The Network of Interlocking Directorates in Morocco: Controlling Banks and insurances and Capturing Pension Funds

Unlike US and European capitalism where banks or insurances are central, financial companies in Morocco are under the control of holding families. Existing literature of the constitution and evolution of Moroccan economic elite uses a conception of business control based mainly on capital ownership, however neglect the role of board membership. These boards play a major role in the strategy of the holding families of banks and insurances to control other companies due to the transformation of the structure of Moroccan companies, emphasizing the existence of a cohesive group of directorates and a large periphery. This paper studies the recent structure of economic elites using a network analysis approach, combining centrality measures and graphic representation of the structure of interlocking directorates of listed companies with a qualitative research.