The Civil Aviation Authority of Zimbabwe (CAAZ) has cancelled its maiden annual general meeting that was scheduled for Monday to a later date.
BUSINESS REPORTER
In a notice yesterday, CAAZ corporate secretary Caroline Chigumira said the new date would be advised by the shareholder.
The June 29 meeting would have been the first since the organisation was formed 16 years ago.
The meeting had as its agenda items the general manager’s performance report, board chairman’s report to the AGM, confirmation of external auditors and appointment of corporate lawyers. The meeting was supposed to appoint a human resources recruiting agency and consider the 2012 and 2013 audited accounts.
Formerly the Department of Civil Aviation in the Ministry of Transport, CAAZ began operations on January 1, 1999 and operates on commercial principles.
All state enterprises are supposed to hold AGMs in line with a cabinet directive designed to instill good corporate governance.
The Corporate Governance Framework approved by Cabinet in March last year ordered all State-owned enterprises to hold AGMs to be attended by representatives of the Office of the President and Cabinet, Treasury, parent ministry, auditor-general and other stakeholder ministries.
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The framework stipulates that chief executive officers and senior managers be placed on performance-related contracts.
The framework also stipulates that all decisions on conditions of service of the chief executive officer be made by resolution of a properly constituted board. Boards were now compelled to evaluate the performance of chief executive officers on a quarterly basis and to brief the minister on the results thereof.
Corporate governance has been an alien concept at State enterprises with pliant boards that were too remote-controlled by the parent ministries.
