Droits des actionnaires minoritaires et pactes d'actionnaires (loi 17-95)
5% to shape the agenda, 10% to call a meeting or force a management audit - and a shareholders' agreement for everything else.
Minority toolkit in a market where ownership is highly concentrated (the single biggest governance risk on the BVC): shareholders representing at least 5% of capital may request items be added to the general meeting agenda; shareholders representing at least 10% may request the convening of a general meeting and may seek a court-ordered management audit (expertise de minorité); all shareholders have information rights (accounts, statutory auditors' reports, meeting documents). Shareholders' agreements (pactes d'actionnaires) are expressly recognised under Moroccan law and are the standard instrument for board representation, veto rights, tag/drag and liquidity for a significant foreign holder.