Corporate governance and the law in Tanzania: a comparative study

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Periodical article

Title:	Corporate governance and the law in Tanzania: a comparative study
Author:	Mbunda, Luitfried
Year:	2008
Periodical:	Journal of African and international law
Volume:	1
Issue:	2
Pages:	123-144
Language:	English
Geographic term:	Tanzania
Subjects:	company law business organization
Abstract:	This paper examines whether the modern principles of corporate governance which emphasize the cordial distribution of powers over control and management of affairs, the protection of the interests of shareholders and all stakeholders in public limited liability companies have been reflected in Tanzania's Companies Act of 2002. Attention is paid to the following aspects of corporate governance: the Board of Directors and their responsibilities, non-executive directors, directors' remuneration, reporting, control and audit, disclosure and transparency, the rights of shareholders and their equitable treatment, the role of stakeholders, and the enforcement and binding nature of corporate governance principles. Further attention is paid to the Dar es Salaam Stock Exchange Listing Rules. The paper concludes that the Companies Act still accommodates the old provisions and practice of corporate governance as existed in the UK before the 1980s corporate failures. It has not been amended to accommodate the global wind of change on matters of corporate governance, which had the purpose of increasing efficiency and eliminating possible corporate failures. Notes, ref. [ASC Leiden abstract]