• Dr. Omran: The smart application represents a qualitative shift in the digital transformation and facilitating women’s empowerment to serve on boards pursuant to gender equality principles
• Dr. Omran: A working group of senior officials and members of boards of directors of major institutions to decide on registration requests to join the database of qualified women to serve on corporate boards without interference from the Authority
FRA launches a smart mobile application called “Empowering Women-” to enter its initiative by launching an electronic platform that include a database of qualified women cadres for leadership positions. Such initiative pushes women to participate in administrative decision-making and develops the qualitative performance of companies. This step comes after the issuance of FRA’s decisions no. 123 – 124 of 2019 that provide an appropriate regulatory environment requiring listed companies on the Egyptian Stock Exchange and companies operating in the field of non-banking financial activities to include at least a female component on their boards and urges to give women an opportunity to be in the decision cycle . FRA grants the companies a period of reconciliation until the end of 2020.
Dr. Mohammed Omran – FRA’s Chairman invited female figures who want to take a seat on corporate boards to start applying through FRA’s electronic platform and register their data – after the smart application marked with FRA’s logo was loaded on the Google store – as an objective mechanism to make their data available for companies.
On the other hand, FRA’s Chairman inaugurates the first training program for the Egyptian Institute of Directors (EIoD), entitled “Board member certificate” designed for women cadres to qualify them to serve on corporate boards. The said program is conducted remotely via the information network. It is worth mentioning that a group of Egyptian businesswomen participated in the program to qualify them to join the Authority’s database. The program is held in cooperation with the International Finance Corporation (member of the World Bank Group).
In the first session of the Program, FRA’s Chairman says that launching FRA’s smart application “Empowering Women -” represents a qualitative shift in the Authority’s continuous efforts in digital transformation. He adds that such step achieves the Authority’s ambitions to support and empower women pursuant to gender equality principles – on the ground – noting that it empowering women is one of the basic principles of the sustainable development which is stated in Egypt Vision 2030 and FRA’s comprehensive strategy for the non-banking financial sector (2018-2020).
As FRA stresses that the database shall include qualified women to serve on corporate boards , a working group of senior officials and members of boards of major Egyptian institutions has been formed to decide and consider registration requests submitted through the application to choose females that are not board members so as to allow more women to take up this position. The requests to join the Authority’s database is approved according to the standards and rules of governance.
Dr. Omran emphasizes that the Authority has faced several challenges to provide various female cadres and competencies to companies through its electronic platform. These challenges are first: changing the pattern of appointing board members and getting out of recommendations circle between partners, second: facilitating and expanding the opportunity for many women cadres to choose from by following the stages to be mentioned below:
1) Every woman or entity that wishes to register their female members will fill out their professional and scientific data and experience accompanied by a CV on the online form.
2) Informing the working group composed of senior officials and members of boards of directors of major institutions of the data of the women who applied to decide and choose from among them and determine if they are eligible or not to join FRA’s database. The choice is made among the cadres who have not previously held the position of board member or held the position of a current board member in 3 companies at most. That is in addition to determining who will be listed later on the Authority’s database after completing qualifying and training programs.
3) Companies and institutions subjected to FRA’s supervision and wishing to choose a female figure for membership of board of directors shall access this database, after the Authority makes sure that the company is listed at FRA’s registry. Also, FRA shall be informed of the company’s officials who will review the database.
4) The company shall contact the woman directly if she is chosen to be on corporate board
The application is downloaded from the mobile phone (android) empowering women via the following link:
FRA’s Chairman also notes that the information included in the application is the responsibility of everyone who filled it out and that choosing the female cadre from the database does not mean the Authority’s tacit approval of its membership on corporate board. The candidate shall submit all the required documents as other members and undergo the same procedures held by the Authority if she is chosen as a board member by the company.
Dr. Omran says that FRA will not interfere with the committee’s or company’s choices. Also, FRA shall not notify the female candidate of the result of the nomination. Applicants will be contacted in case of needing to attend one of the training courses or specialized qualification programs.
Regarding women who currently hold the position of a board member in more than 3 companies , FRA will later create a parallel online platform that they can join under the name of experienced board members.