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CMA Issues a guide for Applying Corporate Governance Executive Rules for Unlisted Securities Intermediaries -Thursday19/4/2007
     Further to efforts exerted by CMA for development of work at the securities market, and keeping in line with international markets, Dr. Hani Sarie El-Din issued Decision No. 62 of 20007 on 18/4/07 regarding issuance of the manual on corporate governance executive rules for unlisted securities intermediaries. The purpose is to make sure that such companies and all related parties understand all principles and details that can enable them to apply the same optimally and efficiently. To note, this manual is a supplement to these rules. Board members and executive officials in securities intermediaries, as well as internal and external auditors, must know their roles and functions in terms of application of corporate governance executive rules.
     In addition, the manual includes main functions of the board of directors regarding approval of strategic objectives and major goals, supervising implementation, developing and supervising systems for internal monitoring controls, addressing strategic risks influencing the main policies of the company, and developing policies and procedures to ensure company’s compliance with systems, regulations, and obligations regarding disclosure of essential information to shareholders, creditors and other stakeholders.
     It also includes general obligations of the board of directors vis-à-vis management, disclosure and transparency, and role of the auditor in monitoring application of governance executive rules.
     Moreover, it has an annex about the internal monitoring system of the company, its objectives (whether in terms of the monitoring setting, that is, the environment under which the company operates), evaluation and analysis of risks, and management of internal auditing, detailed organization, functions, formation and work systems.
     CMA has taken care to distinguish rules for internal monitoring from internal auditing management as both are important and newly introduced for capital market participants, and contribute to development of their internal systems.
     It is worth noting that securities intermediaries should comply with regulatory requirements according to these rules during a period of six months from the date they take effect, and for another extension period for compliance with implementation of some of these items according toCMA Board’s Decision No. 11 of 2007regarding corporate governance executive rules for unlisted securities intermediaries.
     This manual aims to assist companies towards optimal application of corporate governance, and to complete the system for development of corporate performance within the framework of CMA’s interest developing the market, maintain its stability and limit risks in the market.
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