EGX Chairman Participates in Corporate Governance Seminar of the Egyptian’s Society of Accountants & Auditors

EGX Chairman participated in a seminar held by the Egyptian
Accountants and Auditors (CAA) on Saturday to discuss the
implementation of the standards and practices of governance.
Representatives of main accounting offices in Egypt and representatives
of the Central Auditing Organization attended the seminar.
During his speech, Mr. Farid said that EGX management; support all
efforts to enhance the capabilities of the Egyptian business sectors in the
field of corporate governance. He added that EGX is coordinating with
all listed companies are keen to develop their disclosure capabilities to
enhance transparency and raise levels of confidence of investors.
In this regard, he said that EGX work to re-classify listed companies in
terms of their compliance with the standards of governance,
environmental and community controls.
Moreover, Farid said that all international investment institutions are
focused on companies that are more committed to governance
standards and practices.
Mr. Mohamad Yahia, chairman and Board Member of the Egyptian
Accountants and Auditors (CAA), said that the standards and practices of
governance were mainly designed to fight corruption. Adding that
corruption comes from misuse of power for personal interest and non-
compliance with responsibilities that is why we set standards and rules
of governance to reduce corruption, and promote disclosure and
transparency.