business meeting 20.09.10.jpgCorporate governance experts have lamented the continued reshuffling of failed board members which they say is against corporate governance statutes and has caused the collapse of most parastatals in Zimbabwe.

 

Zimbabwe has witnessed corporate scandals and collapse of service delivery.

Several reasons such as illegal sanctions have been forwarded as having caused such a situation.

 

While the country has no control over the illegal sanctions, experts say the country can still do better and possibly bust the illegal embargo if proper corporate governance statutes are observed.

Corporate governance experts say the country is using a wrong method in appointing individuals on company and parastatals boards with most underperformers and failures usually being recycled.

One such expert, Mr Canaan Dube is of the opinion that Zimbabwe should adopt a corporate governance framework that clearly spells out an ideal tenure of office of a board and the number of boards a person should be appointed to.

Another expert, Mr Abicia Ushewekunze said the recycling of failures on boards in parastatals is not in line with the demands of corporate governance.

What is happening in Zimbabwe is that a person can sit on as many boards while known failures from various organisations have been appointed to head strategic organisations leading to their collapse.