The social pillar of ESG (environmental, social, and governance criteria) is gradually being established as a structural axis of the strategy of Moroccan listed companies, due to a combination of evolving investor expectations, regulatory pressure, and the transformation of business models, according to BMCE Capital Global Research (BKGR).
This progression occurs while non-financial reporting remains heterogeneous on the Casablanca Stock Exchange, BKGR notes in its latest CSR Newsletter, which focuses on social issues.
According to the same source, an analysis of the ESG reports published by major issuers highlights an improvement in the quality of social disclosures, particularly in the banking, energy, and infrastructure sectors, where human capital, health and safety, and territorial impact are real concerns.
“The major listed banks are increasingly structured in their communication regarding their workforce, diversity, training, and social commitment,” emphasizes BKGR.
For instance, Attijariwafa Bank reported a workforce of 8,317 employees in 2024, with 44.6% being women, along with a notable increase in women in executive positions (18.2% compared to 14.3% in 2023).
Banque Centrale Populaire (BCP) highlights a female representation rate close to 57% and a training budget of 43 billion dirhams, while Bank of Africa allocates 20,456 man-days for training its teams, covering 90% of employees with a satisfaction rate of 94.5%.
In the industry, Taqa Morocco deployed over 53,000 hours of training in 2024 and invested 8.5 billion dirhams in community projects affecting 20,700 beneficiaries.
However, BKGR notes that the social reporting of Moroccan listed companies is still characterized by structural limitations, with indicators that are difficult to compare due to heterogeneous scopes and non-harmonized definitions, a scarcity of quantified medium-term social objectives regarding diversity, training, safety, or community impact, as well as an inadequately documented link between climate risks and social issues such as working conditions, water stress, or territorial vulnerability.
It concludes that the real challenge for Moroccan listed companies is no longer the mere publication of social data but their ability to demonstrate, through measurable objectives and dedicated governance, the tangible contribution of their social policies to operational performance and the resilience of their business models.
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