"Economic Parliament" approves the establishment of the Committee for the Promotion of Integrity and Transparency in Companies .. aims to monitor and evaluate the management of companies and the application of principles and codes of conduct .. The advantages of the "outstanding company", the most prominent priority in the allocation of national projects

Accidents

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

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.

The project stipulates that the Ministry of Investment shall establish a standing committee called the Committee for the Promotion of Corporate Integrity and Transparency, which aims to promote the values ​​of integrity and transparency of companies of all kinds through the monitoring, evaluation and management of these companies.

In order to achieve its objectives, in accordance with the draft law, in particular the development of codes of conduct and standards for companies, their employees and employees to properly carry out their activities and prevent their involvement in corruption, and to develop appropriate measures and procedures to facilitate the reporting of financial and administrative irregularities The interests are opposed to the companies they work with or the companies that deal with them.

The committee also has the authority to set the criteria and rules for granting companies a "distinct company" certificate, enjoy the benefits stipulated in the law, grant a "distinguished company" certificate to companies that meet the conditions for obtaining it, cooperate with law enforcement agencies, public and private sectors, Members of legal departments and corporate lawyers, reports of legal violations committed in companies at the time of incorporation or commencement of their activities.

It also has the responsibility to inform the concerned parties of the administrative, financial and criminal offenses of the companies, and to receive complaints and communications concerning the occurrence of violations in companies, and to refer them to the competent authorities and to impose penalties in case of violation of codes and standards of corporate behavior, including alert and warning with a period of time to reconcile the situation and cancel the certificate of excellence.

The committee, chaired by the minister concerned with investment affairs, is composed of one of the judges at the level of the president of the court of appeal or its equivalent in other judicial bodies, a representative of the Ministry of Justice, a representative of the Ministry of Interior, a representative of the Ministry of Finance, Ministry of Commerce and Industry, representative of the Ministry of Housing, Utilities and Urban Communities, representative of the Ministry of Public Sector, representative of the General Intelligence Service, representative of the Administrative Control Authority, representative of the Central Bank, representative of the Central Auditing Organization About a General Authority for Investment and Free Zones, representative of the Competition Protection Mechanism and Prevention of Monopolistic Practices.

The companies that are awarded the "Company Excellence" certificate enjoy several advantages. They are entitled to use the logo of the distinguished companies which the committee designs on its editors, products, advertisements and all its transactions. The priority is to assign the national projects and contracts concluded by the public authorities.

These companies also have priority in the ownership or allocation of real estate and land related to their activity, which are put forward by the State, following the fulfillment of the necessary conditions, equalization in the standards of differentiation prescribed in the laws governing it, priority in obtaining the advertising sites distinguished in public places, At least two courses at the Ministry of Investment annually for its employees, one in the quality of management and corporate governance, and the other in the fight against corruption.