This progress is driven by regulation and market demands, BKGR notes in its first “CSR Newsletter,” aimed at addressing investors’ needs in this area.
According to the same source, the Governance pillar has seen significant developments in recent years, influenced by several dynamics, noting that the Moroccan Capital Market Authority (AMMC) plays a structuring role in aligning the market with best practices.
“Since 2021, the AMMC has required listed companies to publish an ESG report, including a section dedicated to Governance. This report covers the composition and independence of Boards of Directors, remuneration and ethics policies, the existence of specialized committees (audit, risk, nomination), as well as the prevention of conflicts of interest,” BKGR recalls.
In addition, there is a gradual adoption of internal Governance codes among large listed companies, although the heterogeneity of practices remains pronounced, particularly among medium-sized companies or those with family ownership, adds the same source.
It emphasizes that in an environment where sustainability becomes central to investment decisions and without minimizing social and environmental aspects, Governance stands out as the foundation of the ESG architecture, conditioning both institutional stability, risk management, and the ability to generate long-term value.
“In Morocco, although the reforms undertaken are notable, they are still hindered by structural blockages. The maturity of governance remains uneven among issuers, with a growing gap between large capitalizations and family SMEs,” continues BKGR.
And it concludes that Governance should be seen as an opportunity: that of building a resilient, transparent company aligned with the expectations of global markets.
