Loi n° 19-20 modifiant les lois 17-95 et 5-96 (parité des conseils + création de la SAS)
40% board gender balance by January 2027 for listed issuers - the most measurable governance deadline on the market.
Two reforms in one text (BO n°7006 of 22 July 2021). (1) GENDER BALANCE: boards and supervisory boards of SAs making a public offering must comprise at least 30% of each gender by 1 January 2024, rising to 40% by 1 JANUARY 2027; where the board has more than 8 members, the gap between genders cannot exceed 2; each technical committee must include at least one member of each gender. This is a hard, dated, verifiable governance metric - and a scoring input available today from the AMMC governance table. (2) Creates the SAS (société par actions simplifiée) inside loi 5-96: free capital, single shareholder possible (SASU), maximum statutory freedom - but the SAS CANNOT make a public offering, therefore cannot list.