Code of Corporate Governance for Public Enterprises Directive

Code of corporate governance for public enterprises Directive No. 501-2020

Whereas, it is a necessary requirement to install transparency, fairness, accountability,
responsibility, integrity and ethical behaviour into the overall governance of public enterprises so as to improve their performances and competitiveness;

Whereas, modern corporate governance provides a fertile ground to install common
corporate governance approaches with in public enterprises to ensure that public enterprises are managed by individuals with the right skills, qualification, expertise, experience, integrity, and ethical behaviour;

Whereas, corporate governance enables implementation of internal control systems in public enterprises and assists these enterprises to meet their ultimate objectives of realizing long term business sustainability;

Whereas, the ownership entity should ensure that public enterprises are soundly and properly managed and directed in the way that they can increase values to customers, the employees, the owner and other stakeholders;

Now, therefore, the Agency has issued this code in accordance with the powers and duties vested in it by Article 5(3 & 4) of the Council of Ministers Regulation No. 445/2019

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