omran – FRA’s Chairman revealed that at its last meeting, FRA’s BOD issued a decision which stipulates that boards of directors of Federations operating in the field of non-banking financial activities shall include at least one female member.

FRA’s Chairman  said that the Authority’s decisions must be consistent with the path of Sustainable Development Strategy: Egypt’s vision 2030, adding that such decisions must reflect the commitment of the Regulator to achieve the 17 sustainable development goals (SDGs), known officially as the 2030 Agenda for Sustainable Development while setting a priority for the five agreed goals  stated in the SSE initiative, namely  achieving gender equality, decent work and economic growth, sustainable consumption and production patterns ,taking urgent action to combat climate change and its impacts .

Dr. Omran noted that achieving equality between women and men in all civil, political, economic, social and cultural rights is mandated by the State in accordance with the provisions of Article 11 of the Egyptian Constitution 2014, and the State guarantees females the right to assume public and senior management positions.

FRA’s Chairman noted that these Federations were established to support and develop non-banking financial markets. Such Federations played an effective role in supporting corporate governance rules to ensure better performance in those markets. Thus, the need arose to ensure that there must  be at least a female member  on the  boards of directors of these Federations .
Dr. Omran adds that FRA will not stand for a long time on one female seat on the boards of directors of companies or Federations subjected to its supervision and it seeks to increase this number in the future.

It is worth noting that existing Federations like  the Insurance Federation of Egypt “IFE” has  a female member , the Egyptian Microfinance Federation which  includes four females and  the Egyptian Federation for Real Estate Developers which has two female members .

In the fourth quarter of 2019, FRA issued decision no. (123 and 124) of 2019 that amend listing and delisting rules to ensure female representation on boards of listed companies. That is besides an amendment to licensing controls and rules of owning shares of companies operating in non-banking financial activities in a way that guarantees female representation on corporate boards. All this comes within the framework of achieving many national and international goals – including the implementation of the National Strategy for the Empowerment of Egyptian Women 2030 which grants women the right to hold 30% of senior management and leadership positions.

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Regulator Information

Abbreviation: FRA
Jurisdiction: Egypt

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