Indigenisation and Economic Empowerment Act updated May 2011 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 operations, the compliance by the Board with best business and other practices, and regular reporting by the Board to its shareholders; (b) all businesses must encourage employee/management participation in decision-making through such expedients as employee share ownership schemes or trusts and/or management buy-ins; Behavioural Responsibility (a) All businesses shall ensure that the principles of fairness, honesty, sincerity, transparency, accountability, efficiency, commitment, professionalism, confidentiality, integrity, respect and networking apply in their operations in a manner that maintains the corporate reputation of the business locally and internationally, thereby protecting the country’s image; (b) in particular, all businesses shall seek a fair economic return for their investment and for the supply of their goods and services, and shall not take unfair advantage of their customers through unfair or exploitative pricing practices. Production Responsibility (a) All businesses have an obligation to produce or manufacture goods that meet national and international standards; (b) all business operations shall be conducted in a cost-effective manner; (c) businesses shall, to the extent possible, utilise locally available resources and promote value addition; - 43 -