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Farirai Machivenyika Senior Reporter—
Government should be exemplary in respecting laws and regulations meant to combat corruption and must exhibit political will at every level in fighting graft, the Zimbabwe Code on Corporate Governance says. The private sector crafted the code with Government collaboration, and President Mugabe is expected to launch it soon.The call for Government to respect its regulations and lead from the front in the fight against corruption dovetails with Constitutional requirements calling on Parliament to enact a law that creates a code of conduct for Vice Presidents, ministers and their deputies.
The Code on Corporate Governance says: “There must be will-power to combat corruption on the part of the top leadership of the country which should cascade down to the ordinary man and woman. The will-power should filter through to directors and managers of companies, parastatals and State-controlled companies.
“Government should introduce legislation and other measures to combat corruption and set up anti-corruption commissions with the necessary legal powers.
“Government should itself respect all laws and regulations so as to set a good example. Government should uphold and play a meaningful role in instilling good values and ethics.
“It is a fundamental role of Government as the biggest employer in the economy to observe corporate governance principles in Government ministries, parastatals and State-controlled companies.”
The Corporate Governance Code, in this regard, buttresses requirements of Section 106(3) of the new Constitution, which calls for a legislated code of conduct for senior public officials.
That section says: “An Act of Parliament must prescribe a code of conduct for Vice Presidents, Ministers and Deputy Ministers.”
Further, the Section 198 of the new Constitution provides for an Act of Parliament that compels chief executive officers and/or heads of Government-linked entities to disclose their assets periodically.
The code provides for various mechanisms that, if adopted, will go a long way in advancing transparency in management of both public and private entities.
Directors and management will be required to disclose their salaries and benefits, and mechanisms to protect whistle-blowers who expose corruption should be put in place.
The Code on Corporate Governance was crafted by Government and the private sector and it is expected to provide the framework for legislation on laws that promote transparency in the economy while promoting Zimbabwe as a safe investment destination.
Online Reporter