Brazil: Senate enhancing ties with the UAE[1]
On March 11th, 2021, the Brazilian Senate approved the creation of Grupo Parlamentar Brasil-Emirados Árabes Unidos (“Brazil-United Arab Emirates Parliamentary Group”), which aims to strengthen bilateral Legislative Branch cooperation between the two countries. Senator Marcos do Val, who created the proposal, believes it to facilitate Emirati investments in Brazil.
Even though the Brazilian House of Representatives already has a similar parliamentary group, consisting of federal representatives and senators, the new proposal’s rapporteur, Senator Fernando Bezerra Coelho, does not believe it undermines the Senate’s own initiative. The new project is now pending approval by the Senate’s Steering Committee.
UAE: Women on the board of listed companies[2]
After a meeting held on March, 2021, the Securities and Commodities Authority (“SCA”) – regulator of Dubai and Abu Dhabi stock markets -, announced that listed companies must have, at least, one woman as a board member. The measure was amended on Clause 3 of Article 9 of the SCA Board Chairman’s Decision No. (3/Chairman) of 2020 (“Approval of Joint Stock Companies Governance Guide”).
According to a research conducted by Aurora50, a local-based firm focused on balancing gender representation on boardrooms, women make up only 3.5% of all board positions, both public and private, in the UAE. To this regard, UAE’s Central Bank had already signed a memorandum of understanding with the firm to work on raising such numbers.
Now, upon the disclosure of the Annual Governance Report, companies must inform the percentage of female representation in the board, as well as the reasons behind not achieving 20% of female board membership.
Egypt: Amendment to the bankruptcy’s law[3]
On March 15th, 2021, Egypt’s House of Representatives approved amendments to the Law on Restructuring, Reconciliation, and Bankruptcy Protection (Law No. 11/2018).
As indicated by Parliament officials, the amendment will facilitate access to credit by defaulting companies, stimulate the economy and investment activities, as well as help settle commercial disputes between investors and insolvent companies through mediation. The amendment is yet to be revised by the State Council, before final voting.
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MENA Desk