Cairo, March 26, 2007—The Egyptian
Institute of Directors, in cooperation with IFC, the private sector arm
of the World Bank Group, today launched the 2007 Best Annual Report and
Best Web Site competitions, inviting all listed companies in Egypt to participate.
This initiative represents a joint effort to improve corporate governance
practices in the country. It is supported by IFC Advisory Services for
the Middle East and North Africa – PEP-MENA.
The competitions aim to improve the timeliness and quality of information
disclosed by Egyptian companies to shareholders, creditors, employees,
and other stakeholders. The winner of each competition will receive a trophy
and serve as an example of best practice for other companies.
Dr. Ashraf Gamal, Executive Director of EIOD, said,”These competitions
serve as a powerful tool to stimulate competition among Egyptian companies.
They are expected to improve the quality of the information disclosed and
the level of transparency within companies. This, we hope, will promote
inflows of reliable information to the market, attracting a higher number
of investors and creditors to generate business for listed companies in
The award committee will judge each entry based on strict criteria, including
compliance with Egyptian accounting standards, listing rules for the Cairo
and Alexandria stock exchange, and the EIOD’s corporate governance code
for listed companies. The selection criteria will also take into account
best practices in corporate governance, quality of information, featured
results and operational highlights, management discussions and analyses,
indicators on prospects, and employee relations.
The award ceremony will take place in June 2007 during the EIOD's annual
conference. It will bring together corporate leaders, representatives from
various regulatory bodies, entrepreneurs, and senior executives.
For more information about the competition, visit the Egyptian Institute
of Directors' Web site: www.eiod.org.
IFC, the private sector arm of the World Bank Group, promotes open and
competitive markets in developing countries. IFC supports sustainable
private sector companies and other partners in generating productive jobs
and delivering basic services, so that people have opportunities to escape
poverty and improve their lives. Through FY06, IFC Financial Products has
committed more than $56 billion in funding for private sector investments
and mobilized an additional $25 billion in syndications for 3,531 companies
in 140 developing countries. IFC Advisory Services and donor partners have
provided more than $1 billion in program support to build small enterprises,
to accelerate private participation in infrastructure, to improve the business-enabling
environment, to increase access to finance, and to strengthen environmental
and social sustainability. For more information, please visit www.ifc.org.
About IFC PEP-MENA
IFC PEP-MENA is a multidonor facility for advisory services that supports
private sector development across the Middle East and North Africa. IFC
PEP-MENA focuses on improving the business enabling environment, strengthening
financial markets, supporting SME development, and promoting privatization
and public-private partnerships. From its inception through FY06, IFC PEP-MENA
has committed more than $20 million in advisory projects. Its activities
are funded jointly by IFC and the following donors: Canada, France, the
Islamic Development Bank, Japan, Kuwait, the Netherlands, the United Kingdom,
and the United States.
About the Egyptian Institute of Directors
The Egyptian Institute of Directors was established in 2003
as the first institute focusing on corporate governance in the Middle East
and North Africa. It aims to spread awareness and improve good corporate
governance practices in Egypt and the region. The institute operates under
the umbrella of the Ministry of Investment and collaborates with many leading
international organizations such as IFC, the World Bank, the Center for
International Private Enterprise, and the Financial Services Volunteer
Corps. Their activities are targeted at directors, key executives, shareholders,
and other stakeholders of corporations, financial institutions, as well
as state-owned enterprises.