Bigwigs to declare assets

Zvamaida Murwira Senior Reporter
Top executives and public officers will soon be required to regularly declare their assets as part of measures to enhance good corporate governance, transparency and accountability.
This is contained in the National Code of Corporate Governance, whose drafting was recently completed through a private sector-Government initiative.
The code calls for a law to regulate the conduct of top executives in both the public and private sectors.

“An Act of Parliament must provide measures to enforce the provisions of this chapter, including measures (a) requiring public officers to make regular disclosures of their assets, (b) establish codes of conduct to be observed by public officers,” reads the code.
Public officers will be required to conduct themselves consistently with their offices at all times.

“Public officers must conduct themselves, in public and private life, so as to avoid any conflict between their personal interests and their public or official duties, and to abstain from any conduct that demeans their office.”

Introduction of the code will complement Government’s drive to engender good corporate governance in public enterprises and local authorities following reports of abuse of resources by executives.

Several top managers of State-linked firms have this year been exposed of paying themselves mega salaries — with some, like former Premier Services Medical Aid Society chief executive Dr Cuthbert Dube taking home US$500 000 monthly — while service delivery plummeted.

Many countries have adopted codes of corporate governance to deal with such vices.
The Code is expected to be launched by President Mugabe soon, at which point it will become effective.

It also provides that Government decentralise some of its responsibilities to local authorities that are proven to be able to handle their affairs competently.
“The objectives of the devolution of the governmental powers and responsibilities to provincial and metropolitan councils and local authorities are (a) to give powers of local governance to the people and enhance their participation in the exercise of the powers of the State and in making decisions affecting them,” reads the code.

The decentralised authorities should also ensure that they exercise their functions in a manner that do not encroach on the geographical, functional or institutional integrity of another tier of Government.

The National Code of Corporate Governance requires the Zimbabwe Anti-Corruption Commission to thoroughly investigate and expose corruption in the public and private sectors.

The code empowers ZACC to direct the Police Commissioner-General to investigate suspected corruption and report back to the commission.
It is also provides for the anti-graft body to refer matters to the National Prosecuting Authority.