Loi n° 20-19 modifiant et complétant la loi n° 17-95 (gouvernance et responsabilité des dirigeants)

The 2019 governance reform. Introduces into Moroccan law the concepts of NON-EXECUTIVE and INDEPENDENT DIRECTOR (art. 41 bis / 41 ter / 83): companies making a public offering MUST appoint one or more independent directors, capped at one third of the board. Requires EXTRAORDINARY GENERAL MEETING authorisation for disposals of more than 50% of the company's assets over any 12-month period (previously a board decision) - a direct anti-tunnelling protection for minorities. Extends director/supervisory-board-member liability for management fault and acts outside the corporate interest, and adds disqualification (1 year) as a sanction. Directors' other mandates must be disclosed in the management report.