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Monday, March 4, 2024

Moroccan Capitals Authority calls for equal gender representation for public companies

The Moroccan Capital Market Authority (AMMC) is calling on public companies within the national stock exchange market to respect laws pushing for equal gender representation in corporate governance.

The regulatory body reminded of the importance of respecting new directives, in reference to the most important new provisions that were introduced in 2021 under Law No. 19.20, amending and supplementing Law 17.95.

The legislation is highlighting the need to actualize the principle of balanced representation between women and men in corporate governance structures, listed within the Casablanca Stock Exchange.

According to the AMMC, the proportion of members of both sexes in the composition of the administrative and supervisory boards of public companies cannot be less than 30% by 2024, and 40% by 2027.

Under the new provisions, the difference between the sexes cannot be greater than 2 when the board of directors or the supervisory board consists of at most 8 members.

The requirements also require that the composition of the committees formed within companies’ Board of Directors include at least a representative of both sexes starting 2024.

The aforementioned provisions entered into force since the law was published in the Official Bulletin back in iJuly 22, 2021.

However, auditors whose mandates had yet to expire continue to carry out their duties until the expiry of this period, regardless of the new regulation.

The authority’s recent reminder is calling on the public companies to respect the periodicity of the meetings of the board of directors and the supervisory board, so that the administrative board or the supervisory board of a joint-stock company must be invited by its president to meet at least twice a year, and whenever the proper conduct of the company’s business requires it.

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