TRANSPORT minister, Felix Mhona has slammed public entities under his purview for failing to comply with the Public Entities Corporate Governance Act (PECGA).
Speaking at the Line Minister’s Public Entities Corporate Governance Oversight meeting in Bulawayo last week, Mhona emphasised the significance of compliance.
“Our entities are required to submit annual reports in terms of section 24(3) of the Act and other relevant provisions of the enabling legislation for respective public entities. Most of you are falling short in complying with this requirement. Annual statutory reports are integral in the broad scheme of things as far as Parliamentary oversight is concerned. Annual reports must be submitted before Parliament for deliberation and scrutiny,” Mhona said.
He said the provision was pertinent since it buttressed the concept of parliamentary oversight as a cardinal measure in the implementation of corporate governance by public entities in Zimbabwe.
Mhona noted that another dilemma is on board charters in terms of sections 26-30 of the PECGA.
Entities such as Central Mechanical Equipment Department, Zimbabwe National Road Administration and Road Motor Services did well in adhering to this provision by crafting and reviewing their charters, he said
“Others I have not mentioned are yet to adhere to the same. I urge you to ensure that you craft your charters and share their contents with us accordingly. Section 27 of the Act is the guiding campus on this issue. It provides the principles and contents of board charters and codes of ethics,” Mhona said.
“Lack of compliance is also around the issue of annual Audited of accounts in terms of section 36 of the Act and relevant enabling legislation of the respective public entities. Most of your financials are behind by one or two and some by three years. Remember, these financials should be part of the reports you send to Parliament through my office for oversight for financial prudence. It is of public interest that these financials be done and shared.”
- Cars up for grabs in batteries competition
- 340km of Harare-B/bridge highway revamp complete
- Airports Company strikes mega hotel deal
- Africa should be better prepared for Europe’s security funding shift
He said board members of parastatals would have to sign performance contracts upon appointment.
Follow us on Twitter @NewsDayZimbabwe