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