Dr. Mohamed Farid Saleh, Chairman of the Financial Regulatory Authority, issued Decision No. 196 of 2022, amending the Authority’s Board of Directors Decision No. 107 of 2021, regarding controls for companies operating in the field of non-banking financial activities to disclose environmental, community and governance practices related to sustainability and the financial effects of climate change.
The first article of the decision, which was published in the Official Gazette in its issue No. 4 issued today, Wednesday, stipulates that a new article with the number (first bis) be added to the authority’s board of directors’ decision No. 107 of 2021, which reads as follows: (Article one bis): exempts From the application of the provisions of Article 1 of this decision, companies that practice any of the following activities: first, the activity of investment funds (including traded index funds), second, the activity of securitization, and third, the activity of sukuk.
And it had included Article 1 of Resolution 107 that companies operating in the field of non-banking financial activities whose issued capital or net ownership rights are not less than 100 million pounds must fulfill the disclosures related to environmental and societal practices and governance related to sustainability in their annual report prepared by their board of directors and attached to the financial statements. annual.
He pointed out that companies operating in the field of non-banking financial activities, whose issued capital or net equity is not less than EGP 500 million, are obligated to fulfill disclosures related to the financial effects of climate variables in their annual report prepared by their board of directors and attached to the annual financial statements.
The decision of Muhammad Farid Saleh
Disclosure controls for environmental practices