Rabat – The General Confederation of Moroccan Enterprises (CGEM) unveiled on Thursday the results of the third edition of the Barometer of Responsible Governance, which tracks progress in corporate governance among Moroccan companies listed on the public market.
The presentation, chaired by CGEM Vice President Mehdi Tazi, took place in Casablanca and gathered key institutional partners, including the Casablanca Stock Exchange, the Moroccan Capital Market Authority (AMMC), the Moroccan Association of Publicly Listed Companies (APE), and Ethics & Boards.
According to CGEM, this year’s edition analyzed the 2024 reports of 92 Moroccan companies, using over 100 governance indicators per company. The findings show steady progress toward more transparent, inclusive, and sustainable corporate practices.
Gains in diversity and board independence
The report shows that women now occupy 29% of board seats, marking an 8-point increase since 2022. The share of independent directors also continues to rise, reaching 23%, though it remains below the average observed in European markets.
Boards now include an average of 9.4 members that align with global standards. The separation of roles between chairperson and chief executive has become more common, increasing by nine points over the past two years.
The study also notes that boards met 4.6 times on average in 2024, with a 94% attendance rate, translating into a stronger engagement.
Furthermore, 76% of audit committees are chaired by independent members, a figure that climbs to 83% among listed companies.
Progress in ESG and non-financial transparency
A growing number of companies are incorporating environmental, social, and governance (ESG) frameworks into their operations.
Over half (55%) rely on at least one international standard, while 73% now publish consolidated CSR data, a sign of increased maturity in extra-financial reporting.
The majority of companies also disclose quantitative indicators on staff training, gender balance, occupational safety, and community engagement, showing a broader shift toward measurable transparency.
Governance as a driver of trust and performance
Following the results presentation, a roundtable titled “Responsible Governance, Everyone’s Business” brought together representatives from the National Agency for the Strategic Management of State Holdings (ANGSPE), the AMMC, the APE, and the family-owned company LOCAMED.
Participants agreed that governance is a key factor in boosting corporate performance, credibility, and investor confidence. They stressed the need for gradual harmonization of governance standards to enhance Morocco’s market attractiveness and competitiveness.
Public enterprises were cited as examples in spreading good governance practices, while family businesses were encouraged to view governance as a foundation for continuity and intergenerational transmission.
This third edition of the Barometer confirms a clear upward trajectory. Moroccan companies are moving toward more balanced, independent, and sustainable governance models.
