Egypt's corporate governance system is framed by French civil law for corporations. Sharia law has no direct influence on corporate governance. Anglo-American influence is prevalent in the securities depository law and the new capital markets law shortly to be introduced to Parliament. There is one stock exchange with two trading floors: The Cairo and Alexandria Stock Exchange (CASE) which has three tiers. Eighty seven percent of listed companies are trading on the second or third tier (unofficial exchange). Interest in corporate governance is rising - the draft capital markets law includes a chapter on minority shareholders rights. This Report on the Observance of Standards and Codes benchmarks the Egyptian corporate governance system against the OECD Principles of Corporate Governance; according to the Financial Stability Forum, one of the twelve core standards underpinning the international financial architecture. The assessment highlights a number of areas where Egypt's corporate governance system needs strengthening. These can be grouped under six headings: disclosure of ownership and control structures; disclosure of financial and non-financial information; training and capacity building for regulators and the private sector; role and effectiveness of shareholders' meetings; practices of boards of directors; and, professional conduct of auditors.