The Ministry of Economy and Finance announces the publication in Official Bulletin No. 7399, dated April 28, 2025, of Decree No. 2-24-249 of April 24, 2025, approving the Code of Good Governance Practices for Public Establishments and Enterprises (EEP), in accordance with Article 38 of the Framework Law No. 50-21 on the reform of public establishments and enterprises.
This new Code, which replaces the one issued on March 19, 2012, by Circular No. 3/2012 of the Head of Government, is part of the ongoing reform process of the EEP sector initiated in 2020 by the Kingdom of Morocco in application of the High Directives of His Majesty King Mohammed VI, may God assist Him.
The revision of the 2012 Code addresses the need to align EEP governance with constitutional principles, the recommendations of the New Development Model, the provisions of the Framework Law No. 50-21 mentioned above, the State’s shareholder policy published in December 2024, and international best standards (OECD, G20).
The new Code thoroughly revises the principles adopted in 2012, taking into account the institutional, economic, and social changes of the past decade. It was developed through extensive consultation led by the Ministry of Economy and Finance – Department of Public Enterprises and Privatization within the framework of the National Commission for Corporate Governance, with contributions from several EEPs and numerous prominent national institutions (Court of Auditors, Competition Council, Moroccan Capital Market Authority, UN Women Agency, Women Directors’ Club, etc.).
The Code establishes a renewed vision of EEP governance based on key principles, including shared leadership between the EEP’s deliberative body and executive team, clarification of public service obligations, transparency of direct and indirect subsidies to EEPs, strengthening of the professionalism of governance bodies (independence, diversity of profiles, women’s representation, independent directors, governance evaluation, etc.), development of risk management systems, reinforcement of non-financial transparency regarding climate issues, and enhanced sustainability and responsible conduct of EEPs.
The Code also reaffirms the importance of good governance as a key lever for attracting investment, strengthening the resilience of EEPs, optimizing financing costs, promoting ethical standards, and building stakeholder trust.
The publication of this Code marks a new milestone in the reform of the EEPs sector, in line with the requirements of transparency, accountability, and performance management, as well as growing expectations regarding compliance with ESG (Environmental, Social, and Governance) criteria.
View Decree No. 2-24-249 of April 24, 2025, approving the Code of Good Governance Practices for Public Establishments and Enterprises (in Arabic).