Home » General » ZIMBABWE’S PARLIAMENT TAKES PROPOSED PUBLIC ENTERPRISES LAW TO THE PEOPLE

HARARE, The Parliament of Zimbabwe says it will give the public an opportunity to comment on a proposed new law governing public enterprises, the Public Entities Corporate Governance Bill, which seeks to improve accountability and transparency in the running of public entities which have over the years been conduits through which the State has been milked of millions of dollars.

The majority of public enterprises are loss-making, and in some cases do not even produce annual accounts, yet are well known for requiring consistent bailouts from the government.

Parliament said Tuesday that the public would have at least one month to comment on the proposed law through written submissions. In compliance with this peremptory constitutional provision, and as part of public consultations meant to enhance participatory democracy, the Parliament of Zimbabwe is inviting comments on the Public Entities Corporate Governance Bill, HB 5, 2017 for consideration by the relevant Committee(s)..

Public hearings, where officials from the legislature will go around the country gathering people's opinions on the proposed law, will be held at a later stage.

Finance Minister Patrick Chinamasa has said the law will, among other things, compel board members and senior managers of public enterprises to declare their assets as well as clarify their roles and responsibilities. The ultimate objective of the law is to help inculcate a culture of good corporate management in public entities so that they will aid the economy's development.

The law will be complemented by the public finance management regulations which are currently being crafted.

Source: NAM NEWS NETWORK

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