lxxiv. However, formal and established corporate governance frameworks govern listed companies on the capital markets. In addition, prudentially-regulated sectors - banking and insurance - have been compelled by their independent regulators to operate at high levels of governance. lxxv. The assessment of Tanzania’s corporate governance stance is premised on examining applicable international standards and codes and investigating the five following objectives: promoting an enabling business and regulatory environment; corporate citizenship; codes of business ethics; stakeholder treatment; and, accountability of corporations and directors. lxxvi. Tanzania ratified and adopted the most significant international standards and codes as a preliminary step towards ensuring the promotion of good conduct and practices in corporate governance. However, the extent to which some of these standards and codes (particularly those concerned with fiscal transparency, effective banking supervision and budget transparency) are actually applied remains open to question. The differential approach to applying corporate governance standards between listed and unlisted entities, and between prudentially regulated entities and others, also points to the fact that recognised standards and codes are not fully complied with, especially among small to medium enterprises, which constitute the bulk of the corporate sector in Tanzania. lxxvii. Economic liberalisation policies of the early nineties introduced dramatic shifts in Tanzania’s corporate environment. Competition was introduced as a concept and Government compelled to play a more active role in creating a level-playing field for businesses and guaranteeing fair competition policies. Small-scale enterprises and the informal sector have assumed their place as the drivers of economic and social value, taking over from the state-dominated economy. Nevertheless, the private sector in Tanzania – although it has taken on this critical role - remains under-developed. lxxviii. The extractive industry (especially gold mining) is by far the most developed component of the private sector. However, corporate governance in this sector needs to be strengthened. Specific attention needs to be paid to tax and royalty revenues which are said to be low. More regard also needs to be given to environmental concerns, as well as safeguarding against any abuse of both investor incentives and employee rights. lxxix. The adoption of Codes of Business Ethics is premised on three levels: internal codes as set out in individual human resource manuals; secondly, external codes of ethics drawn and promoted by self-regulatory, professional bodies; and thirdly the codes of ethics that emanate from the interface between the private and public sectors. There is a high record of compliance with the internal codes for listed entities owing to stringent oversight on the part of the industry regulator. Conversely, business ethics codes enforceable by professional bodies have not been inadequately observed. lxxx. In Zanzibar, the 2011 Good Governance Policy commits government to establishing effective mechanisms to ensure that business entities fully participate in development endeavors and comply with the legal obligations pertaining to stakeholders’ rights. This policy is yet to be implemented and therefore one can only hope for speedy and successful implementation in order to protect shareholder, employee, community, supplier, and customer rights. lxxxi. Capacity issues facing the National Board of Accountants and Auditors (NBAA), have affecting the levels of accountability on the part of corporations, directors and officers. However, the Dar es Salaam Stock Exchange established superior financial reporting and disclosure standards for all securities market intermediaries and listed entities. This ensures timely and accurate disclosure of financial and other information to the market, for informed decision-making. Other prudentially-regulated sectors - such as the banking and insurance sectors have similar disclosure regimes prescribed by their respective regulators. lxxxii. The absence of a functioning Corporate Governance Institute not only compromises the establishment and implementation of a national code in this regard, but also implies that the immense responsibility of ensuring corporate governance training and corporate behavioral change throughout the country rests with no one. 11