ESG Reporting Becomes Crucial for Tunisian Companies
ESG reporting has now become a vital approach for Tunisian companies, serving as both a regulatory requirement and a competitiveness lever. It has become a necessary step for those seeking to strengthen their resilience and access international markets.
A Voluntary and Conscious Approach
Often perceived as a trend or a randomly imposed approach, extra-financial reporting should be considered a voluntary corporate policy, stemming from a genuine awareness of the environmental, social, and governance challenges faced by the company. If some companies feel pressured to adopt this concept, it is often because they are unaware of its benefits, which are mainly evident in the medium and long term.
Fostering Growth and Resilience
The integration of ESG criteria promotes company growth by ensuring fair access to natural resources, establishing a peaceful social climate within the company, and enabling it to evolve in harmony with its environment and local ecosystem. The governance aspect, which is crucial, strengthens the company's resilience, transparency, and adaptability. Since the 1970s, economists and specialists have studied this issue, and numerous studies have highlighted the close link between ESG performance and financial performance.
Strategic Dimension and Planning
Adopting ESG reporting also has a strategic dimension, as it helps companies plan their future and gradually strengthen their resilience to external shocks, which are becoming increasingly frequent and intense in a global economic context marked by uncertainty. Today, many Tunisian companies are starting to join this dynamic, which is becoming normalized with the entry into force in 2024 of the European Csrd (Corporate Sustainability Reporting Directive).
European Directive and New Rules
This directive requires non-European companies with an annual turnover of over €150 million in the European Union, as well as those with at least one subsidiary or branch in Europe, to comply with the new rules. The directive introduces the Esrs (European Sustainability Reporting Standards), some of which are universal and applicable to all companies, while others are sectoral. It also requires subsidiaries of non-European groups to report on the CSR approach of their parent company.
Regulatory Evolution and Emerging Dynamic
This regulatory evolution, driven by one of Tunisia's main economic partners, has accelerated an emerging dynamic, particularly among large Tunisian companies. In an anticipatory approach, the Tunis Stock Exchange published the first ESG reporting guide in 2021. This reference framework, composed of 32 "Key Performance Indicators" (KPIs) inspired by international standards, introduces Tunisian companies to sustainability practices still unknown to a large part of the economic fabric.
Notable Progress and Example to Follow
Officially, 13 Tunisian listed companies have published their ESG reports during the first half of 2025. This is a notable advance in terms of sustainability and an example to follow for other companies. According to the Tunis Stock Exchange, "this trend is the result of the joint efforts of all stakeholders and the growing maturity of listed companies, which are increasingly convinced of the interest of ESG reporting." The Stock Exchange's role in this dynamic is crucial, as it acts as a locomotive for CSR policies, encouraging listed companies, mainly large corporations, to adopt extra-financial reporting and contributing to the emergence of a sustainable ecosystem. The production of data will ultimately democratize CSR standards and practices at the national level.
