As key reporting deadlines for the 2024 financial year approach, the Moroccan Capital Market Authority (AMMC) has issued a new set of recommendations aimed at reinforcing financial communication and corporate governance practices among publicly listed companies.
With a focus on improving transparency, consistency, and investor confidence, these guidelines set clear expectations for how issuers should report their financial and non-financial performance — and how they should manage their governance responsibilities in the coming months.
By April 30, 2025 (or May 31 for companies listed on the alternative market), all issuers are required to publish two distinct documents: a comprehensive annual financial report and a press release announcing its availability.
The press release must be published in a legal announcement journal and include key financial statements (income statements and balance sheets), along with audit reports. It should also summarize management commentary, reflecting the main highlights presented in the full report. Crucially, the web link included must provide direct access to the report itself, not just the general section of the issuer’s website.
As for the financial report, AMMC recommends a clear, chapter-based structure titled “2024 Annual Financial Report”. It should cover statutory and consolidated accounts, detailed commentary on financial and operational performance, explanations of any changes in accounting methods, and updates on the issuer’s outlook.
The report must also include a compliant ESG report, following the updated standards of AMMC Circular 03-19, as amended. This includes detailed disclosure on governance structures (including gender balance, director independence, age, nationality, and committee memberships), as well as the audit fees broken down per firm and service.
In parallel, AMMC reminds issuers of their obligations related to the 2024 consolidated accounts, which must be approved at the same time as the statutory accounts. Approval must be included in the agenda of the relevant general meeting.
The composition of governance bodies is also under the spotlight. Issuers must ensure compliance with Moroccan company law, particularly regarding the number of independent directors (minimum of two for companies on the main market), the majority presence of non-executive directors, and a balanced gender representation — at least 30% of each gender, rising to 40% by 2027.
All governance committees must include at least one member of each gender, and audit committees must consist solely of non-executive members and be chaired by an independent director with proven financial or accounting expertise.
Transparency towards shareholders remains a core priority. Issuers must ensure that notices of general meetings are published at least 30 days in advance and include all required information. Resolutions must be clearly worded, especially when they involve appointments to the board or the renewal of statutory auditors.
Shareholders must also have access to all relevant documentation at least 15 days prior to the meeting — and 21 days in the case of listed companies — via both the company’s headquarters and website. Following the general meeting, issuers have 15 days to disclose detailed voting results, including the number of shares represented and votes cast for, against, or abstaining from each resolution.
Furthermore, AMMC reminds issuers that any regulated agreement must be disclosed online within three days of its signing. This disclosure must include the nature of relationships between the parties, the economic rationale behind the agreement, and its key characteristics.
With these updated recommendations, AMMC reaffirms its mission to safeguard investor confidence and ensure the proper functioning of Morocco’s capital markets. More than just a regulatory checklist, these rules reflect a broader ambition: to promote a culture of rigorous reporting and exemplary governance among all public issuers.
By setting clearer expectations and higher standards, the regulator aims to foster a transparent and resilient market — where accountability isn’t just a formality, but a cornerstone of long-term growth.
