Chapter five: Corporate governance • Corporate governance objectives • To provide an enabling environment and effective regulatory framework for economic activities. • To ensure that corporations act as good corporate citizens with regard to human rights, social responsibility and environmental sustainability. • To promote the adoption of codes of good business ethics in achieving the objectives of corporations. • To ensure that corporations treat all stakeholders (shareholders, employees, communities, suppliers and consumers) fairly and justly. • To provide for the accountability of corporations, directors and officers. 489. On the whole, corporate governance is still a nascent concept in Lesotho. Although the country subscribes to the eight international and regional standards and codes for assessing corporate governance, progress with regard to implementation is slow. There is no national corporate governance code. A few institutions are promoting good corporate governance, especially the Central Bank of Lesotho (CBL) and the Lesotho Institute of Accountants (LIA). However, awareness is low on the whole. 490. The business environment in Lesotho is characterised by a relatively small private sector and a number of important parastatal organisations. Private sector activities are distributed across the transport, manufacturing, mining, banking and financial services sectors. There are also suppliers of goods and services. 491. The Country Self-Assessment Report (CSAR) provides a profile of, and statistics on, Lesotho’s businesses: 492. 493. • Microenterprises (65 per cent). • Small enterprises (20 per cent). • Medium enterprises (12 per cent). • Large enterprises (3 per cent). Of these enterprises: • 75 per cent were in services. • 24 per cent were in manufacturing. • 1 per cent was in primary industry. In 2006, enterprise ownership was reported as: • 136 Codes on industrial and environmental safety and hygiene of the World Health Organization (WHO). Basotho (69.4 per cent).