Govt to go after bosses of parastatals and State enterprises

While addressing a workshop on enhancing board effectiveness and performance management of parastatals and State enterprises organised by the Office of the President and Cabinet, Finance Minister Ignatius Chombo said that Government will go after bosses of parastatals and state enterprises who gave themselves salaries beyond the Government threshold.

He said that remuneration must be performance based and that the use of public funds must be justified. Said Chombo:

The days of no boards, incomplete boards, one man boards, non-existent board committees, indefinite acting CEOs, finance directors and heads of internal audits are well and truly gone; Remuneration has to be based on performance and assessed on the individual and the entity. Bonuses, if they are to be paid at all, must only be awarded on the basis of annual performance assessments against agreed performance targets and only after annual audited financial assessments confirm a satisfactory overall entity performance. Nothing can justify this squandering of (public) funds; my ministry will be acting to ensure recovery of such unjustified payments and all those who benefited there from. These are public funds and use thereof must be fully justified and must at all times be accurately and transparently accounted for.

More: Herald

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