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FRA restructures the Board of Trustees of the Egyptian Institute of Directors (EIoD) - Tuesday 1/9/2020

Dr. Omran: Enriching the formation of the (EIoD) Board of Trustees with five experienced members
Dr. Omran: We look forward to a more effective role for the (EIoD) in spreading governance and raising its levels in companies subjected to FRA's supervision

The Egyptian Institute of Directors ( EIoD) held discussions with Mahmoud Mohieldin on the impact of the Coronavirus pandemic on corporate governance.

The (EIoD) Board of Trustees held its first meeting with its new formation headed by Dr. Mohammed Omran -  FRA's Chairman and the membership of his deputy, Counselor Reda Abdel Moaty and five experienced members belonging to major Egyptian companies and financial institutions and houses of expertise in corporate governance and they are as follows :  Heba Abu Rabieh, Dr. Nahla Kamal, Suha Soleiman, Ayman Qandil, Dr. Ahmed Ezz El-Din.

 At the beginning of the meeting, Dr. Omran expressed his thanks to the Board of Trustees whose term has finished. Also, he expressed his  appreciation for their efforts in enriching and developing the Egyptian Institute of Directors (EIoD), which left a bright mark in the march of the first Institute in Egypt and the Arab region which has been working since its establishment in 2003 in spreading  governance rules and following-up  its practical applications.

Moreover, FRA's Chairman  appreciated the important role of the( EIoD) in implementing the Authority’s comprehensive strategy for non-banking financial activities (2018-2022), especially in its sixth axis related to developing and activating levels of governance . He added that  governance became a major factor in the work system of  companies subjected to the Authority’s supervision and control. He noted that FRA relied  heavily on the role played  the (EIoD) , as it provided  the technical and training support to reconcile the conditions of the companies addressed by FRA's BOD  Decision No. 100 of 2020 issued with the aim of developing a unified organization that encompasses all the executive rules for corporate governance and  facilitates   the implementation of  governance process by the Authority, taking into consideration  the differences  among these companies in terms of size, solvency, nature of work. It is worth mentioning that the reconciliation period started from mid of July 2020 and extended for a year.

Dr. Omran explained that the Board of Trustees is concerned with setting general policies for the EIoD, adopting its plans, following up its performance, adopting financial and administrative regulations governing the progress of work  and adopting rules  for resorting to national and foreign expertise in the field of training, consulting and research. The new Board of Trustees extends its responsibility - for the next four years - towards supervising the (EIoD) and its activities related to governance and good management. In addition , it will follow up the implementation of training programs, workshops, consultations and research directed to members and  Chairmen of boards of directors, managers , senior executives, shareholders  and parties with interests in all types of companies and different institutions. In addition to following up on holding conferences and the ( EIoD ) cultural program  which is intended to spread governance rules and principles . The EIoD held a discussion with Dr. Mahmoud Mohieldin - Special Envoy on Financing 2030 Agenda for Sustainable Development - on Zoom at the end of August 2020. It was entitled "The impact of the Corona pandemic on corporate governance". During the discussion , the UN envoy emphasized that governance applications are the most important lines of defense in facing the economic  consequences of the Corona pandemic. Also, he reveals  that there are three dimensions affecting the present and future of corporate governance. The first is related to digital transformation and its impact on companies and monitoring their performance and the effectiveness of corporate executive management. The second dimension is related to the current crisis (the Corona pandemic ) and the measures related to protecting the safety of employees  in companies and those dealing with them  in accordance with new health controls. The third dimension is related to sustainability and its relationship to corporate governance, methods of evaluating the performance of companies and monitoring their development and contributions  as well as its impact on the environment, climate changes, societal dimensions of activity and governance in its general sense.

Dr. Mohamed Mostafa Soliman - Executive Director of the EIoD  said that the discussion with the UN envoy to finance sustainable development has addressed global trends in  governance practical applications , according to the report issued by the International Investors Group in Sustainable Development. He added that the discussion clarified the importance of preparing - early - for the current global trend in financial control and supervision systems, noting that companies must  apply disclosure process - in relation to sustainability - in accordance with its commitment to international and national standards.

It is worth mentioning  that the EIoD is FRA's  affiliate  and it  is the first institute in Egypt and the Arab region, since its establishment in 2003, working to spread governance rules in cooperation with many leading international organizations, namely , the United Nations Development Program (UNDP), the World Bank Institute (WBI) ), The International Finance Corporation (IFC), the Organization for Economic Cooperation and Development (OECD), the European Union (EU), the Center for International Private Enterprise (CIPE) and other domestic governance bodies.