EGX Chairman issued a decision in May to restructure EGX Sustainability Advisory Committee to enhance and activate its role in the formulation of the policies that contribute to strengthen the sustainability processes. This is because of EGX recognition to the importance of the capital market’s capacity building in sustainability.
This restructure came after the end of the term of the Sustainability Advisory Committee on, which was created in April 2016 a term of two years. That committee contributed in raising the EGX efficiency in managing the sustainability.
EGX Chairman said that this meeting confirms that EGX is keen to enhance and strengthen the sustainability processes, beginning from the stock market through to the listed companies and the member firms, for its importance in supporting sustainable development efforts for the national economy.
Mr. Farid continued, “The Committee works on raising the level of the corporate knowledge regarding the best sustainability and governance practices; this contributes in enhancing the sustainability and governance of the securities industry”.
During the meeting, Mr. Faridhighlighted the importance of integrating sustainability with its actual impact on the stock market, especially with regards to cooperation with international financial institutions; that aims at the creating ETFs on sustainability indicators.
Mohamed Farid chaired the first meeting of the African Securities Association of Exchanges (ASEA) Sustainability Committee, which was established by a proposal from EGX, to strengthen the sustainability of African stock markets.
In addition to EGX efforts to build the capabilities of its employees through the technical training programs and the training agreement between EGX and London Stock Exchange (LSE). Four groups of EGX employees were trained at the London Stock Exchange.
Regarding EGX future plans for the sustainability, it was agreed to activate training and awareness programs for various market participants on sustainability practices related to environmental protection, governance and social responsibility. The memorandum of understanding with the Faculty of Business Administration at the American University in Cairo is re-activate that bases the issues related to the women empowerment so that they participate in the companies’ boards of directors.
The committee that is chaired by EGX Chairman, comprises nine members; Ms. Amal Al-Arabi, Director of Sustainability Development at the Commercial International Bank (CIB), Ms. Hanaa Helmi, CEO of EFG-Hermes for Developments, Ms. Ghada Hamouda, Managing Director for Marketing, Citadel Capital Group.
In addition to Dr. Hany Suweilam, Head of Sustainability, Aachen University, Germany, and AUC, Dr. Dalia Abd-el-Kader, Head of Sustainability, Marketing and Media, Arab African International Bank.
Ms. Belaerta Aliko, Representative of the United Nations Office for Women in Cairo, Ms. Sarah El-Batouti, Founder of EConsult Architecture, and the Sustainability Expert, Dr. Shehab Mirzban, Senior Advisor to the Minister of Investment and International Cooperation and Chairman of Egypt Ventures.