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CGEM 2025 barometer highlights progress in responsible governance among Moroccan companies
The General Confederation of Moroccan Enterprises (CGEM) has released the findings of its third Barometer of Responsible Governance, highlighting significant progress in corporate governance among Moroccan publicly listed companies. The announcement, made in Casablanca under the leadership of CGEM Vice President Mehdi Tazi, brought together key stakeholders, including the Casablanca Stock Exchange, the Moroccan Capital Market Authority (AMMC), and the Moroccan Association of Publicly Listed Companies (APE).
The 2025 edition reviewed governance practices among 92 companies, analyzing over 100 indicators per entity. The findings reflect advancements in diversity, transparency, and adherence to environmental, social, and governance (ESG) standards, reinforcing Morocco’s commitment to sustainable corporate practices.
Diversity and independence on the rise
The report highlights an increase in diversity within corporate boards, with women now occupying 29% of board seats, an 8-point jump from 2022. Independent directors also account for 23% of board members, signaling gradual alignment with global governance standards.
Boards now average 9.4 members, meeting international benchmarks, while the separation of chairperson and CEO roles has risen by nine percentage points over the past two years. Additionally, boards convened an average of 4.6 times in 2024, with a remarkable 94% attendance rate, reflecting greater engagement.
Audit committees have also strengthened their independence, with 76% chaired by independent members, a figure that rises to 83% among listed companies.
ESG integration and transparency
The barometer revealed growing adoption of ESG frameworks, with 55% of companies adhering to at least one international standard. Furthermore, 73% now publish consolidated CSR data, signaling an increasing commitment to non-financial reporting.
Companies are also disclosing quantitative indicators on key issues such as gender equality, employee training, occupational safety, and community involvement, underscoring a shift toward measurable transparency and accountability.
Governance as a performance enabler
The findings were followed by a roundtable discussion, themed “Responsible Governance, Everyone’s Business,” which brought together representatives from the AMMC, the APE, the National Agency for the Strategic Management of State Holdings (ANGSPE), and family business LOCAMED.
Participants emphasized that responsible governance serves as a cornerstone for corporate performance, credibility, and investor confidence. They advocated for the harmonization of governance standards to bolster Morocco’s competitiveness and market appeal.
Public enterprises were highlighted as role models in promoting good governance practices, while family-owned businesses were encouraged to view governance as a critical tool for long-term sustainability and intergenerational continuity.
A promising trajectory
The CGEM’s 2025 Barometer confirms a positive trend toward more balanced, independent, and sustainable governance models across Moroccan companies. With progress in diversity, transparency, and ESG integration, the corporate sector is poised to play a pivotal role in enhancing Morocco’s economic resilience and global market standing.
