EFG-Hermes reaffirms commitment to excellence in corporate governance

Shareholders approved the distribution of an EGP0.50 per-share dividend and passed a motion to decrease the company's issued capital to EGP1.913bn from EGP1.939bn through the cancellation of some 5.15mn treasury shares.

Shareholders also ratified the Board of Directors' and auditor's reports for the year just ended, among other matters.

"In choosing last year to appoint a non-executive chair, EFG-Hermes reaffirmed its commitment to global best practices not just in investment banking, but in corporate governance," said Zulficar, a prominent corporate law expert.

"That commitment carries through the agenda at our AGM and EGM, where we as a board of directors, the majority of whom are non-executive and all of whom are highly experienced global professionals, are held directly accountable to shareholders."

"With a leading position in markets across the region, a diverse revenue stream and a very high level of liquidity, we are convinced management is positioning EFG-Hermes to grow when regional economies resume rapid growth,"

Zulficar noted.

Since fall of 2008, management has been focused on cash preservation and control of overheads and expenses in general. The firm has reduced its head count, the top 200 employees have taken pay cuts, a strict expense-management policy is in place, and most support functions have been centralized in Cairo.