A Review of Disclosure Provisions in Malawian Codes of Corporate Governance
Andrew Munthopa Lipunga

Abstract
The study was aimed at evaluating the extent of incorporation of disclosure provisions in the Malawian Codes of corporate governance in line with the OECD principles of corporate governance. The study used content analysis to examine the Codes i.e. the “Old Code”, “Revised Code” and “RBM Code”. An Incorporation index was computed based on a disclosure checklist. The results suggest low level of incorporation of disclosure provisions both in the Old Code (0.35) and the Revised Code (0.30). Besides, the results indicate that the revision of the Code did not improve the disclosure provisions but rather worsen them. On the other hand, the study found high level of incorporation in the RBM Code for banks (0.70). The results indicate that more work is still needed to improve disclosure provisions in the Revised Code, thus the study recommends a comprehensive review of the Revised Code to march to international standards.

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