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