The Egyptian Exchange (EGX) and The School of Business at The American University in Cairo (AUC) signed an MOU to capitalize on the synergies between them in supporting the Women on Boards Observatory at AUC. EGX will join the Women on Boards Consortium, established by AUC’s School of Business in 2014, with the aim of “sensitizing board members to gender issues and qualifying women for corporate board positions, as well as, advocating for policy and legislative changes to institutionalize gender diversity on corporate boards.” The consortium also includes: The Women in Business Committee of the American Chamber of Commerce in Egypt, The Women and Memory Forum, and The Egyptian Corporate Responsibility Center (a project of the United Nations Development Program and the Industrial Modernization Center). The purpose of the consortium is to set up the “Women on Boards Observatory” – the first of its kind in Egypt. The observatory will primarily focus on creating the “Egyptian Board Ready Women” database, and publishing the “Annual Egyptian Women on Boards Monitoring Report”.
“This MOU is yet another key milestone that confirms EGX pioneering efforts in sustainability, with a special focus on promoting gender equality among various capital market participants in Egypt”, declared Dr. Mohamed Omran, Chairman of EGX. He added: “EGX was one of four pioneer exchanges that joined the UN Sustainable Stock Exchanges initiative (SSE) in 2009. It launched the first & only ESG index in the MENA region named S&P EGX ESG index in 2010, designed to track the performance of EGX listed companies that demonstrated leadership in environmental, social, and corporate governance issues. In May 2017, EGX was the first public institution in the region, to issue its annual Sustainability Report 2016, in collaboration with its Sustainability Advisory Committee established by EGX in 2016; and comprising more than 50% female members”.
“This partnership is in line with a number of AUC’s School of Business knowledge initiatives to disseminate the research and expertise of AUC faculty throughout the region, especially in channels that would reach practitioners, the business community, and policy makers”, stated Interim Dean Dr. Nizar Becheikh stressing the importance of this new partnership. He added: “This initiative complements AUC’s School of Business vision to develop entrepreneurial and responsible global leaders, and professionals, and its commitment to responsible business - one of the School’s fundamental areas of focus, and an imperative vehicle for enabling inclusive and sustainable development and growth”.
According to the MOU, EGX and AUC’s School of Business will mutually co-operate in areas that aim at improving the gender balance of corporate boards in Egypt, and the MENA region, including capacity building, as well as professional and management development. Both parties will also exchange regular information regarding listed companies in EGX detailing gender specific information.
The Egyptian Exchange (EGX) is one of the oldest and most open stock markets in the world. It traces its origin to 1883, when the Alexandria Stock Exchange was established, followed by Cairo Stock Exchange in 1903. EGX mission is to operate and develop a high quality market for the benefits of its domestic and international clients. EGX provides top notch market technology, innovative products, fair, transparent,
and efficient markets to its clients. EGX is the first Arab stock exchange to be a member of the World Federation of Exchanges (WFE), executive committee member of the African Securities Exchanges Association (ASEA), Chairman of the Federation of Euro -Asian Stock Exchanges (FEAS), and a founding member of the Arab Federation of Exchanges (AFE).
The School of Business at AUC boasts over six decades of history. Recognized as the top private business school in Egypt and one of the best in the Arab world and Africa, it is one of less than 1 percent of business schools worldwide, the first in the Arab region and third in Africa, to achieve triple-crown accreditation. Profoundly committed to excellence, achieving real transformation and creating tangible impact on the society the School offers a wide range of graduate and undergraduate programs based on entrepreneurship, family business, responsible business and economic development.
