Corporate Governance

Auditing Committee

The Audit Committee shall be composed of a number of non-executive directors. The number of its members shall not be less than three members. Among its members shall be a member of the experts in financial and accounting affairs. The appointment of one or more members outside the company in the absence of sufficient number of members of the Board of Directors, The Board of Directors is composed of non-executive and non-executive members.

Auditing Goals

The management of the company avoids favoritism in the selection of suppliers and customers and makes sure that the selection is based on the objectivity and standards set in advance, which are applied to all customers with the company … The management is responsible for integrity and objectivity. In this regard, it presents transactions with related parties, if any, to the Audit Committee to verify the validity and accuracy of the transactions and approve them, and then submit them to the Board of Directors to be voted upon before making the decision to approve these transactions. These transactions are then announced in the supplementary notes (The nature of the transactions – the value of the transactions – the doubtful debts – the value of the current balances) – in light of Law 203 of 1991 as well as Law 159 of 1981 in Articles Nos. 100-96 regulating such transactions, 203.

Auditing Goals

As a result of the company’s keenness to implement governance, it always strives to apply best practices of governance in order to reach the company gradually to achieve the highest levels of disclosure, transparency and integrity in order to reach a balance between all stakeholders (owners, shareholders, employees, all customers) Through a corporate governance structure that defines the distribution of rights and responsibilities among all parties

Internal control over internal transactions

In compliance with the rules of listing on the Egyptian Stock Exchange – the company’s management issued its instructions to abide by the internal control procedures on (internal transactions) according to the following:
First: It is prohibited to deal with the shares of the Company for the members of the Board of Directors and the Executive Directors in accordance with Article (38) of the Listing Rules and Article (66) of the executive procedures issued by the Commission’s decision. It is also prohibited to deal with the shares of the company for its employees and related groups except through the officials relations with investors
Second: In the case of the desire to deal on the shares of the company are followed procedures prepared internal publication, which regulates this deal, not to exploit the availability of internal information, as well as avoid dealing in periods of luck