THE government is crafting legislation to compel board members of parastatals and State enterprises to declare their assets to curb corruption, Finance minister Patrick Chinamasa has said.
by XOLISANI NCUBE
Responding to a motion by the Parliamentary Public Accounts Committee on the state of State enterprises in the National Assembly yesterday, Chinamasa said the draft corporate governance Bill for public enterprises was being finalised.
“The Bill will govern the appointment of board members and senior management, clarify roles and responsibilities and provide for the declaration of assets by each board member of a public enterprise,” he said.
“The Bill will be presented to Parliament during the first half of this year as the drafting is at an advanced stage.”
Due to lack of clear laws governing corporate governance of public enterprises, most State entities have become the looting ground for management and boards of directors.
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Chinamasa told the legislators that government was concerned with the laxity in the way public enterprises were being managed.
“In terms of good corporate governance, the minister and the Executive should not appoint senior management for public enterprises. Management appointments should be the responsibility of the board,” he said.
Committee chairperson Paulina Mpariwa said State entities had been turned into looting sources and measures being proposed by Chinamasa were long overdue.