The Egyptian Code of Governance sets out criteria designed to assist the Board in determining whether there are circumstances that might affect, or appear to affect, a director’s judgement and therefore his or her independence.
Its definition of independent director is as follows:
Egytrans definition of Independent Director is a director who:
has not been employed by Egytrans or its Related Parties within the past three years
is not affiliated with a company that is an advisor or consultant to Egytrans or its Related Parties
is not affiliated with a significant customer or supplier of Egytrans or its Related Parties
has no personal service contracts with Egytrans, its Related Parties, or its senior management
is not affiliated with a non-profit organization that receives significant funding from Egytrans or its Related Parties
is not employed as an executive of another company where any Egytrans executives serve on that company’s board of directors
is not a member of the immediate family of an individual who is, or has been during the past five years, employed by Egytrans or its Related Parties
is not, nor has been within the past five years, affiliated with or employed by a present or former auditor of Egytrans or of a Related Party
does not hold shares in Egytrans and is not a member of a group of individuals and/or entities that collectively own shares in Egytrans or the brother, sister, parent, grandparent, child, cousin, aunt, uncle, nephew, niece, spouse, widow, widower, in-law, heir, legatee or successor of any of the former or affiliated with any trust or similar arrangement of which any such persons or a combination thereof are the beneficiaries or the executor, administrator or personal representative of any deceased or legally incompetent person described herein
the tenure for independent director is 6 years
