ESG Disclosure Requirements and Information to Be Disclosed
As part of its mission to protect investors and promote sustainability, the Financial Market Council (CMF) reaffirms its commitment to improving the transparency of sustainability-related information for companies under its jurisdiction. This initiative aims to provide investors with relevant, reliable, and decision-useful information, particularly with regard to ESG factors.
In accordance with Decree No. 96-2459 of December 30, 1996, and the international standards IFRS S1 and IFRS S2, the CMF reiterates that ESG information having a significant impact on a company’s business, financial position, performance, or prospects must be disclosed to investors.
Accordingly, publicly traded companies are encouraged to include, in the notes to their individual and consolidated financial statements as of December 31, 2025, clear and relevant information on the key ESG factors to which they are exposed.
Required ESG information
The information must include, in particular:
- The ESG risks and opportunities identified;
- Their current or potential effects on the financial condition, performance, business continuity, and prospects of the company or group.
Specific context: Carbon Border Adjustment Mechanism (CBAM)
Effective January 1, 2026, the European Union’s Carbon Border Adjustment Mechanism (CBAM) will come into effect. This mechanism aims to apply a carbon price to imported goods, aligned with the carbon price in effect within the European Union.
Tunisian companies that export to the EU must assess the potential impact of the MACF on their costs, competitiveness, and market access.
For the companies concerned, the CMF requires that the following be disclosed in the notes to the financial statements:
- A description of the risks associated with MACF and how they are incorporated into the company’s management;
- Internal compliance procedures, particularly for calculating and reporting the carbon footprint of exported products;
- An assessment of the current and future impacts of the MACF on the company’s or group’s operations, financial position, performance, and outlook.
General recommendations
The CMF encourages all publicly traded companies to:
- Strengthen their ESG governance and reporting frameworks;
- Work with their auditors to ensure the quality, reliability, and compliance of the information disclosed, in accordance with the applicable accounting framework and standards.
Please review the official document to understand your obligations and the applicable deadlines in detail