New pay structure for parastatal bosses

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New pay structure for parastatal bosses

Speaking to The Herald, Acting director Corporate Governance Unit in the Office of the President and Cabinet Ms Roselyn Tapfumaneyi said that they have drafted a new pay structure that sets benchmarks on salaries earned by chief executive officers of parastatals and State enterprises that will be made public once the draft is approved by Cabinet.

Said Tapfumaneyi:

We monitor compliance in parastatals and state enterprises. We have done another remuneration framework that is now waiting Cabinet approval. We have categorised parastatals into commercial, social and non-profit making entities and that is going to govern their remuneration. I cannot give you the figures now because they are yet to be approved by Cabinet.

In 2014, Government pegged $6 000 as the highest salary for parastatal bosses but this benchmark was ignored as most CEOs continued to award themselves mega salaries. This prompted Government to come up with the Public Entities Corporate Governance Bill.

More: Herald




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