Misr for Central Clearing, Depository, and Registry (MCDR) opened the door, on Sunday, for those looking to take over the company’s chairperson position. The door for chairmanship election candidacy will close on 25 June.
It comes after the resignation of Mohamed Abdel Salam as the company’s chairperson.
Alaa Amer, Chairperson of Guardian Capital and who was previously Vice-Chairperson at the Capital Market Authority, has expressed his desire to run for the post.
MCDR’s new chairperson will be elected for one-year term to complement the current board’s tenure from 2018 to 2021.
MCDR board member Awny Abdel Aziz said the grievances period will be opened for four days after the candidacy period closes, with the new chairperson to be announced on 17 July.
Sherif Sami, former chairperson at the Financial Regulatory Authority (FRA), called for amendments to the candidacy rules for MCDR’s chairperson and managing director seats. This would be to maintain governance by electing board members via a quota system, who, in turn, choose chairperson and managing director of the company.