Zimbabwe’s Public Entities Corporate Governance Act Passed

A new law, the Public Entities Corporate Governance Act has been passed. The law was gazetted on Friday, 11 May 2018.  Some key highlights include:

  • CEOs ofState Enterprises and Parastatals will serve for a maximum of 10 years.
  •  Permanent secretaries are no longer allowed to sit on the boards of public entities
  • A Corporate Governance Unit, a department in the Office of the President and Cabinet, is being established to monitor and evaluate the performance of public entities and their leadership
  • State Enterprises and Parastatals senior employees will have to declare assets and business interests exceeding $100 000.
  • Board members will not be allowed to access loans or any other credit facility from SEPs

More: Sunday Mail

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