Governance is often presented as a technical topic reserved for boards of directors and regulators. On the contrary, it constitutes one of the most decisive pillars of financial market performance.
The more rules are enforced, information is accessible, and control mechanisms are effective, the lower the cost of capital and the more investment is encouraged. In light of this crucial economic fact, the 2025 assessment of governance within Tunisian listed companies reveals a mixed picture: undeniable progress on several indicators, but also persistent shortcomings that raise questions about the market’s ability to reach a new level of maturity.
Indeed, the figures show gradual improvement. The 75 listed companies now count 714 directors, of whom 19.5% are women compared to 17.7% in 2024 and 13.5% in 2020. The progress is real, but modest in relation to international standards. According to OECD and Deloitte data, female representation on boards now exceeds 35% in several developed economies, while some European markets approach or exceed the 40% threshold.
The gap reveals a deeper reality: without an incentive or binding mechanism, diversification of decision-making bodies progresses slowly. By contrast, many international studies show that greater diversity within boards improves the quality of strategic oversight, reduces certain decision biases, and fosters better risk management.
The independence of directors, an unfinished task
The same logic applies to board independence. The number of independent directors rose from 115 to 121 between 2024 and 2025. This evolution is nonetheless considered insufficient to mask a persistent anomaly: 15 listed companies out of 75, or 20% of the market, still do not comply with the legal obligation requiring the presence of at least two independent directors.
