673. Zanzibar’s Good Governance Policy of 2011 commits Government to establishing effective mechanisms to ensure that business entities participate fully in development endeavors and comply with the legal obligations pertaining to the rights of stakeholders. Effective implementation of the policy is necessary in order to safeguard the rights of shareholders, employees, the community, supplier and customers. 674. The accountability of corporations, directors and officers is generally affected by the capacity challenges facing the National Board of Accountants and Auditors (NBAA). However, the Dar es Salaam Stock Exchange has established superior financial reporting and disclosure standards for all securities market intermediaries and listed entities, which ensure a timely accurate disclosure of financial and other information to the market, to enable informed decision-making. Other prudentially-regulated sectors, such as the banking and insurance sectors have similar disclosure regimes, prescribed by their respective regulators. 675. The absence of a functioning Corporate Governance Institute has not only compromised the establishment and implementation of a national code in this regard, but also implies that the immense responsibility of ensuring corporate governance training and corporate behavioral change throughout the country, has not received its due attention. 5.2 Standards and Codes I. Summary of the CSAR 676. The CSAR notes that standards and codes of conduct are part of the environment which shapes corporate governance in a country. These standards are related to trade, labor, financial accounting and auditing. Standards constitute reference points for actions and act as the broad guidelines for corporate decision making. 677. Accordingly, the 6th Summit of the Heads of State and Government Implementation Committee of NEPAD held in Abuja, Nigeria on 9 March 2003 resolved to adopt a number of international Codes and Standards for corporate governance. These codes and standards are listed as: (i) Code of Good Practices on Transparency in Monetary and Financial Policies; (ii) OECD and Commonwealth Principles of Corporate Governance; (iii) International Accounting Standards; (iv) International Standards on Auditing; (v) Code of Good Practices on Fiscal Transparency; (vi) Core Principles for Effective Banking Supervision; (vii) Best Practices for Budget Transparency; (viii) Guidelines for Public Debt Management; (ix) Labour Codes of the International Labor Organization (ILO); and (x)• Codes on Industrial and Environmental Safety and Hygiene of the World. Additionally, included in the NEPAD Framework is the African Charter on Human and People Right’s. 678. The CSAR notes that NEPAD Heads of State and Government decided to adopt the OECD and Commonwealth Principles of Corporate Governance as they appear to be universally useful, and are emulated by many countries world-wide. The instruments comprise internationally accepted best practice for corporate governance. The principles are premised on the fact that corporate governance is a set of relationships among shareholders, management, stakeholders and the board of directors. It is noted that controlling interests in the form of individual shareholders, family holdings, alliances or other corporate actors, such as institutional investors, can significantly influence corporate policy and behavior. As owners of equity, institutional investors, for example, may influence certain decisions. Tanzania has in principle taken various steps in a bid to conform to and ratify many of the codes and standards adopted by the NEPAD. 140