254. With regards to the APR Panel recommendation to create local professional institutions, some
progress has been made, with an increasing number of professional associations being formed
created some of which are fully operations like:
Confederation of Economic Associations
Institute of Directors of Mozambique
Association of Independent Auditors
Association of Economists
Bar Association
Medical Association
Engineers Association
Mozambican Association of Accountants and Auditors
255. These professional associations have been contributing significantly to the improvement,
implementing and monitoring legal framework. They have also contributed in terms of
education, through training provided to groups of professionals and students, as well as
through lectures on specific topics covering a range of fields. Through these actions, the
associations have become visible and have informed civil society of their existence and of their
role in the socioeconomic environment.
256. As for the Corporate Governance, a number of these associations of professionals have been
fairly active in the formulation, interpretation and implementation of the Corporate Governance
Code to be applied in Mozambique, although they are aware of the long path ahead in terms of
its implementation and oversight.
257. In this objective, where The APR Panel also recommended that a set of rules and principles be
adopted, in which a critical mass of professionals is to be trained, it should be noted that some
actions have been carried out through training sessions and debates within the professional
associations (e.g., CTA, IoD and Associação de Auditores).
258. With regard to the recommendation made by the APR Panel on the pertinence to amending
Article 43 of the Commercial Code (article 36 of the current Code) to include other key
documents in the list of mandatory documents, namely, the Profit and Loss Account, Cash
Flow Statements and the Statement on the Alteration of Capital, it must be highlighted that no
significant progress has been made. However, the implementation plan defined by the country
was for the period 2013 to 2014, and so it is still within the agreed timeframe; nevertheless, no
action aimed at implementing this recommendation has yet been carried out, and it is therefore
very unlikely that it will be implemented by the end of 2014.
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