New guidelines for clearing and depository companies’ boards

Companies licensed to provide clearing and depository services will now be required to elect a board of directors with a minimum of five members and a maximum of nine under new Financial Regulatory Authority (FRA) guidelines issued yesterday. The guidelines require boards to include at least two independent members and at least one woman; all members will be selected through general assembly elections for three-year terms. The roles of chairman and CEO will need to be held by separate individuals. The FRA will release next week guidelines on ownership structure for clearing and depository companies, authority boss Mohamed Omran said.