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REGIONAL CORPORATE GOVERNANCE FORUM Private
Sector Consultative Meeting
DEVELOPMENTS IN CORPORATE GOVERNANCE THE
MOROCCAN CASE
Rachid BELKAHIA
Moroccan Employers Federation (CGEM)
Middle East Partnership Initiative Center for
International Private Enterprise Global Corporate
Governance Forum January 25th, 2005 - Marriott,
Amman
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Summary
I - The evolution of the institutional
framework of corporate governance in Morocco
II - Private sector initiatives advancing
corporate governance in Morocco The CGEM
actions
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I- The evolution of the institutional
framework of corporate governance in Morocco
? The corporate framework ? Bicameral
structure with a supervisory board
(Conseil de Surveillance) and a management
committee (Directoire) ? Separation of
Chairman and CEO (project)
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I- The evolution of the institutional
framework of corporate governance in Morocco
? The external support framework ?
Accounting law - Compulsory external
annual audit conducted by an
independant and qualified auditor
(two auditors for listed companies) ?
Financial analysts - Creation of
the moroccan financial analysts
association (SMAF) - Code of
conduct (project)
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I- The evolution of the institutional
framework of corporate governance in Morocco
? Rating agencies (not covered) ?
Brokers - Compulsory professional
standards requirements
- Code of conduct ? Consultants -
Independency from auditors
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I- The evolution of the institutional
framework of corporate governance in Morocco
? The regulation framework ?
Professional business organisations
- Auditors - Banks -
Brokers - Financial analysts ?
Supervision authorities - National
accounting council - National monetary
and savings council - Financial
institutions council
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I- The evolution of the institutional
framework of corporate governance in Morocco
? Securities commission (Conseil
Déontologique des Valeurs Mobilières)
which devolves upon the Finance
Ministry ? Judicial authority - But
scarcity of class actions
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II- Private sector initiatives advancing
corporate governance The CGEM actions

• ? Awareness training actions
• ? Conferences, seminars, roundtables,
• ? CG course Masters Degree, Hassan II
• University
• ? Code of best practices (project)
• ? Institute of Administrators (project)
• ? Tool kit in French and/or Arabic
• ? Partnership with a famous local business
• school (ISCAE)

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Conclusion

• ? Necessity to adapt a specific CG
• framework for SME and family firms
• ? Considering the limitation of listed
• companies (53), banks must play a
• major role for diffusing a CG culture
• ? Good governance involves public
• and private sectors and opportunity
• for implementing partnerships and
• common success stories.