The Financial Market Council (CMF), on Tuesday, published its general decision No. 23 which sets the criteria and modalities for the appointment by companies listed on the main market of the Stock Exchange, of independent members to their board of directors or their supervisory board as well as the representative of minority shareholders.
The CMF will therefore be able to ensure that the said candidates meet the conditions laid down in the general decision.
This new decision, referred to by the Minister of Finance, “will make it possible to strengthen the principles of good governance within companies listed on the main market of the Stock Exchange and guarantee better representation of small holders”.
The current general decision, which is in application of Article 38 of the general regulations of the stock exchange, sets, in particular, the modality of publication of the call for candidacy for the above-mentioned positions as well as the eligibility criteria relating to the conditions of honorability, integrity, impartiality, honesty as well as competence and experience that the candidate must meet.
Moreover, that decision grants the CMF a power of control over the appointment process through the obligation for companies to transmit to it, for opinion, the preliminary list of candidates admitted to compete for the posts concerned.
