The second edition of the Responsible Governance Barometer, conducted by CGEM, the Club of Women Administrators (CFA Morocco), the Moroccan Institute of Administrators (IMA), and Ethics & Boards, revealed notable advances while highlighting persistent challenges. Based on the analysis of 90 Moroccan companies that are publicly traded, this report sheds light on the progress made in 2023.
Encouraging Advances
The results show a clear improvement in several areas:
- Transparency: 60% of companies communicated their governance indicators, compared to 40% in 2022.
- Independence of boards: 91% of companies include at least one independent member, and 76% of audit committee chairs are now independent.
- Gender balance: Women represent 23.2% of boards of directors, with 31% of companies exceeding the 30% threshold.
- Social and environmental responsibility: 83% of companies shared their social policy, while 88% communicated their environmental initiatives.
Gaps Still Present
Despite these advances, efforts are still needed, particularly in environmental and social communication.
- Only 39% of companies publish social indicators.
- Only 17% share greenhouse gas emission reduction targets.
- Only one actor has committed to the SBTi (Science Based Targets initiative), highlighting a lag in developing quantifiable environmental goals.
These gaps demonstrate an urgent need to integrate environmental commitments into overall strategies and to further structure non-financial data.
A Collective Dynamic to Strengthen
During a roundtable held alongside the presentation, participants, including representatives from the Casablanca Stock Exchange and the CGEM CSR Commission, emphasized the importance of adopting international standards adapted to the Moroccan context. Lamia El Bouanani, General Director of the IMA, advocated for a gradual approach to support companies in this transition.
Despite the challenges, the event ended on an optimistic note. Chadia Jazouli, President of the CGEM Ethics and Governance Commission, reminded that responsible governance is a continuous process: “Every progress brings us closer to an exemplary and sustainable economic fabric.”
Towards Excellence in Governance
This barometer is part of an annual process of continuous improvement aimed at promoting excellence in governance. For Chakib Alj, President of the CGEM, it is not just about meeting legal requirements but also about creating resilient and responsible companies capable of generating a positive impact on their ecosystem.
This report highlights that responsible governance is much more than a simple regulatory framework: it represents a real opportunity to strengthen the competitiveness and sustainability of Moroccan companies.