News / National
Obert Mpofu reads riot act
07 Jul 2015 at 20:22hrs | Views
Board members who violated corporate governance principles at the Civil Aviation Authority of Zimbabwe (CAAZ) and the Traffic Safety Council of Zimbabwe (TSCZ) are facing the full wrath of the law.
The Minister of Transport and Infrastructure Development, Dr Obert Mpofu has moved in to deal with the issue of corruption and mismanagement in state enterprises.
Amid revelations of serious corporate governance misconduct at CAAZ and TSCZ, Dr Mpofu has come out guns blazing as he read the riot act to board chairpersons of eight parastatals under his ministry.
Hitting out at board members and company executives who abuse responsibilities entrusted on them for self enrichment, Dr Mpofu issued an immediate ultimatum to the board chairpersons to immediately adhere to good corporate governance principles as stipulated in the code of conduct approved by cabinet.
Issues such as lack of requisite capacity exhibited in failure to finalise and implement turnaround strategies, non-compliance to good corporate governance, failure to conduct mandatory performance appraisals of executives and misuse of company assets have been raised in several public institutions.
The management of public funds and government institutions has suffered damning audits from the country's Auditor General.
In a report for the period to December 2012 that was presented to the Parliamentary Portfolio Committee on Public Accounts in May this year, the Auditor General revealed that transfers to the Paymaster General's account amounting to almost US$3,5 billion could not be accounted for.
The Minister of Transport and Infrastructure Development, Dr Obert Mpofu has moved in to deal with the issue of corruption and mismanagement in state enterprises.
Amid revelations of serious corporate governance misconduct at CAAZ and TSCZ, Dr Mpofu has come out guns blazing as he read the riot act to board chairpersons of eight parastatals under his ministry.
Issues such as lack of requisite capacity exhibited in failure to finalise and implement turnaround strategies, non-compliance to good corporate governance, failure to conduct mandatory performance appraisals of executives and misuse of company assets have been raised in several public institutions.
The management of public funds and government institutions has suffered damning audits from the country's Auditor General.
In a report for the period to December 2012 that was presented to the Parliamentary Portfolio Committee on Public Accounts in May this year, the Auditor General revealed that transfers to the Paymaster General's account amounting to almost US$3,5 billion could not be accounted for.
Source - zbc
