Corporate Governance Chapter 5 board to impose penalties and broaden the sanctions for corporate and criminal fraud; and (vi) enables the board to increase the independence of firms that audit the financial statements of public companies. [MOFEE and FRC] Chapter 6 The APR Panel recommends, in respect of disclosure and transparency, that: • The disclosure and communication requirements for annual reports, corporate governance reports and funding, as stipulated in the Code of Corporate Governance, be made mandatory. [MOFEE and FRC] Socioeconomic Development 286 287