Code marocain de bonnes pratiques de gouvernance d'entreprise (CGEM / ANGSPE - nouvelle génération, version 2025)

Soft law with hard consequences. Morocco's new generation of governance codes (general code plus sector-specific declinations, 2025 version) operates on COMPLY-OR-EXPLAIN and, for the first time, embeds ESG at the heart of strategic oversight. Listed issuers are expected to align and to publish a governance report in the annual report. The AMMC recommends using the 2025 code as an operational roadmap (annual calendar of governing bodies, board evaluation, referent director as counter-power in concentrated structures, independent third-party certification of ESG reports). Non-alignment is not illegal - but it is disclosable, comparable and therefore scoreable.