Due to the Egyptian Authorities’ aim to mitigate the spread of COVID-19, a lot of precautionary measures have been taken by the Prime Minister and all Governmental Authorities in general; the Prime Minister issued the Decree no. 606/2020 in which all activities requiring big gatherings or travelling between governorates in big groups shall be temporary suspended until further notice. The aforementioned activities includes concerts, exhibitions, etc.
Moreover, the Head of the Financial Regulatory Authority (“FRA”), issued a press release on 14 March, 2020 urging all companies operating in non-banking financial services to start using the remote voting systems in all General Assembly Meetings; this system will enable the shareholders to electronically vote on the form shared with the attendees of the meeting, containing checklist of the meeting agenda and each attendee can choose to either approve, reject or abstain from voting on each the decision in the agenda. The FRA also decided that the FRA’s Central Administration for Market Services shall operate electronically, so that any non-banking financial activities can be carried out via email and without the need to be physically present at the FRA premises.
Further, the General Authority for Investment and Free Zones (“GAFI”) has announced that companies can now ratify Ordinary General Assembly Meetings (“OGM”) electronically via GAFI’s official website. The company shall receive an electronic ratified copy of the OGM; the company can also request a hard copy of the ratified OGM which will be issued after 15 days from ratifying the electronic one.
The aforementioned procedure is conducted on 4 steps as follows:
– Registering and creating an account on GAFI’s electronic gate;
– Requesting to grant the rights of dealing with the company’s requests via authorized individuals;
– Submitting the OGM ratifying request, paying the fees via credit cards and signing the documents electronically;
– All OGM documents will be sent to the company’s account on the website;
Having said the above, we will be more than happy to assist our clients and colleagues with all legal procedures that can be taken whether electronically or via the Egyptian Authorities that are still in operation; we also urge all our valued clients and colleagues to follow all the precautionary procedures and stay safe during these uncertain times.
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