Staff reporter
The Government has approved the proposed Review of Board Fees and Sitting Allowances for Non-Executive Directors of Public Entities.
Speaking during a third cabinet briefing yesterday, Vice President and Minister of Health and Child Care, Honourable Constantino Chiwenga informed the nation about the decision to increase board fees and sitting allowances in terms of the Public Entities Corporate Governance Act (Chapter 10:31).
Vice President Chiwenga said the decision was arrived at after taking into cognizance the crucial role played by the directors, and the period when the last review was effected, December 2020.
He said, “The current board fees and sitting allowances had fallen far below the market trends and no longer motivated State Enterprises and Parastatals non-executive directors to devote sufficient time to the business of their entities.
“Since the boards of directors` major role is providing effective and entrepreneurial leadership, it is necessary to put in place an attractive remuneration package in order to attract high calibre, experienced and skilled individuals to the boards,” he said.
Vice President Chiwenga said that the non-executive Directors of State Enterprises and Parastatals (SEP) would be remunerated on the basis of categorization of their entities, which range from small to very large, and premised on assets and turnover.
SEP performance will also be an indicator which determine future board fees and sitting allowance reviews.
Meanwhile, the Minister of Industry and Commerce, Honourable Dr Sekai Nzenza advised cabinet on the National Clean Up Campaign. Minister Nzenza advised Cabinet that in line with the Declaration by His Excellency the President on 5 December 2018, that the first Friday of every month be a National Clean Up Day, the next National Clean Up Day will be on Friday, 4th March 2022. Minister Nzenza encouraged the nation to participate in the Clean-up from wherever they are.
