Credence denes corporate governance as a set of structures and processes for the direction and control of companies; it involves a set of relationships between Credence shareholders, board, and executive bodies with the purpose of creating long-term shareholder value. Credence views corporate governance as a means to improve operational eciency, attract nancing at a lower cost, and build a better reputation. Credence also believes that a sound system of corporate governance is deeply important to the rule of law in Egypt and a vital determinant of the role of Credence in a modern economy and society.
The Code sets out Credence’s corporate governance framework and is based on Egypt’s legislation, Egypt’s Code of Corporate Governance Guidelines and Standards (issued October 2005), as well as the internationally recognized best practices and principles, such as the OECD principles of Corporate Governance.
Credence’s corporate governance framework is based on the following principles:
This Code establishes Credence accountability to all shareholders, directs Credence board in setting strategy, and serves to guide and monitor Credence management.
Credence obligates itself to protect shareholder rights and ensure the equitable treatment of all shareholders, including minority shareholders. All shareholders are to be granted eective redress for violation of their rights through the board (or a shareholder rights committee, if established).
Credence is to ensure that timely and accurate disclosure is made on all material matters regarding the corporation, including the financial situation, performance, ownership and governance of Credence, in a manner easily accessible to interested parties.
Credence recognizes the rights of other stakeholders as established by laws and regulations, and encourages cooperation between Credence and stakeholders in creating sustainable and nancially sound enterprises. Credence, its key ocers and all team members act in accordance with all applicable laws and regulations and furthermore, shall comply with ethical standards of business conduct as dened by Credence Code, Egypt’s code of corporate governance, and the Labor Law.