No. 4/2018 PuBLIC Er-rnTIES CoRPORATE GovERNANCE Cap. 10:31 13. The Government and public entities should recognise the rights of minority shareholders and ensure their equitable tr(~atment and equal access to infotmation regarding the public entities in which they have an interest. 14. The Govemment and public entities should ensure that all shareholders are treated equitably. 15. Public entities should observe a high degree of transparency towards all shareholders. 16. Public entities should develop an active policy of communication and consultation with all shareholders. 17. The participation of minority shareholders in shareholder meetings should be facilitated in order to allow them to take part in fundamental decisions such as board elections. PART III RELATIONs wrrH STAKEHOLDERs 18. In this Part-"stakeholder" means any person or entity that(a) has a material interest, greater than that of members of the general public, in the activities of a public entity; or (b) is directly atlected by the activities of a public entity. 19. The Government and its public entities should fully recognise the public entities' responsibilities towards stakeholders, and the entities should report on their relations with stakeholders. 20. The Govemrnent and its public entities should recognise and respect stakeholders' rights, whether established by statute or through mutual agreements. 21. The boards of pub! ic entities should develop, implement and communicate programmes for dealing with stakeholders, in accordance with internationallyrecognised norms. 22. Where stakeholders participate in the corporate governance process, they should have access to relevant, sufficient and reliable information on a timely and regular basis. PART IV TRANSPARENCY Al\,'D DISCLOSURE 23. Public entities should observe high standards of transparency. 24. Public entities should develop efficient intemal audit procedures and establish intema! audit functions monitored by and reporting directly to their boards and to the entities' audit committees or to their equivalent institutions. 25. Public entities must be subject to an annual independent external audit based on international standards. 26. Public entities should be subject to the same high quality accounting and auditing standards as listed public companies. Large or listed public entities should disclose financial and non-financial information according to high quality internationally recognised standards. 27. Public entities should disclose material infonnation on all matters of interest to stakeholders, particularly infmmation that may affect their asset value or may influence governmental decisions. Examples of such infonnation include(a) a clear statement to the public of the entity's objectives and their fulfilment; and 162