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Governance

1-EGE General Assembly: Lead by H.E. Mrs. Nevin Gamea – Minister of Trade and Industry.

Minister of Trade and Industry

2-EGE Board of Directors Management

Chairperson of EBE & EGE
Managing Director – EGE
EBE – Representative
EBE – Representative
EBE – Representative

Mrs. Amal Abdelhameed Mohamed

Investment National Bank – Representative

Mr. Ehab Jamil

Investment National Bank – Representative

EGE Board of Directors Committee’s: –

  • Risk Management Committee
  • Governance Committee
  • Audit Committee

Governance Infrastructure

Governance System and Internal Control (COSO)

Since the beginning of the restructuring, the company has relied on the (COSO) system for governance and the regulatory environment that depends on three lines of defense, which the company has improved or established during the first half of the fiscal year as follows:-

  1. The First Line of Defense: Is self-control at the level of sector heads and department managers and the creation of standards for self-control by amending regulations, defining powers and responsibilities, and developing computer systems.
  2. The Second Line of Defense: Is financial control, risk management, quality, inspection and compliance, which the company has done to establish a risk sector with the best guarantee cadres and its independence has been strengthened by being the reporting dependency to the risk committee emanating from the Board of Directors and also separating the internal audit department from compliance department and activation of financial control through the polices has been amended.
  3. The Third Line of Defense: It is the internal audit department which has been established for more than 10 years and has experience in reviewing the guarantee operations and its independence has been strengthened by being the reporting dependency to the audit committee emanating from the Board of Directors.

External Auditors: –

  • Accountability State Authority
  • Magdi Hashish Office

Regulatory Organizations: –

  • The General Authority for Financial Supervision

The Objectives of the Company’s Internal Control System:

  1. Ascertaining from the followings: –
  • Perform Operations efficiently and effectively.
  • Relying on financial reports.
  • Compliance with laws and regulations
  1. Ongoing Evaluation of Internal Control Systems based on Five Components:
  • Efficiency of Internal Control Environment
  • Risk Assessment Systems
  • the Supervisory & Regulatory Activities
  • Information/Contact
  • Follow-up
  1. Evaluating all functional levels:
  • Anti-money laundering
    • The Capital Market Authority (CMA) anti-money laundering rules on the 27th of August 2008.
    • Law No. 80 for 2002 Promulgating the Anti-Money Laundering and its amendments in 2020
  • Regulator : EGE is registered with the Financial Regulatory Authority of Egypt in a special register for companies conducting insurance and reinsurance under a special law (http://www.fra.gov.eg/brokers/priv.pdf )
  • External Auditors:
    • RSM (Magdy Hashish)
    • Accountability State Authority