Internationalization of Tunisian Companies' Boards of Directors Reaches 10% in 2024
According to a governance report published by the Tunis Stock Exchange (BVMT) on January 10, the internationalization rate of boards of directors of listed companies in Tunisia has reached 10% in 2024. Out of a total of 695 directors, 69 are of foreign nationality, holding positions within Tunisian companies, marking a significant step towards opening up governance bodies.
The financial sector stands out with the highest proportion of foreign directors, with 43 members out of a total of 288, representing a 15% rate. This sector, which plays a crucial role in the Tunisian economy, thus displays a more diversified composition, aligning with international standards. In comparison, the boards of directors of CAC 40 companies in France had 31.1% non-national members in 2022, highlighting a significant gap but a global trend towards internationalization.
This evolution in the composition of boards reflects the modernization and governance efforts of Tunisian companies. Although there is still a long way to go to reach the internationalization levels observed in certain European countries, this progressive opening could strengthen Tunisia's attractiveness on the international economic scene and facilitate expertise exchanges.
