A committee for indices is hereby established; its primary mandate is to manage the samples constituents of indices.
In addition to its primary mandate, the Committee is responsible for monitoring the reliability and representativeness of the securities included in the index constituents. The Committee defines the objectives assigned to each index. These objectives are published in the Exchange Bulletin.
The Committee prepares an Indices Guide (published on the Tunis Stock Exchange website) outlining an overview of the indices, the index range, governance principles and calculation methodology.
The Committee is composed of one representative from the Ministry of Finance, one from the Financial Market Council, one from the Central Bank of Tunisia, one from the National Institute of Statistics, one from the Institute of Quantitative Economics, and two academics appointed by the Ministry of Higher Education.
Each of the above institutions appoints its representative(s) to the Committee. The term of office for a member is for a period of three years, renewable only once.
Committee members are bound by the following code of ethics :
- to act loyally and fairly in the exercise of their functions;
- to act with neutrality, competence, care and due diligence
They are also bound by professional confidentiality with respect to any facts, actions or information that may come to their knowledge in the performance of their duties.
The Committee elects a Chair from among its members.
The Committee may validly deliberate only when at least four of its members are present, constituting a quorum.
Decisions are adopted by a majority of the votes of the members present.
In the event of a tie, the Chair shall have the casting vote.
The Committee meets at the registered office of the Tunis Stock Exchange.
The Committee meets at least twice a year and whenever deemed necessary. Meetings may also be convened at the request of the Chair.
Meetings are held outside trading sessions and are conducted on the basis of an agenda circulated at least one week prior to the meeting date.
The Exchange acts as secretariat to the Committee. It attends meetings, prepares the minutes and circulates them to members within one week following the meeting.
The Tunis Stock Exchange provides the Committee with the staff and technical resources required for the proper conduct of its work.
Committee members receive meeting fees set by the Board of Directors of the Tunis Stock Exchange. These fees are borne by the Exchange.
The Committee determines the publication date and the effective date of entry into force for its decisions.