Government has fired some warning shots to corrupt public sector officials after an announcement of a new law on the cards called the Public Sector Coporate Governance Act that will see corruption and other related maladministration in the public sector being punishable at law.
The new law, which is likely to be effected next month, would largely incorporate recommendations made in the National Code for Corporate Governance that was crafted by Government and the private sector in 2014.
Government has also set up two units that would deal with gross mismanagement and corruption in loss- making entities looking at financial statements of all public sector institutions and follow-ups on findings and recommendations of the Auditor-General.
Among other key issues, the code which is the organic foundation of the new law, critically evaluates issues of corruption in the public and private sectors, corporate disclosure, communication and mechanisms for creating trust between shareholders, boards, management and employees.
The code was formulated following media exposure of massive and undeserved remuneration of top executives, flouting of tender procedures and other murky activities in both private and public entities.
Addressing senior military officers attending Course 5 of 2016 at the National Defence College on Friday on Vice President Emmerson Mnangagwa said the Office of the Attorney-General had already completed the first draft of the new law with the assistance of World Bank experts.
VP Mnangagwa said among the legislation currently undergoing amendment are the Banking Act, Companies Act, Audit Office Act, Public Finance Act, State Procurement Act, Insolvency Act and the Anti-Corruption Act.
- Herald
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