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Reuters
The Egyptian Stock Exchange
The Egyptian Financial Supervisory Authority surprised companies that are listed on the Egyptian Stock Exchange by modifying some rules, adding a new clause to the general conditions related to the listing of companies’ securities on the stock exchange.
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The clause establishes a separation between the position of president and the position of managing director (CEO) of the company, based on international best practices and practices in the application of corporate governance standards.
With this article, senior entrepreneurs who own companies listed on the Egyptian Stock Exchange will face two things, either to leave their posts or to find a new CEO within a year.
As for the Egyptian stock market, the decision will apply to many giant companies in the Egyptian market. Among the top names that will try to find a president or a new CEO for the next year are “Orascom” Investment Holding, where engineer Naguib Sawiris recently brought my CEO and Chairman of the Board together.
In addition, “Juhayna” for the food industries, where engineer Safwan Thabet combines the positions of CEO and Chairman of the Board of Directors, and entrepreneurs Alaa Arafa also brings together the two positions in the company “Grupo Arafa”.
The new measure will also extend to businessman Moataz Al-Alfi, who combines the positions of President and CEO of the Egyptian Company of Kuwait, in addition to other banks and companies facing the same situation.
Source: “The Seventh Day”
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