الهيئة العامة للرقابة المالية

• The Egyptian Center for Arbitration and Settlement of Non-Banking Financial Disputes (ECAS) in collaboration with Baker McKenzie hosted the event.

Dr. Mohamed Farid, FRA Chairman and Chairman of the ECAS Board of Trustees:

• Both the ECAS and FRA prioritize empowering women
• Women’s representation on boards has significantly increased, reaching 25.2% in 2023.

Dr. Marian Kaldas, Executive Director of ECAS:

• The Launch of “ERA Pledge” in Egypt supports and enhances the Center’s efforts to empower women

Dr. Mohamed Farid, FRA Chairman and Chairman of the ECAS Board of Trustees, attended the launch of “ERA Pledge” initiative by the Center in collaboration with Baker McKenzie.

The Equal Representation in Arbitration (ERA) Pledge, established in 2015, aims to promote gender diversity in arbitral tribunals. It encourages institutions and companies to adopt policies prioritizing gender diversity in dispute resolution. The initiative has already garnered support from over 5,000 individuals and institutions.

Dr. Farid expressed his support for the initiative, aligning with the Center’s commitment to empower women in the legal field, particularly in arbitration. He added that since its establishment, the Center has been committed to empower women, as evidenced by the appointment of Dr. Marian Kaldas as its first Executive Director and the selection of its staff based solely on their qualifications, regardless of gender. He also commended the Center’s efforts and its effective role in settling non-bank financial disputes.

Additionally, Dr. Farid stated that empowering women is a top priority on the agenda of both ECAS and FRA. They believe that increasing women’s participation in the workforce contributes to improving operational and financial performance indicators, as estimated by international institutions such as the International Finance Corporation (IFC).

During his speech at the launch of “ERA Pledge” initiative in Egypt, Dr. Farid highlighted the increased representation of women on the boards of companies under the Authority’s supervision. In 2023, the number of female board members rose to 1,072, a significant increase from approximately 920 in 2022. This positive trend reflects the Authority’s commitment to women’s empowerment and gender equality.

Furthermore, the percentage of women on boards increased to 25.2% in 2023, exceeding the Authority’s 25% target. Nearly half of the non-bank financial sector companies now have at least two women on their boards, indicating compliance with the required minimum.

He highlighted that the capital markets sector has the highest percentage of women on boards, reaching 25.7%, followed by micro, small, and medium-sized finance, real estate finance, leasing, and factoring sectors at 25.1%.

Dr. Farid emphasized the importance of empowering women by enhancing their financial literacy, particularly in long-term investments. The Authority is committed to collaborating with multilateral development partners to achieve insurance inclusion, a key goal for the non-bank financial sector.

Dr. Farid highlighted FRA’s efforts to empower women economically. He noted that women constitute approximately 35% of FRA’s workforce.

Moreover, he emphasized that a significant 65% of recent hires at FRA are women. He highlighted that the Authority prioritizes competence over gender in all aspects of employment, including hiring, evaluation and promotion.

On the other hand, Dr. Marian Kaldas, Executive Director of ECAS conveyed her great pleasure in embracing and hosting this initiative. She emphasized that this initiative aligns with the Center’s commitment to women’s empowerment, a priority championed by Dr. Mohamed Farid, Chairman of the ECAS Board of Trustees. Also, she highlighted the Center’s proactive steps to ensure gender equality in arbitration.

She added that the ECAS offers various training programs to equip professionals in the non-bank financial sector with arbitration skills. The Center has also launched the “Young ECAS” initiative to empower young legal professionals, especially women, as arbitrators and mediators.

Dr. Marian noted that the 50 companies attending the “ERA Pledge” launch in Egypt have committed to promote gender equality in their arbitration disputes, in line with the pledge’s objectives.