7 January 2013

Zimbabwe: Parastatals to Hold AGMs

All Parastatals and State Enterprises have been mandated to hold annual general meetings without fail, the Minister of State Enterprises Gorden Moyo has said. This comes after revelations that some of the parastatal boards were deliberately not holding AGMs, depriving Government of vital information.

"It is now a Government policy that all parastatals - even those not run under the Companies Act - hold AGMs," he said.

"We have noted with great concern the truancy by some of these errant parastatals that risk not being funded in future." Minister Moyo emphasised the importance of the AGMs, pointing out that they provided a platform for Government to have an insight into the parastatals' operations.

"Government also needs to have an insight into the parastatals' strategic plans," said Minister Moyo.

He highlighted that they had also formulated a policy on funding of parastatals and State enterprises.

"Any parastatal or State enterprise requiring funding from Treasury should produce financial statements.

"It should also provide the list of its board of directors, their terms and strategic plans," he said.

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