The second wave of corporate governance in Egypt: challenges ahead

Corporate governance began to attract the interest of market participants after the financial scandals around the world. This chapter aims to address the evolution of corporate governance reform in Egypt. It summarizes the first wave of corporate governance that focused on increasing awareness and legislation reform. The second wave of corporate governance emphasizes the implementation process and behaviour of listed companies. The actions taken in Egypt to monitor and enforce the rules of corporate governance have been presented. The chapter analyses some opportunities and challenges of the second wave in Egyptian corporate governance. It highlights how cultural and institutional factors can affect the implementation of corporate governance.