The Egyptian Exchange (EGX) signed a cooperation agreement with the Ministry of Public Enterprises Sector to increase the efficiency of investor relations (IR) departments in the companies affiliated to the ministry, according to the EGX Chairperson Mohamed Farid.
The Minister of Public Enterprises Sector, Hisham Tawfek, said his ministry has 119 subsidiaries under the law No. 203, in addition to 107 other companies under the same law but affiliated to other ministries.
He explained that the EGX has broad experience in raising efficiency of IR managers, but this experience has not yet been conveyed to the business sector companies listed in the EGX.
Tawfek added that some companies assume that IR managers to be intertwined in the work of the executive management of the company.
The ministry is seeking to change the philosophy of affiliated companies towards investor relations and will start IR training operations in 15 companies.
He called for the need to organise workshops for the boards of directors of companies to clarify the importance of the function of investor relations.
The cabinet would convene a committee of 11 ministers to better consider corporate governance.