lxix. The BVM, founded in October 1999, was started with less than US$5 million in capitalisation. Although a fundamental instrument for the raising of finance by companies, to date it has only one listing, the Mozambican Breweries (CDM). Currently, given the single equity and only 15 debt instruments, liquidity is very low. The BM exercises oversight functions, but has no plausible plans to promote and develop the capital market. lxx. As indicated earlier, land is owned by the state and rights cannot be mortgaged, sold or transferred without obtaining permission via bureaucratic processes. However, improvements on the land can be used as collateral. Unless the underlying rights can be transferred, such collateral is unattractive. The legal system recognises and protects property rights in respect of buildings and movable property. As private ownership of land is not allowed, the government grants land use concessions for periods of up to 50 years, with options to renew. On occasion it has granted overlapping land use concessions. lxxi. Essentially, these concessions serve as proxies for land titles. However, they cannot be used as collateral. Land surveys are being conducted throughout the country to enable individuals to register their land concessions. This process is moving slowly, however, and will not provide any real legal protection to investors for some time to come. The Mozambican banking community uses property other than land, such as vehicles and private houses, as collateral. lxxii. Corporate social responsibility (CSR) depends on the situation of each and every enterprise. In general, the megaprojects and foreign companies are positively disposed towards CSR, but largely as a marketing tool rather than a corporate citizenship responsibility. Some businesses seem to suffer from contribution fatigue, aggravated by a lack of accountability on the part of recipients. lxxiii. The performance of the judicial system has been boosted with the introduction of the Commercial Court to administer the new “commercial code”. However, public awareness of the new code remains at a low level. lxxiv. Accountability has generally improved in the traditional sectors controlled by foreign interests. The governance best practices of audit committees and management of conflict of interest are receiving attention in various forums. The establishment of a national code of corporate governance to enhance accountability is overdue and remains a big challenge. 3.4 Socioeconomic Development lxxv. Following a prolonged period of internal conflict during which a great deal of the country’s economic and social infrastructure was destroyed, Mozambique has made sustainable efforts to reconstruct and revitalise the socioeconomic sector. Struck by cyclical droughts and an apparently never-ending war, Mo- 15