Virtual Meetings in Egypt due to the Coronavirus “COVID-19”
Due to the current situation of the Coronavirus “COVID-19”, the General Authority for Investment and Free Zones (“GAFI”) issued a new decree no.160 (the “Decree”) regulating the virtual meetings of the Egyptian Companies incorporated under the Law no. 159 of 1981 & Investment Law no. 72 of 2017.
The Decree stated that:
- General Assembly Meetings and Board Meetings may be held visually via audio or video tools.
- Virtual attendance is recognized and shall be valid same as physical meetings.
- Companies to take all necessary measures and procedures enabling its shareholders, board of directors, and managers to vote on the meeting’s agenda virtually.
- Attendance sheet shall be signed by the company’s auditor and submitted to GAFI along with a CD that includes all decisions approved during the virtual meeting.
- If meetings’ invitations were sent previously and before this Decree, the company may change the place of the meeting or hold it virtually by notifying its shareholders, board of directors, and managers.
- GAFI will approve all the minutes and decisions of virtual meetings and the legalization process shall be normally undertaken.
Thanks to the authorities and we at Levari support that decision and encourage companies to act accordingly.