happiness Chikwanha
Freeman Razemba
Senior Reporter
The Ministry of Transport and Infrastructural Development is conducting a corporate governance oversight meeting with boards of public entities under its purview in Mutare.
This programme acts as a self-assessment mechanism of the extent to which they are adhering to the principles, philosophies and prescriptions of good corporate governance.
Speaking during the meeting, Transport and Infrastructural Development Minister Felix Mhona said the progressive way to deepen corporate governance practices in the public entities of their sector is to align their vision with that of their shareholder, the Government, through the Ministry.
“Taking advantage of the Ministerial oversight functions prescribed by the Public Entities Corporate Governance Act, my office thrives to transform the image of our public entities in terms of their aptitudes to deliver statutory mandates, including adherence to corporate governance principles,” he said.
“It also allows us as Government to cause alignment of your work with that of the national interest, anchored on the authoritative participation, voices, wishes and aspirations of the general public for whom we were created to serve.”
He said the entities should ensure that processes, customs, values, policies, laws and structures governing the way our public entities are run, directed and controlled are up to date.
“If a public entity complies with good corporate governance policies and laws, its goals are achieved with ease and its financial resources are managed with high standards of propriety and probity,” he said.
“By adhering to corporate governance standards in our public entities, we boost performance and make good the provision of goods and services to the public. We should endeavour to implement transparent and accountable stewardship regarding economic, social and environmental performance of our entities for good returns.”
“As I have maintained in our many engagements, we should applaud Government, under the leadership of His Excellency, the President of the Republic of Zimbabwe, Cde Dr ED Mnangagwa for recognising the importance of corporate governance and putting in place appropriate constitutional and legislative frameworks for its practice and implementation. It is up to us now to leverage on such robust constitutional and legislative foundations.”
He said the corporate governance principles contained in the country’s Constitution include aspects of new public management and administration principles; financial management; Parliamentary oversight; guidelines on procurement; Government contracts; and general management of statutory bodies.
He said as a Ministry, they remain guided by the bold, transformative leadership of President Mnangagwa.
“We will continue to balance the shareholder interests manifesting through the public interest model to ensure that it does not harm the business model on which some public enterprises are established,” he said.
The meeting was attended by the Minister of State for Manicaland Provincial Affairs and Devolution, Advocate Misheck Mugadza and chairperson of the Parliamentary Portfolio Committee on Transport and Infrastructural Development, Cde Knowledge Kaitano and board chairpersons of public entities under the Ministry’s purview.
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