Draft law to enhance integrity at companies in final revision

CAIRO – 4 March 2019: Egypt’s State Council is finalizing the revision of a draft law enhancing integrity and transparency at companies, said Deputy Head of State Council Abdel Raziq Mahran.

In January, the Cabinet approved the draft law that stipulates establishing a committee tasked with enhancing transparency and excellence at corporations.

In the below lines, Egypt Today provides information on the draft law and its duties:

- The draft law stipulates establishing a committee that belongs to the Ministry of Investment, called “Enhancing Integrity, Transparency and Excellence at Companies Committee.”

- The committee will be tasked with working to re-enforce integrity and honesty principles among companies and individuals, and to monitor, evaluate and direct the administration of these companies, as well as to apply ethics, codes and principles on the managers and employees. The committee’s authorization will further expand to combat corruption, achieve transparency and development and upgrade the company to excellence.

- The committee will be specialized in setting behavioral codes for companies, managers and employees to guarantee the ultimate right performance.

- The committee will set the necessary procedures to facilitate reporting any financial and managerial violations as well as conflict of interest cases inside companies.

- The committee will put the criteria and regulations upon which companies will be identified as excellent and distinguished, and thus, will be entitled to enjoy consequent privileges set by the committee for such companies.

- The committee will target enhancing cooperation with law enforcement entities as well as public and private business sectors, which enables it to achieve its goals.

- The committee will be tasked to receive complaints from citizens and civil society associations regarding violations committed by companies, and to take the necessary measures to report such cases to concerned bodies.

- The committee will be formed per a decision from the prime minister and will be headed by the minister of investment.

- The privileges set for distinguished companies include: Being prioritized in taking part in national projects and agreements inked by public entities and run by the state.