3.4. CORPORATE GOVERNANCE The APRM Corporate Governance thematic area has 5 objectives that Sierra Leone has during the reporting period been trying to address in terms of recommendations made by the APRM Country Review Report of 2012 as shown below: OBJECTIVE ONE: Providing an enabling environment and effective regulatory framework for economic activities. 3.4.1 Improving performance of the Sierra Leone banking sector- In February 11, 2016 the International Financial ( IFC) a member of the World Bank Group and the Bank of Sierra Leone partnered to promote improved performance in Sierra Leone’s banking sector by helping financial institutions adapt best practices in corporate governance. Under the partnership, IFC will provide training and skills development programs for Sierra Leone’s banking sector, which participated in a one-day workshop on corporate governance hosted by IFC and the Bank of Sierra Leone. Chairpersons, bank directors, and other participants explored practical ways on how the industry can increase corporate governance standards to improve economic performance in the country. The Bank of Sierra Leone in its bid to strengthening the capacity of regulatory agencies to enforce laws and standards as well as monitor financial institutions within their regulatory oversight enacted the BSL Act 2011 which granted the Bank greater autonomy in managing monetary policy Monetary accommodation has also remained within revised statutory limits as spelt out in the BSL Act 2011 which contributed immensely to the tight monetary policy stance of the Bank thereby easing significantly inflationary pressure throughout 2015 and 2016. The country successfully completed the Fifth and Sixth Review under the IMF supported Extended Credit Facility (ECF) Programme, for which the country received Balance of Payments (BOP) support in the sum of USD $33.00million. The key financial Legislation passed in 2012 was the Anti-Money Laundry (AML) and Combating of Financing of Terrorism (CFT) Act 2012. This law amongst other things, criminalised money laundry and the financing of terrorist activities. It also established the 38 Financial Intelligent Unit (FIU) as an independent body responsible for the monitoring and protecting the integrity of the financial system. OBJECTIVE TWO: Ensuring that corporations act as good corporate citizens with regard to human rights, social responsibility and environmental sustainability. 3.4.2. Reviewing Labour laws -Progress has been made in respect of reviewing the Labour Laws of the country through the Joint Consultative Committee (JCC) Meeting. The Joint Consultative Committee (JCC) is a statutory body comprising the Ministry of Labour, Sierra Leone Labour Congress (SLLC) and Sierra Leone Employers Federation (SLEF) that advise the Minister of Labour on Labour matters. The reviewed Laws have been forwarded to the Law Officer’s Department for vetting and final submission to Parliament for enactment. 3.4.3 Ensuing Environmental Social Responsibility and Environmental Sustainability-The Environment Protection Agency-Sierra Leone (EPA-SL) was established by an Act of Parliament in 2008. It was amended in 2010. It has the mandate to regulate, ensure compliance, enforcement and advise Government on all environmental matters. It also serves as focal point for all national and international environmental matters. According to section 23 of the EPA Act, some of the main functions of the Agency include: • Environmental policy making and planning: The Agency formulates national environmental policies. • Overall coordination: The Agency is in charge of coordination of all environmental management efforts among government institutions, international and regional organizations, and other related institutions. • Enforcement and Compliance: The Agency initiates legislative proposals, standards and guidelines on the environment in accordance with the Act. • Environmental Impact Licensing: The Agency reviews and approves environmental impact assessments and environmental impact statements APRM Sierra Leone | Annual Progress Report