Early Launch of Calls for Minority and Independent Representative Candidates
Some listed companies on the Tunis Stock Exchange have already begun launching calls for applications for minority and independent representative candidates to join their boards of directors. Although we are still in January, this is at least three months before the start of the general meeting season.
In our opinion, this can be explained by the strict regulatory constraints, the logic of good governance, and the necessary strategic anticipation.
Regulatory Constraints and Good Governance
The regulation imposes a very precise calendar. The complete agenda and draft resolutions must be published at least 15 days before the holding of the General Assembly for listed companies. For a candidacy to be included and submitted to the vote of all shareholders, it must be received by the company well in advance. Launching calls for applications now is essential to respect the legal framework.
Beyond simply respecting deadlines, an early selection process allows for a rigorous and credible selection process. Candidates must be verified, with control of their eligibility, in-depth analysis of their real independence, evaluation of their skills and experience in relation to the needs of the board. The nominations committee, or the board as a whole, must take the time to review the files and meet with potential candidates. A hasty recruitment process would harm the quality of the selection and the future legitimacy of the elected administrator. If it is a financial or credit institution, it is also necessary to obtain the approval of the Central Bank of Tunisia.
Strategic Anticipation and Transparency
Moreover, this early approach is a strong signal sent to the market, demonstrating a willingness to transparency and a serious consideration of minority rights, key elements of healthy governance. It takes into account practical realities. Experienced and qualified profiles for these positions have busy schedules. Approaching them early is necessary.
By launching calls for applications early, companies can ensure a thorough and credible selection process, demonstrate their commitment to good governance and transparency, and increase their chances of attracting qualified candidates. This approach is essential for listed companies to ensure that they have the best possible representation on their boards of directors.
