Indigenisation and Economic Empowerment Act updated as at 8th May 2015 FOURTH SCHEDULE (Section 16) NATIONAL INDIGENISATION AND ECONOMIC EMPOWERMENT CHARTER Paragraph 1. Principles of the Charter 2. Objectives of the Charter 3. Code of ethics. 4. Monitoring and evaluation mechanisms. Principles of the Charter 1. This Charter shall be premised on the following fundamental principles: (a) good corporate governance; (b) development of a highly competitive, sustainable and industrialised economy benefiting from the country’s endowments including its natural resources; (c) equal opportunities for all, including gender sensitive ownership and participation in the economy by indigenous Zimbabweans; (d) accelerated rural development; (e) development and utilisation of modern science and technology; and (f) sustainable natural resource utilisation. Objectives of the Charter 2. The objectives of the National Empowerment Charter are to: (a) promote ethical business conduct; (b) promote equitable access to the wealth of the economy by indigenous Zimbabweans; (c) enhance employee and management stakeholdership in business; (d) promote the use of local raw materials and value addition in economic activities; (e) promote local research and development; (f) promote technology transfer; (g) utilise indigenous knowledge systems; (h) nurture and develop a skills base for the economic empowerment of indigenous Zimbabweans; and (i) provide a generic framework for the development of sector-specific charters. Code of Ethics 3. In order to achieve the objectives stated above, all stakeholders undertake to abide by the following: Corporate Governance (a) All businesses that are companies are committed to good corporate governance, which incorporates the following elements: regular Board meetings, representation of shareholders’ interests on the Board, appointment of appropriately qualified persons as members of the Board, the setting by the Board of policies and processes to govern its - 44 -