All microfinance institution licensees to which Module HC applies must be in full compliance by the financial year end 2014. At every microfinance institution licensee's annual shareholder meeting held after December 2013, corporate governance must be an item on the agenda for information and any questions from shareholders regarding the microfinance institution licensee's governance. The microfinance institution licensee must also have corporate governance guidelines in place at that time and must have a "comply or explain" report as described in Paragraph HC-A.1.8.