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Business

Zim CEOs getting high salaries despite being incompetent

Zim CEOs getting high salaries despite being incompetent

Chief executive officers of some state enterprises and parastatals are earning monthly salaries that are as high as US$12 000 despite the fact that some of them are struggling to remain viable, a Government official has said.


Secretary for State Enterprise and Parastatals Mr Eliah Mutowo said they were working on remuneration guidelines for executives of these entities to rationalise their salaries.

He was giving oral evidence before a Parliamentary Portfolio Committee on State Enterprises and Parastatals. Zvishavane Runde MP Cde Larry Mavhima (Zanu-PF) chairs the committee.

Responding to a question from Cde Mavhima on what was the highest salary executives for state entities were earning, Mr Mutowo said some were earning as high as US$12 000.

He, however, said the average salary for them hovered around US$5 000 per month. Mr Mutowo expressed concern at the reluctance by line ministries to appoint boards of directors for parastatals and entities. This, he said, was not consistent with good corporate governance.

He said when such appointments were done, line ministries were not relying on the database of names that they would have submitted to them.

The committee wanted to know why some entities like Air Zimbabwe were going for almost 18 months without a properly constituted board.Herald

 
Business

Zimbabwe central bank introduces tougher rules to rein in $360 million in cash held abroad

   Zimbabwe central bank introduces tougher rules to rein in $360 million in cash held abroad

By AP

Zimbabwe's central bank said it is enforcing tougher rules Monday to rein in "the delinquent be...

Business

Zimbabwe online accommodation "finder” launched

Zimbabwe online accommodation

By     


As the Zimbabwe & Zambia co-hosted United Nations World Touri...

Business

EU ready to lift Zimbabwe embargo.

EU ready to lift Zimbabwe embargo.

The European Union says it is ready to lift its decade old embargo against Zimbabwe if the countr...

Business

Zimbabwe 'would be shut down if it was a company'

Zimbabwe 'would be shut down if it was a company'

Zimbabwe would be shut down if it were a private company, the finance minister has declared, days a...

Business

Zimbabwe public account stood at $217 last week

Zimbabwe public account stood at $217 last week

BY BBC

Zimbabwe's Finance Minister Tendai Biti has said that the country only had $217 (£138) left in...

Business

UK's Mugabe-phobia has obscured the good news from Zimbabwe

UK's Mugabe-phobia has obscured the good news from Zimbabwe

With elections looming the media will resume their old crisis lines, ignoring the positive results o...

Business

KFC plans return to Zimbabwe

YUM! Restaurants International continues to expand the footprint of its KFC brand on the African con...

Business

Harare on track to rejoin Bullion market

HARARE - Zimbabwe remains on course to be re-admitted into the London Bullion Market Association (LBM...

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