Good Governance: A Strategic Opportunity for Long-Term Value Creation and Sustainability
According to a recent report published by the Tunis Stock Exchange, good governance is now perceived as a strategic opportunity to create long-term value and enhance the sustainability of companies. It is based on principles such as transparency, regular communication, and diversity in decision-making bodies.
In Tunisia, several initiatives have been implemented to promote these principles. The IACE and the Tunis Stock Exchange have published governance guides, although their application remains voluntary. However, certain obligations have been established for listed companies, particularly regarding the composition of their boards of directors or supervisory boards.
Several regulatory texts frame this requirement:
- The Banking Law No. 2016-48 requires listed banks and financial institutions to include at least two independent administrators and one representative of small shareholders.
- Law No. 2019-47, related to improving the business climate, obliges listed companies to integrate two independent administrators into their boards.
- The General Regulation of the Stock Exchange, amended in 2019 (Article 38), requires listed companies on the main market to have at least two independent administrators and one representative of small shareholders.
These provisions demonstrate an increased willingness to adopt international standards in terms of governance. The updated composition of the boards of directors and supervisory boards of listed companies, following the 2024 general assemblies, will allow for an assessment of the concrete progress made in terms of governance in Tunisia.
