Corporate Governance Reform in Egypt: Achievements and Challenges Ahead
- 2.8k Downloads
In the recent years, Egypt has committed itself to reform corporate governance, this was urged to increase investors’ confidence in the Egyptian business environment and accordingly attract more foreign investment. So far many developments have taken place regarding corporate governance reform but still many challenges do exist. This paper offers an analytical account of evolution of corporate governance in Egypt, and identifies the main deriving forces of this reform and the challenges ahead. Overall, this paper contributes to literature on international corporate governance, and offers policy makers the understanding that can better guide corporate governance reform in the future.
KeywordsCorporate Governance Banking Sector Audit Committee International Account Standard Good Corporate Governance
- BCBS (Basel Committee on Banking Supervision). (2005). Enhancing corporate governance for banking organizations (p. 27). Basel: Bank for International Settlements.Google Scholar
- BCBS (Basel Committee on Banking Supervision). (2010). Enhancing corporate governance in banking organizations. Basel: Bank for International Settlements.Google Scholar
- BCDS. (2010). Business climate development strategy: Phase 1 policy assessment (EGYPT – DIMENSION II-2-Corporate Governance) (pp. 73). Steering Groups of MENA-OECD Initiative in cooperation with European Commission.Google Scholar
- Brunsson, N. (2009). Reforms as routine: Organizational change and stability in the modern world. Oxford: Oxford University Press.Google Scholar
- CBE. (2011). Instructions regarding banks governance. Cairo: Central Bank of Egypt.Google Scholar
- CIPE. (n.d.). Draft of corporate governance code For Egyptian companies. Centre For International Private Enterprise Supported By The Middle-East Partnership Initiative. Washington, D.C.Google Scholar
- Dahawy, K. (2009). Developing nations and corporate governance: The story of Egypt. International Financial Corporation (IFC). Washington, D.C.Google Scholar
- De Larosière, J., Balcerowicz, B., Issing, O., Masera, R., McCarthy, C., & Nyberg, L. (2009). The high level group on financial supervision in the EU (p. 86). Brussels: European Commission.Google Scholar
- ECOCG (Egyptian Code Of Corporate Governance). (2005). Egypt code of corporate governance: Guidelines and standards (p. 17). Egyptian Institute of Directors. Cairo.Google Scholar
- ECOCG (Egyptian Code Of Corporate Governance). (2011). Egypt code of corporate governance: Guidelines and standards (updated version) (p. 38). Egyptian Institute of Directors. Cairo.Google Scholar
- ECOCGSO (Egyptian Code Of Corporate Governance Of State-Owned Enterprises). (2006). Egypt code of corporate governance: Guidelines and standards (p. 29). Egyptian Institute of Directors. Cairo.Google Scholar
- EIOD. (2012). About us. From http://www.Eiod.Org/Whoweare.Aspx. Accessed 13 Jan 2012.
- El-Said, H. (2009). Overview of corporate governance in the Egyptian banking sector. Paper presented at the corporate governance in the banking sector, The Safeguard, Marriott Hotel, Cairo.Google Scholar
- Farrag, N., & Kamaly, A. (2007). Measuring the degree of Central Bank Independence in Egypt (Working paper series, p. 45). Cairo: German University In Cairo, Faculty Of Management Technology.Google Scholar
- Frederick, P., & Scheherazade, R. (2011). Measuring the impact of globalization on corporate governance in emerging markets. European Journal of Management, 11(1), 43–58.Google Scholar
- Kirkpatrick, G. (2009). The corporate governance lessons from the financial crisis (p. 30). Organization of Economic Co-Operation and Development (OECD). Paris.Google Scholar
- Levitte, A. (1999). Corporate governance in a Global Arena. The Corporate Governance Advisor, 7(6), 21–23.Google Scholar
- Mckinsey & Co. (2002). Global investor opinion survey (p. 14). (www.mckinsey.com).
- Mimicopoulos, M. (2007). Public governance indicators: A literature review. New York: United Nations, Department of Economic and Social Affairs.Google Scholar
- ROSC. (2001). Report on Observance of Codes and Standards (ROSC) Corporate Governance Country Assessment. Egypt the Investment Climate Unit, World Bank. Washington, D.C.Google Scholar
- ROSC. (2004). Report on the Observance of Standards and Codes (ROSC) Corporate Governance Country Assessment, (p. 41). Investment Climate Unit, World Bank. Washington, D.C.Google Scholar
- ROSC. (2009). Report on the Observance of Standards and Codes (ROSC) Corporate Governance Country Assessment. Investment Climate Unit, World Bank. Washington, D.C.Google Scholar
- Solomon, J. (2007). Corporate governance and accountability. Chichester: Wiley.Google Scholar
- Sorour, M. K. (2011). An exploration and analysis of the evolving bank corporate governance practices in Egypt: A grounded theory approach. (PhD), University of Plymouth, Plymouth.Google Scholar
- Sorour, M. K., Howell, E. K., & Mishra, A. (2012). On bank governance in developing countries: An assessment of Egypt. Interdisciplinary Journal of Economics and Business Law, 1(3), 118–137Google Scholar
- Transparency International. (2009). Corruption Perceptions Index (CPI). http://www.transparency.org/policy_research/surveys_indices/cpi/2009. Accessed 13 Jan 2012.
- Transparency International. (2010). Corruption Perceptions Index (CPI). http://www.transparency.org/policy_research/surveys_indices/cpi/2010. Accessed 13 Jan 2012.
- Transparency International. (2011a). Corruption Perceptions Index (CPI). http://cpi.transparency.org/cpi2011/. Accessed 13 Jan 2012.
- Transparency International. (2011b). A clean start strengthening integrity in Egypt. http://www.transparency.org/news_room/in_focus/2011/a_clean_start_egypt. Accessed 13 Jan 2012.
- World Bank. (2010). Translating “Governance” into Arabic. Retrieved September 14, 2010, from Http://Web.Worldbank.Org/Wbsite/External/Countries/Menaext/Extmnaregtopgovernance/0,,Contentmdk:21554362 ~ Pagepk:34004173 ~ Pipk:34003707 ~ Thesitepk:497024,00.Html
- Zekry, N. & AlAyotty, A. (2011). Central Bank of Egypt Board of Directors approves amending the Banking Law. Cairo: In Al-Ahram Newspaper.Google Scholar