The Egyptian Cabinet today approved the proposed amendments submitted by EGX regarding the duration of the chairmanship of EGX to be 4 years non-renewable. Due to EGX's regulatory and supervisory dimension, also compared to regulations of other supervisory authorities like the Egyptian Financial Supervisory Authority (EFSA), this is the highest supervisory authority in the capital market.
In this context, Dr. Mohammed Omran, the current Chairman of EGX demonstrated that the Cabinet of Ministers approval on this amendment is consistent with the country's political strategy that limits holding public positions for long period of times. In order to allow continuous renewal and development, this demand for continuous development is required due to the fast transactions that occur in the capital market.
The Cabinet also approved some amendments to the law regulating the nomination of members of EGX Board of Directors, which includes amending the regulations of selecting the seat representing small and medium-sized companies which are listed on Nilex. This amendment is actually deleting the maximum capital of the company that was EGP 25 million stipulated in the previous organizing regulations.
Dr. Omran also declared that the cabinet's approval of the proposed amendments comes in the context of the government's goal to move ahead with economic reforms that would positively reflect on the investment climate, especially on the medium and small enterprises sector.
EGX management decided to call for the elections of its Board's members on the 22nd of June 2017, as the current one is scheduled to end its period by the end of June 2017.
↧
The Egyptian Cabinet Approves Some Amendments In The Regulations Managing EGX
↧