Honeymoon over for Zim executives

The manic era of superfluous salaries, poor performance of State entities and local authorities is set to come to a screeching halt following the adoption of the framework for the Public Sector Corporate Governance Bill.

The Bill will be crafted under the realm of the Zimbabwe Corporate Governance and Remuneration Policy Framework (Zimcode).

Cabinet adopted the guidelines for the Bill a fortnight ago paving the way for the enactment of a new Act or alternatively, the amendment of the current Public Finance Management Act to create new statutes that govern the performance of top executives at strategic institutions.

Some of the highlights of the Bill's framework include prosecution for corrupt senior executives, procedures for appointment of executives and penalties for budget overruns.

Seen as a long-overdue measure to curtail the prolonged malfunction of public entities, the Bill will usher in a new era of diligence that will inject new life to State entities and see the death of financial indiscipline in public management.

Analysts believe that by adopting the framework, Zimbabwe has aligned itself with international trends on best practices for corporate governance.

Human resources management consultant Mr Zack Murerwa said the Bill was long overdue as Zimbabwe was lagging behind in giving top priority to corporate governance adherence.

"The Bill's framework embraces international best practices for corporate governance.

"In previous years, there was just talk but there was no action on the ground to address the malaise that had become a cancer for State enterprises and local authorities. They were doing as they pleased, but this Bill will ensure that they do things according to the law."

Mr Murerwa said financial indiscipline would be a thing of the past in public institutions.

"It (the Bill's framework) is a culmination of activities that have been happening in the past six months or so where we have witnessed the exposure of hefty salaries for parastatals," he said.

"What the framework entails is that all these shenanigans will be a thing of the past and we are going to see State entities and local authorities perform to the best of their ability."

Mr Murerwa said the corporate governance principles should also be adopted by the private sector, adding that the implementation of the guidelines will translate to better standards of living for many Zimbabweans.

Although he could not comment on the status of the Bill, Prosecutor-General Mr Johannes Tomana said his office would enforce the law without fear or favour to prosecute senior officials who do not abide by principles of good corporative governance.

"I cannot comment on the Bill at this stage. But what I can say is that once it becomes law, we will enforce it without fear or favour because it is law. Those who do not abide by the law will be prosecuted," he said.

Mr Tomana said the Bill should ascribe to the aspirations of Zimbabwe for public entities to perform well for the benefit of the country.