III. Recommendations 809. The APR Panel recommends that the United Republic of Tanzania: • Intensify the public education programme on, (a) the private sector-driven economy; and, (b) the need to formally register businesses and for them to adopt codes of good business ethics, with sanctions for any breach; [Ministry of Industry, Trade and Marketing, Presidents Office (Good Governance Unit)] • Ensure that in formulating codes and standards of business ethics, Tanzania’s agencies keep abreast of global trends while taking due cognisance of national needs; (Institute of Corporate Governance)] • Ensure that the previously registered Institute of Corporate Governance becomes operational; [President’s Office (Good Governance Unit)] • Ensure a multi-agency approach for implementing recommendations geared to improve good business ethics. [Good Governance Unit in the Presidency BEST BRELA the TRA, the DSE, the Ministry of Trade and Industry, Parliament, Media, Tanzania Business Council, Local Investors Roundtable and Chamber of Commerce] Objective Four: Ensuring that Corporations treat all their Stakeholders (Shareholders, Employees, Communities, Suppliers and Customers) in a Fair and Just manner I. Summary of the CSAR Stakeholder treatment 810. The Companies Act of 2002 provides for the protection of shareholder interest by making this duty incumbent on the directors. The Act obliges directors to carry out their duties in good faith and in the best interests of the company. The Companies Act also makes provision for the protection of minority shareholder rights, where aggrieved minority shareholders can apply to the courts of law for protection of their interests. II. Findings of the CRM 811. A majority of the areas under this objective were dealt with in detail under Objective 3 above. Consideration of community interests was discussed as part of the “Natron case” and the interests of employees discussed in the context of labour rights and occupational safety. However, the following are additional findings to those discussed previously. Stakeholder treatment 812. The CRM found that Mainland Good Governance Framework and Zanzibar’s 2011 Good Governance Policy address the rights of stakeholders. Government commits to setting up effective mechanisms to ensure that business entities participate fully in development endeavours and, at the same time, comply with legal obligations pertaining to the rights of stakeholders. 813. Furthermore, the Government of Tanzania is committed to develop an effective corporate governance framework to guarantee the stakeholdes rights; determine key ownership functions and ensure equitable treatment of stakeholders; clearly set out the role of the corporate governance, ethical principles, values and practice that contribute to a balance between economic and social goals; and, put in place mechanisms to ensure accountability and transparency. Community Interests 164