Shareholding
Tanger Med Special Agency (TMSA), established by decree-law No. 2-02-644 dated 10-09-2002, and amended in 2006 by Law No. 18-05 extending TMSA’s scope of action beyond the special zone, is a public limited company governed by a Supervisory Board and a Management Board. It has been vested with public prerogatives, including public authority missions over the port and free zones, in accordance with applicable common law provisions.
TMSA Holding defines the Group’s strategic policy and guides the development of its subsidiaries and participations. It oversees the Group’s policies regarding financing, human resources, legal monitoring, internal control, risk management, digital transformation, and communication.
With a view to sustainable and responsible performance, the Holding also ensures that all its business lines adhere to proactive principles related to its social and environmental responsibility and good governance practices.
TMSA Holding is a public limited company with a share capital of MAD 3,795,079,100. Its shareholding structure is as follows: 87.5% held by the Hassan II Fund for Economic and Social Development, 12.38% by the State, and 0.12% by the Caisse de Dépôt et de Gestion (CDG).
Supervisory Board
Mission
The Supervisory Board of the Tanger Med Special Agency constitutes the highest governing body of the structure. It defines the Group’s major strategic orientations and oversees the management conducted by the Management Board.
Since January 2014, Mr. Fouad BRINI has served as Chairman of the Supervisory Board.

Composition
Members of the Supervisory Board are appointed by the Ordinary General Shareholders’ Meeting for a five-year term and may be re-elected in accordance with the bylaws.
Mr. Fouad BRINI
Chairman of the Board of Directors
Chairman of the Board of Directors
Mr. Fouad BRINI
Mr. Abdelouafi LAFTIT
Minister of the Interior
Minister of the Interior
Mr. Abdelouafi LAFTIT
Ms. Nadia FETTAH ALAOUI
Minister of Economy and Finance
Minister of Economy and Finance
Ms. Nadia FETTAH ALAOUI
Mr. Nizar BARAKA
Minister of Equipment and Water
Minister of Equipment and Water
Mr. Nizar BARAKA
Mr. Ryad MEZZOUR
Minister of Industry and Commerce
Minister of Industry and Commerce
Mr. Ryad MEZZOUR
National Agency for the Strategic Management of State Holdings (ANGSPE)
Represented by Mr. Abdellatif ZAGHNOUN
Represented by Mr. Abdellatif ZAGHNOUN
National Agency for the Strategic Management of State Holdings (ANGSPE)
Hassan II Fund for Economic and Social Development
Represented by Ms. Dounia BEN ABBES TAARJI
Represented by Ms. Dounia BEN ABBES TAARJI
Hassan II Fund for Economic and Social Development
Deposit and Management Fund (CDG)
Represented by Mr. Khalid SAFIR
Represented by Mr. Khalid SAFIR
Deposit and Management Fund (CDG)
Agency for the Promotion and Development of the Prefectures and Provinces of the North (APDN)
Represented by Mr. Mounir EL BOUYOUSSFI
Represented by Mr. Mounir EL BOUYOUSSFI
Agency for the Promotion and Development of the Prefectures and Provinces of the North (APDN)
Specialized Committees
TMSA Holding has four Specialized Committees supporting the Supervisory Board in its control and supervision roles. These committees cover audit and risk management, strategy and investment, nomination and remuneration of board members and employees, as well as Corporate Social Responsibility (CSR).
Responsibility
The Audit and Risk Committee assists the Supervisory Board and makes recommendations to the Board, for the company and its subsidiaries, regarding internal control, financial statement review, risk management, and financial reporting.
Chairwoman, representing the Hassan II Fund for Economic and Social Development
Ms. Dounia BEN ABBES TAARJI
Member, representing APDN
Mr. Mounir EL BOUYOUSSFI
Member, Managing Director of FIPAR-Holding
Mr. Khalid ZIANE
Member, representing ANGSPE
Mr. Khalid EL HATTAB
Responsibility
The Strategy and Investment Committee assists the Supervisory Board in defining the Group’s strategic orientations and ensuring their implementation. It also reviews investment programs and budgets, and provides opinions on various options and proposals to be submitted to the Supervisory Board.
Chairman, Chairman of the Supervisory Board
Mr. Fouad BRINI
Member, Minister of Equipment and Water
Mr. Nizar BARAKA
Member, representing the Hassan II Fund for Economic and Social Development
Ms. Dounia BEN ABBES TAARJI
Member, representing ANGSPE
Mr. Abdellatif ZAGHNOUN
Member, representing APDN
Mr. Mounir EL BOUYOUSSFI
Responsibility
The NRGC assists the Supervisory Board in applying good governance practices and reviews the Company’s nomination and remuneration policies, as well as those defined for the Board members.
Président, représentant la CDG
Mr. Khalid SAFIR
Member, Chairman of the Supervisory Board of TMSA
Mr. Fouad BRINI
Member, representing the Hassan II Fund for Economic and Social Development
Ms. Dounia BEN ABBES TAARJI
Member, representing ANGSPE
Mr. Khalil LAKBAKBI
Responsibility
The CSR Committee is tasked with making recommendations or proposals to the Supervisory Board regarding the definition and implementation of policies related to the environment, societal actions, and good governance practices within the Group.
Chairman, representing APDN
Mr. Mounir EL BOUYOUSSFI
Member, Chairman of the Supervisory Board of TMSA
Mr. Fouad BRINI
Member, representing the Hassan II Fund for Economic and Social Development
Ms. Dounia BEN ABBES TAARJI
Member, representing ANGSPE
Ms. Mouna ABROUQ
Management Board
The Management Board ensures the management of Tanger Med Special Agency and oversees the implementation of the strategic directions set by the Supervisory Board.
Members are appointed by the Supervisory Board for a six-year term and may be re-elected according to the bylaws.
Internal Committees
Five internal committees assist the Management Board in implementing the Group’s management processes and act according to the delegations from the Governing Body. These committees are:
- COMEX
- Business Units Follow-up Committee
- Human Resources Committee
- Digitalization Committee
- Internal CSR Committee
These internal committees may include members of the Management Board, CEOs of subsidiaries, and relevant business or support function managers.
Code of Ethics
Our ethical principles formalize our moral, ethical, and professional values—they are everyone’s responsibility. Beyond the internal procedures that govern the operational and administrative functioning of our Group, the integrity and proper conduct of our human resources are essential levers for the sound management of our activities.
In this context, the Group has established a Code of Ethics addressed to all employees, business partners, and other stakeholders. This Code serves as a clear reference in terms of ethical and professional behavior, enabling them to adopt a shared code of conduct aligned with our guiding principles and applicable to the various situations and challenges they may face.
Our ethical principles are based on the values of Integrity, Respect, Transparency, and Social and Environmental Responsibility. These principles are embodied in 13 key commitments upheld by the Group—as a regional development actor, as a company, and as an employer. Our employees adhere to and uphold these principles in the course of their daily responsibilities.