The Pension Fund of Morocco (Caisse marocaine des retraites – CMR) is managed by a tripartite Board of Directors. In 2001, a Permanent Committee was put in place to prepare Board sessions and monitor the implementation of decisions and resolutions of the Board. In addition, the Board created two support committees in 2011 to strengthen the governance of the Fund: the Asset Allocation Committee and the Audit Committee.

For more transparency and rigour in the management of its pension schemes, the CMR ensures that its activities are audited and certified by external experts to confirm the quality of its work and decisions. This involves the following:

• ISO 9001 certification of all of the CMR’s scheme management activities and the ongoing migration towards the 2015 version;
• since 2005, the annual audit of the CMR’s accounts;
• since 2011, the annual certification of the actuarial balance sheet;
• since 2011, the certification of portfolio management performance;
• in 2013, certification of the asset/liability management (ALM) procedure.

In 2017, the CMR further strengthened its governance system by setting up two new committees: the Actuarial Steering Committee and the Appointment and Governance Committee.