The Civil Aviation Authority of Zimbabwe (CAAZ) will hold its annual general meeting of shareholders on June 29, the first time the organisation has done so since its formation 16 years ago.
BY staff Reporter
In a notice yesterday, CAAZ corporate secretary Caroline Ann Chigumira said the meeting, which will be held at Rainbow Towers, has as 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 will also appoint a human resources recruiting agency. It will also 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.
The meeting will be a plus for the Themba Nyoni-led board which assumed office last year.
CAAZ’s June 29 AGM was in line with the Cabinet directive that all State enterprises should among others hold a meeting of shareholders to instil 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 remote-controlled by the parent ministries.
Successive reports by the Comptroller and Auditor-General have unearthed inefficiencies and malpractices in State-owned enterprises, but no action has been taken.
The Grain Marketing Board led the way by having an AGM in 2012, the first in 81 years.
Analysts say the dwindling resource inflows to government coffers have necessitated the radical shift to make the enterprises self-sustaining and adhere to good corporate governance practices.
