The General Confederation of Enterprises of Morocco (CGEM) presented the results of the third edition of the Responsible Governance Barometer on Thursday in Casablanca.
Led by CGEM through its Ethics and Governance Committee, the barometer is conducted in partnership with the Casablanca Stock Exchange, the Moroccan Capital Market Authority (AMMC), the Moroccan Association of Public Limited Companies (APE), and Ethics & Boards, CGEM stated in a press release.
It aims to provide an updated view of the governance practices of Moroccan companies operating as public limited companies and to support economic actors in strengthening transparent, inclusive, and sustainable governance, in accordance with the highest international standards, the same source clarified.
Based on an analysis of reports published by 92 Moroccan companies for the 2024 fiscal year, this edition includes over 100 governance indicators per company.
Specifically, the results highlight notable progress in diversity and independence, with a female representation rate on boards reaching 29%, an increase of 8 points since 2022, and an overall rate of independent directors set at 23%, CGEM reported.
The governance of Moroccan companies also appears more structured and transparent, with an average board size of 9.4 members and a clear trend towards the separation of the roles of Chairman and Chief Executive Officer, showing a 9-point increase since 2022.
Boards met an average of 4.6 times in 2024, with an attendance rate of 94%, while 76% of audit committees are now chaired by an independent member.
Regarding environmental, social, and governance (ESG) practices, 55% of companies rely on at least one international framework, and 73% publish their Corporate Social Responsibility (CSR) information at a consolidated level, confirming a growing maturity in non-financial reporting.
The majority now communicate quantitative indicators on training, gender balance, health and safety at work, and societal engagement, illustrating progress towards greater transparency.
The presentation was followed by a roundtable discussion on the theme “Responsible Governance: Everyone’s Business—Listed Companies, Public Institutions, Institutional Investors, and Family Businesses,” gathering representatives from the National Agency for Strategic Management of State Holdings (ANGSPE), AMMC, APE, as well as a testimony from LOCAMED as a family business.
Indeed, the speakers emphasized the central role of governance as a lever for performance, transparency, and trust, calling for a gradual harmonization of standards to enhance the credibility and appeal of the Moroccan market.
They also highlighted the exemplary role of public enterprises in disseminating best practices, while stressing governance as a key factor for transmission and sustainability for family businesses.
The results of this third edition, unveiled at a conference chaired by CGEM’s General Vice-President Mehdi Tazi, confirm the ongoing progress of Moroccan companies towards more balanced, independent, and sustainable governance, marking a growing awareness of its strategic role in performance and competitiveness, concluded the press release.
MAP