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The rate of women on the boards of directors (BoDs) of companies listed on the stock exchange increased from 13.5% in 2020 to 17.7% in 2024, then to 19.5% in 2025, despite the absence of legal quotas in Tunisia, unlike several countries of the European Union like France, notes a report on the Governance of companies listed on the Tunis Stock Exchange for the year 2025, published Thursday.
The presence of women on the boards of listed companies, which increased significantly between 2024 and 2025, reflects, according to this report from the Tunis Stock Exchange, a notable increase in diversity within governance bodies.
In 2024, the 74 listed companies had a total of 694 directors, including 123 women. Among them, 56 companies had at least one female director, while 18 had none. In 2025, the total number of directors reached 714, including 139 women, spread across 75 listed companies. 63 companies now had at least one woman on their board of directors, compared to only 12 without female representation.
The analysis of the structure of the governance bodies of companies listed on the Tunis Stock Exchange in 2025 also revealed a strengthening of independence. The number of independent directors increased from 115 in 2024 to 121 in 2025, reflecting a growing requirement in terms of decision-making quality.
This analysis also revealed better representation of minority shareholders: their number reached 57 in 2025 compared to 51 in 2024. Furthermore, among the 20 companies that do not yet have a minority representative in 2025, 14 have already initiated a call for applications process, demonstrating an ongoing dynamic of improvement.
According to the stock market, the developments recorded are part of a dynamic of progressive strengthening of governance practices, aiming for a better balance of decision-making bodies, more transparency and more inclusive representation.
