Min.: Parliamentary committee approves in principle amendments to Law 203/1991

CAIRO - 12 May 2020: Minister of Public Enterprise Sector Hisham Tawfik said amendments of the Law 203/1991 - which were approved in principle by the parliamentary committee for economic affairs - are vital for developing public sector companies.

In a statement on Monday, Tawfik said the amendments set new regulations for forming boards of holding companies and their affiliates.

Under the amendments, the authorities entitled to the general assemblies will be reinforced, especially with regard to performance assessment, incentivizing workers, applying good governance rules and promoting disclosure and transparency.

Tawfik said huge investments were being pumped into public sector affiliated companies, including firms of textiles, medicine, trade, transport, tourism and hotels.

He added that the law was not amended since 1991 despite many changes at the economic level that necessitate developing the regulations governing state-owned companies.