The Financial Regulatory Authority (FRA) has launched a mobile app database entitled “Empowering Women”, aimed at encouraging female professionals to participate in leadership positions.
The app, which allows qualified female professionals to register their details on a database, for those who are looking to take part in the administrative decision-making process. It is also aimed at developing the qualitative performance of companies in Egypt.
This comes after the previous regulatory decisions put in place by the authority, namely Regulatory Decisions No. 123-124 of 2019.
These have supported the provision of an appropriate regulatory environment obliging companies with securities on the Egyptian Exchange (EGX) and non-banking financial activities companies to include at least one woman on their Boards of directors.
The decisions have urged that women have the opportunity to take part in the decision-making process, with the FRA giving companies a period of reconciliation extending to the end of 2020.
FRA Chairperson Mohamed Omran invited women who wish to take up a Board of Directors seat to start applying via the electronic platform and register their data. The smart application was made available, with the FRA logo, on the Google Play store.
Omran added that the FRA is keen to ensure the database includes qualified female professionals to take up management roles at registered companies in the non-banking financial activities sector.
A working group of senior officials and board members at major Egyptian institutions has been formed to decide and consider registration requests submitted through the application.
Omran added that FRA will not interfere with the choices made by the committee or the companies involved.
The authority will also not undertake the step of notifying a female professional who has been nominated or a given a position. Applicants will be contacted in case they are required to attend a training course or programme for a specialised qualification.
Omran added that those female professionals who currently hold a board member position at more than three companies will be included in another online platform to be established for experienced female board members.