Wednesday November 28th, 2018

GAFI Issues Several Circulars with Governance Rules for Companies

The General Authority for Investment and Free Zones (“GAFI”) recently published on its website a number of circulars with governance rules for companies following the amendments of the Companies Law and its executive regulations earlier this year. The circulars – with dates ranging between October and November 2018 – include a reiteration, and sometimes clarification, of the rules on the term of the board of directors (GAFI Circular 5/2018), convening of board meetings by phone or teleconference (GAFI Circular 4/2018), cumulative voting for the election of board members (GAFI Circular 1/2018), proportional representation on the board (GAFI Circular 3/2018), a definition for independent directors (GAFI Circular 2/2018), accessing information on related party transactions (GAFI Circular 13/2018), electronic voting in general assembly meetings (GAFI Circular 11/2018), and the issuance of preferred shares (GAFI Circular 14/2018).

For more on each circular and its relation to both the Companies Law and its Executive Regulations, click here.


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