and supervision and to promote the development of the capital markets. However, there are few noticeable developments in this regard and it is expected that, given its importance as a guiding framework for corporate governance, special attention will be given to this thematic area in the near future. There is, however, significant development in the preparation of Corporate Governance Code for the country by the Institute of Directors (IoD). Aspects relating to its operation are still being defined, and only after this will the impact become apparent on economic agents and on society in general. The APR Panel recommended that the country increase its capacity for implementing codes and standards. 214. The capacity of companies to implement Corporate Governance Codes requires the codes to be put into operation in such a manner that economic agents are clear on the composition and on what each economic agent/enterprise is expected to do, particularly relation to both financial and non-financial18 reporting models. There has been no commendable progress in relation to this recommendation. The APR Panel recommended that Mozambique should increase its advocacy and public knowledge about professional standards through the establishment of provincial civic education centres to address the need to inform and educate the public. 215. Although there are still some gaps with regard to Corporate Governance in the country, some information is already being disseminated by the media, both through articles and advertisements, and through debates and formal meetings. There are also some local universities lecturing modules/chapters on Corporate Governance. These efforts have resulted in greater awareness by the public thus understanding the importance of the issue on Corporate Governance, what in the future will allow them becoming demanding; the challenge will then be for institutions/enterprises to be in a condition to meet those demands. 216. In overall terms, there has been some progress in the implementation of this recommendation. However, additional work needs to be done at provincial level in terms of provision of civic education for economic agents and civil society on issues of Corporate Governance. The APR Panel also recommended that Mozambique should urgently consider adoption of Capital Markets Law, preferably with a separate regulator, to develop, regulate and guarantee efficiency and effectiveness of the stock market in Mozambique. 217. The Mozambican capital market has a unique characteristic, given its level of growth and the products traded although the Mozambican Securities Market Commission (CMVM) is able to provide conditions for the trading of several products, such as national and foreign Public Funds, Private and Treasury Bonds, Commercial Paper and Shares, during the period from 2000 to 2009, there were no public funds or commercial paper transacted in this market. 218. From 2010 to 2012, the shares of 11 enterprises and of the State were listed on the stock exchange. Among these were Cervejas de Moçambique (CDM) and Companhia Moçambicana de Hidrocarbonetos (CMH); 9 enterprises that listed their corporate bonds and the The paper of UNCTAD (2006) provides a clear explanation of the best international practices for reporting on Corporate Governance and has been in line with the different recommended Corporate Governance Codes. 18 77