EFG-Hermes separates chairmanship from executive management roles

The firm's Extraordinary General Meeting (EGM) concluded with the decision to amend Article 19 of the firm's articles of incorporation to allow for an increase in board members from 10 to 13.

The decision has resulted in bringing the percentage of non-Executive Members of the Board to 70%.

"EFG-Hermes adheres to a strategy of the highest levels of international corporate governance requirements and is preempting changes soon to be implemented by the Egyptian Capital Market regulations that call for the separation of the Chairmanship and Executive Management," says Yasser El Mallawany, CEO of EFG-Hermes. "We are delighted that a professional of Mona Zulficar's caliber will be joining EFG-Hermes' Board of Directors, bringing her extensive regional and international experience on the legal, corporate and social responsibility levels to our firm and has accepted to be a major contributor to EFG-Hermes' future growth and expansion".

"It is a great honor to chair the Board of Directors of such an outstanding firm and a leading regional market leader such as EFG-Hermes. With its level of professionalism and commitment to corporate governance, EFG-Hermes has been able to establish itself as the eminent investment bank in the region," says Zulficar.

She added, "I look forward to being a part of its distinguished board as well as part of the EFG-Hermes family of outstanding professionals".

"We are very happy that Mona has joined our Board of Directors and are certain that she will be a great asset to our team and will help us immensely going forward with our expansion strategy. In addition, having Sherif Cararah, head of EFG-Hermes' securities business and KSA Country Head, join the Board of Directors with his significant experience in regional markets will prove to be very significant," says Hassan Heikal, CEO. "New appointments included an additional member representing our largest shareholder, Dubai Financial Group (DFG), bringing their total representation on the Board from two to three".

The firm's consolidated revenue has more than doubled over the year 2007 to reach LE2.6bn.

Another decision taken at the AGM is the distribution of EGP 1/share in dividends to the acquirers of the shares on Tuesday 20th May, with payment starting on Thursday, 22nd May, 2008.

Recognizing the importance of its social responsibility, the AGM ratified the EGP12m donation to the EFG-Hermes Foundation as well as the Board of Directors' recommendation of allocating up to EGP15m in the FY 2008 to the firm's Corporate Social Responsibility program.