Whereas, it is a necessary requirement to install transparency, fairness, accountability, responsibility, integrity and ethical behavior 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 corporategovernance approaches with inpublic enterprises to ensure that public enterprises are managed by individuals with the right skills, qualification, expertise, experience, integrity, andethical behavior;

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 entityshould 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 codein accordance with the powers and duties vested in it by Article 5(3 & 4) of the Council of Ministers Regulation No. 445/2019.