Mohamed Omran, Chairman of the Egyptian Financial Regulatory Authority has issued a new decree stating that female representation in the boards of directors of companies listed on the EGX and non-banking financial services companies should not go under 25% or have at least two women on the board.
Approximately 85% of EGX companies now have at least one woman on their boards, according to Omran.
The Financial Regulatory Authority is working beyond the top-down approach. Last year, it announced that it would slash development and service fees for companies whose staff were at least 25% women.
The UAE passed a law earlier this year to include at least one female on all companies’ boards.
Female representation has been a focus in the region as governments seek to neutralize the inequalities that exist within workplaces and industries as a whole.
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