Economic MPs approve the draft law of the Committee to promote the integrity and transparency of companies

Policy

The Economic Affairs Committee of the Chamber of Deputies, chaired by Eng. Ahmed Samir, approved today a draft law submitted by the government on the Committee for the Promotion of Integrity and Transparency in companies in principle.

The draft law includes the establishment of a standing committee at the Ministry of Investment called the Committee for the Promotion of Integrity, Transparency and Excellence for Companies, which aims at enhancing the principles of integrity and honesty in the companies of funds and persons by monitoring, evaluating and directing the management of these companies and implementing principles and codes of conduct for their employees and employees. Development and upgrading to a "distinct" description and enhanced cooperation between the Commission, law enforcement agencies and relevant public and private sector entities.

Article [3] includes the committee's technical secretariat. Article [6] includes the advantages enjoyed by the distinguished companies. Which adhere to the rules of governance and the principles of integrity, transparency and disclosure of transactions, and the application of codes of conduct of the staff set by the Commission to achieve the objectives of the Constitution and the fight against corruption.

Article 7 deals with the formation of a committee of grievances from the decisions of the Committee by a decision of the Prime Minister. Article 8 states the issuance of the executive regulation of the law within 3 months from the date of its entry into force.

Transparency, disclosure, governance and non-conflict of interests are fundamental principles for improving the overall economic situation in developing countries. The project includes the establishment of a permanent committee of the Ministry of Investment and International Cooperation called the Committee for the Promotion of Integrity, Transparency and Corporate Excellence. To monitor, evaluate and guide the management of these companies in order to combat corruption and achieve transparency and development and to develop a distinct description of it and strengthen cooperation between the Commission and law enforcement agencies and entities of the public sector and the private sector.

The meeting witnessed a state of controversy over the draft law and the texts it contained. The two deputies, Mohamed Zakaria Mohieddin and Tarek Hassanein, announced their rejection of the draft in principle, and MP Tareq Hassanein agreed that the law should be applied only to public sector companies and not to privatized companies.