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News

Zim CEO to earn slashed salaries

ALL chief executives of State-linked firms and local authorities will earn Cabinet-prescribed packages of US$6 000 and below this month.
Government formally issued the directive through the relevant line ministries late last month.
The directive was issued by Chief Secretary to the President and Cabinet, Dr Misheck Sibanda, who said this was in line with the Corporate Governance and Remuneration Policy Framework for CEOs of State enterprises and parastatals, and heads of local authorities.

Cabinet Circular Number 3 of 2014 — dated March 20, 2014 — was addressed to all ministers and permanent secretaries.
Some private media houses have been claiming that the remuneration cap was unlikely to be implemented any time soon because the directive had not been formally communicated.

A senior Government official told The Herald yesterday that no Government minister should plead ignorance that they were not apprised of the Cabinet directive.
And Dr Sibanda yesterday said: “As you no doubt are aware, Cabinet at its fifth and seventh meetings held on 4th and 18th March, 2014, approved the above policy framework for implementation by line ministries. Each relevant line minister and head of ministry should now take steps to ensure that the State enterprises and parastatals boards under their purview comply with the approved corporate governance aspects of the framework.

“Pertaining to the Remuneration Policy Framework, members will recall that Cabinet approved, inter alia, implementation of an interim remuneration package for State enterprises and parastatals, pending finalisation of work on permanent remuneration structures.

“Members working closely with and through their respective boards, should take steps to implement the agreed interim remuneration structure.
“Any challenges encountered in the implementation thereof, should be promptly conveyed to the Cabinet Office in writing for attention.

“The office is now working on permanent remuneration structures, with assistance from some key line ministers and human resources consultants.
“The chairman of the Cabinet Committee on State Enterprises and Parastatals Development shall soon give guidance on the conduct of remuneration audits, which shall be conveyed to line ministries through this office.”

Government capped the packages payable to bosses of State-linked forms and local authorities at US$6 000 monthly pending finalisation of a comprehensive salary structure.

The total package would be split on a 60-40 basis in regards to salaries and allowances, with everything taxable.
About US$1 168 950 will be saved monthly as a result of reduced salaries and perks of 73 out of 90 parastatal heads who were earning over US$6 000 monthly. This amount is enough to pay at least 3 000 civil servants every month.

A comprehensive analysis by Government revealed that US$600 million was pocketed by about 3 000 individuals who sat on boards or were CEOs and senior managers of the country’s 78 parastatals and State enterprises since 2009. US$133 million went to them last year alone.

Government and other analysts have allayed fears that the remuneration cap would result in skills flight, saying Zimbabwe had enough people with expertise to run State-linked firms and local authorities.

Finance and Economic Development Minister Patrick Chinamasa has also challenged any public sector boss unhappy with the cap to take up the matter in court.

 
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