Egypt intensifies fight against corruption with new corporate law

CAIRO – 26 August 2024: Egypt, under the leadership of President Abdel Fattah el-Sisi, has been at the forefront of combating corruption. The country has taken significant strides in promoting transparency and accountability, and the latest development in this ongoing effort is the introduction of a new law aimed at enhancing corporate governance and integrity.

The Egyptian government has submitted a draft law to the parliament that will establish a committee tasked with promoting integrity, transparency, and excellence within companies. This move is seen as a crucial step in strengthening the country's anti-corruption framework and fostering a more conducive business environment.

Key Provisions of the New Law

Enhanced oversight: The newly established committee will be responsible for monitoring, evaluating, and guiding the management of companies. It will also develop codes of conduct and ethical standards for corporate entities.

Whistleblower protection: The law will provide a safe and secure mechanism for employees to report financial, administrative, or ethical misconduct within their organizations.

Corporate excellence: The committee will set clear criteria for companies to be recognized as "excellent" and will offer incentives to encourage adherence to these standards.

Collaboration with law enforcement: The committee will work closely with law enforcement agencies to combat corruption and ensure compliance with the law.

Benefits of the New Law

Increased foreign investment: By promoting transparency and accountability, the new law is expected to attract more foreign investment to Egypt.

Improved business climate: A more transparent and corruption-free business environment will create a level playing field for both domestic and foreign companies.

Strengthened rule of law: The law will contribute to the overall strengthening of the rule of law in Egypt.

Enhanced public trust: By demonstrating a commitment to fighting corruption, the government will increase public trust and confidence in its institutions.

Expert Commentary

Several Egyptian politicians and economists have praised the government's initiative. They emphasized that this new law aligns with Egypt's broader strategy to combat corruption and promote economic development. Experts believe that the establishment of a dedicated committee will provide a more focused and coordinated approach to addressing corruption within the corporate sector.

Egypt's decision to introduce a new law aimed at enhancing corporate governance and transparency is a significant step forward in the country's ongoing fight against corruption. By establishing a dedicated committee and providing incentives for companies to adopt ethical practices, the Egyptian government is demonstrating its commitment to creating a more just and equitable society.