GOVERNMENT is working on a corporate governance framework as a way to address the corruption that the country is facing due to lack of proper governance structures, an official has said.
By Victoria Mtomba Business Reporter
The Deputy Chief Secretary in the President’s Office Christian Katsande told delegates attending a Zimbabwe Agenda for Sustainable Socio-Economic Transformation (ZimAsset) workshop organised by the Confederation of Zimbabwe Industries this week that government was working towards curbing corruption in its structures.
“This is a matter government is seized with and this matter should be attended to not only in the public sector, but also the private sector,” he said.
“We are going to see the application of the corporate governance framework in the public sector. Right now we have been working on a corporate governance framework where we have engaged the Institute of Directors Zimbabwe. We hope to work going forward and we want to make sure we are properly guided.”
There has been a public outcry following disclosures of salaries of parastatal bosses including that of former Premier Services Medical Aid Society (PSMAS) chief executive officer Cuthbert Dube who was earning $230 000.
Corporate governance has been lax in government structures with some individuals sitting on more than five boards.
The corporate governance framework was developed to improve efficiency, effectiveness, transparency and clarity in terms of responsibilities and accountability.
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The framework also covers issues that have to do with the role of shareholders, boards and senior management, general meetings, financial governance, compliance and reporting and State enterprises are expected to comply with the framework.
Katsande also said government had put in place guidelines for public-private partnerships as they had realised that there was potential for joint ventures in the economy.
