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Rachid BELKAHIA Moroccan Employers Federation (CGEM)

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

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Rachid BELKAHIA Moroccan Employers Federation (CGEM)

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  1. 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

  2. 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

  3. I- The evolution of the institutional frameworkof 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)

  4. I- The evolution of the institutional frameworkof 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)

  5. I- The evolution of the institutional frameworkof corporate governance in Morocco Rating agencies (not covered) Brokers −Compulsory professional standards requirements −Code of conduct Consultants −Independency from auditors

  6. I- The evolution of the institutional frameworkof 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

  7. I- The evolution of the institutional frameworkof corporate governance in Morocco Securities commission (Conseil Déontologique des Valeurs Mobilières) which devolves upon the Finance Ministry Judicial authority − But scarcity of class actions

  8. II- Private sector initiatives advancing corporate governance : The CGEM actions Awareness training actions Conferences, seminars, roundtables, … CG course : Master’s Degree, Hassan II University  Code of best practices (project) Instituteof Administrators (project) Tool kit in French and/or Arabic Partnership with a famous local business school (ISCAE)

  9. 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.

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