Contextualized Guideline for Strengthening Implementation of Corporate Governance Framework in Zimbabwe State-Owned Enterprises: A Focus on Zimbabwe Electricity Supply Authority

By Nyasha Masango, Walter Nyamangodo, Pindai M. Sithole | May 30, 2025

The study aimed to develop a guideline for strengthening the implementation of the corporate governance framework in Zimbabwe State-Owned Enterprises (SOEs), using the Zimbabwe Electricity Supply Authority (ZESA) as a case study. SOEs in Zimbabwe frequently face significant financial and service delivery challenges, which can hinder competitiveness and economic progress, posing fiscal risks for the government. Enhancing the effectiveness and productivity of SOEs through reinforced corporate governance is crucial to address these issues. The study was grounded in the agency, transaction cost, and stakeholder theories. The objectives were to establish how the corporate governance framework is understood at ZESA, examine institutional governance practices, determine aspects of effective corporate governance, and develop an implementation guideline. A descriptive research design was used, with data collected through a quantitative Likert scale questionnaire and qualitative interviews. Findings indicated that ZESA implements various corporate governance principles, but a comprehensive model encompassing openness, accountability, and ethical decision-making is needed. The study concludes that strengthening corporate governance in ZESA requires a dedicated leadership committed to high ethical standards and governance practices. The developed guideline provides a framework for effectively implementing corporate governance in Zimbabwe's SOEs.

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