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CAAZ to hold maiden AGM

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The Civil Aviation Authority of Zimbabwe (CAAZ) will hold its maiden annual general meeting (AGM) in Harare on January 23 since its formation 18 years ago.

BY BUSINESS REPORTER

According to a recent notice, shareholders will receive and consider the audit of the 2015 financial statements, confirm external auditors and appoint corporate lawyers and human resources recruiting agency.

CAAZ general manager David Chawota will update shareholders on the performance of the company.

The January 23 AGM comes seven months after the parastatal cancelled the meeting which was supposed to have been held on June 29 last year.

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 comes as government is working on splitting CAAZ into two entities — a regulatory body and an airports company.

Government has directed all State enterprises to hold AGMs and produce audited annual accounts in line with a Cabinet directive designed to instill good corporate governance.

The Corporate Governance Framework approved by Cabinet in March 2014 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.

To date, the Grain Marketing Board and TelOne are some of the State entities that have held annual meetings of shareholders.

In his 2017 National Budget statement, Finance minister Patrick Chinamasa said the Public Sector Corporate Governance Bill would be introduced to promote sound corporate governance, ethical leadership and professionalism.

He said the Bill would amend and align a number of statutes to provisions of the National Code of Corporate Governance launched by government in 2015 to provide a framework for corporate conduct across all sectors and in all government institutions, including public enterprises and local authorities.

State-owned enterprises and parastatals have been a breeding ground for corruption with line ministers accused of overseeing the day-to-day running of the entities.

The entities have been constantly relying on Treasury for financial assistance which has been diverted to cover the mega salaries for executives.

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