On Apr. 29, UAE SCA issued decision re public joint stock companies.
UAE SCA issued Decision No. 16/R.M. amending Decision 3/R.M of 2020 re governance guide for public joint stock companies applying appx 1 re general assemblies organizer.
Key Amendments
Added an article 39 bis entitled Organizer of General Assemblies allowing for company to appoint an organizer to organize general assemblies meetings as per appendix 1.
Company when appointing shall establish necessary procedures to supervise the work of the organizer, to deal with any failure, negligence or violation of legislations in force.
Firm is responsible of organizers' acts when performing his duties and responsibilities.
Those wishing to obtain approval to exercise general assemblies organizer functions may submit request to obtain authority's approval according to appendix 1 provisions.
Effectiveness
Provisions of article 39 bis and appendix 1 shall be applied starting from Jan. 1, 2025.
Decision shall published in the official gazette on Apr. 29, and effective as of Apr. 30.
May 17, 2024 Updates
On May 17, 2024, UAE SCA issued press release on decision on assembly organizer.
Entity must be legal person established within state or a branch of a foreign company established in EGY and entity licensed to operate in one of financial free zones in EGY.
Provided that it is committed to obtaining necessary legal requirements re practicing.
Minimum 3 years experience in the field is required with 4 employees to manage one general assembly, with 3 years of experience for one of employees in the field of IT.
Regulators
UAE SCA
Entity Types
Corp
Reference
PR 5/17/2024; Dec 16/RM 2024, 4/29/2024; Dec 3/RM 2020; ESG
