Egyptian Prime Minister Ibrahim Mahlab issued Monday decree to appoint two independent expertise members to the local stock exchange (EGX)’s board of directors.
This came as part of prime minister’ role as the minister in charge to apply the provisions of law regulating markets control and non-bank financial instruments according to the decree number (216) for the year 2014 issued on 10 February 2014 to amend the presidential decree number 191 for the year 2009 of the regulations organizing EGX management and financial affairs about adding 2 members to its board. This is as per EGX’ efforts to apply the best governance practices by applying the provisions of article 18 paragraph 4 of listing and de-listing rules that states the companies’ commitment to appoint at least 2 independent members in their Board of Directors.
The statement issued by EGX pointed that the decree to appoint Prof. Ayman Ahmed Rajab, accounting and auditing professor and Dean of the faculty of management; the Arab Academy for Science, Technology & Maritime Transport; and Ayman Sherif Nour, founder and managing partner of Noor & Taha law firm fulfill EGX board need in accounting, auditing and corporate law specialties.
In this context the EGX chairman Mohamed Omran welcomed the 2 new members hoping that their experience will contribute to EGX board as per their expertise in accounting, auditing and shareholding companies.
On the other hand, Mahlab issued the decree number 1636 of the year 2014 to reappoint Dr. Wagih Mostafa, EGX Deputy Chairman for 1 year. This came within the framework of focusing on the institutional stability and issuing decrees before the end of the Deputy Chairman first period with enough time.