The ordinary general assembly of Misr for Central Clearing, Depository, and Registry (MCDR) will amend its corporate governance, prior to the chairperson elections.
The maximum term for Board of Directors membership will also be amended to six years.
Tarek Abdelbarie, Managing Director at MCDR and Acting Chairperson, said the cap on membership will be introduced at the Board of Directors elections next year.
It will obligate executive and non-executive board members to stay for no longer than six years in their positions, without the retroactivity applied.
Abdelbarie indicated that the amendments will be presented to the company’s ordinary general assembly for approval on 5 August.
This will ensure this takes place before the election of a new Chairperson of the Board of Directors at the Extraordinary General Assembly on the same day. The next Chairperson, for whom elections will be held on 5 August, is set to succeed General Mohamed Abdel Salam. The candidates running for the position are Ashraf El Dabaa and Alaa Amer.
In case the amendments be approved, the decision will prevent any of the current board members whose membership period has exceeded six years from re-running in upcoming elections in 2021.