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Corporate governance workshop on cards

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The Institute of Internal Auditors (IIA) will this week on Friday hold a workshop on the implementation of the corporate governance framework for state enterprises and parastatals.

IIA chief executive officer Roy Bvekerwa said the workshop comes at a time when parastatals and state enterprises continue to be poorly managed, with ineffective boards and management systems without proper monitoring and accountability.

“The Minister of State Enterprises and Parastatals Gorden Moyo will appraise attendants on the implementation of the framework of corporate governance in state-owned enterprises,” Bvekerwa said.

“Discussions will also be held on how to implement the code of corporate governance. We are interested in sound governance and internal control systems.

“We want to play a role in making parastatals contribute to the gross domestic product which they are currently not doing,” Bvekerwa said.

He said parastatals and state enterprises currently had no clear monitoring and evaluation systems in place. The workshop is expected to be attended by state enterprises and parastatals audit committees of various boards and senior management responsible for the implementation of the code of corporate governance.

The government launched the Corporate Governance Framework for state enterprises and parastatals in November last year in a move to encourage good corporate governance.

The framework was developed to improve efficiency, effectiveness, transparency and clarity in terms of responsibilities and accountability.

The framework also cover issues that have to do with the role of shareholders, boards and senior managements, general meetings, financial governance, compliance and reporting and state enterprises are expected to comply with the framework.

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