ABSTRACT
Egypt has implemented, over the past two decades, a number of initiatives and corporate governance reform activities aiming to increase the awareness of corporate governance and encourage the application of its best practices. However, research indicates that challenges remain. The method of appointment of non-executives and independent members and the tenure of non-executive directors are potential factors that may threaten board independence in Egypt. Other challenges lie in the culture of high power distance and uncertainty avoidance, the strength of family relationships in firms, and the costs of establishing good governance. Action is needed by regulators, educators and the accounting profession.
