Mohamed Omran, Chairperson of the Financial Regulatory Authority (FRA), has said that the Board of Directors of the Investor Protection Fund (IPF) will hold a meeting next week to elect the fund’s chairperson.
IPF, specialised in non-commercial risks arising from the activities of companies operating in the field of securities, will also elect a board member representing the companies listed in the Egyptian Exchange (EGX) soon.
The fund’s board comprises Soha Hassan, representing investors in the Egyptian Exchanges, Dina Youssef, representing brokerage companies, and Zainab Isaac, representing companies working in the field of securities and financial instruments other than brokerage firms.
Omran said this board reflects the Egyptian state’s policy in empowering women and enhancing their presence in leadership positions.
The membership of the Board will run for three years, renewable for one term, with the exception of the representatives of the EGX and the Misr for Central Clearing, Depository, and Registry.
The IPF is a private legal entity not a joint stock company. It has a legal personality and an independent financial liability. It is established for a specific purpose, which is to compensate those affected as a result of the securities companies exercising their activities authorized by FRA to trade in stock exchanges.
