SOEs to change corporate plans, minister says

By REBECCA KUKU
ALL State-owned enterprises (SOE) will be changing their corporate plans this year to achieve goals.
Minister for Public Enterprises and State Investment William Duma said the SOEs would also be investing in skill development, re-engineer customer engagement and control costs to ensure “we are paying money for value”.
“This is to get the basics right, this year we must all work harder and smarter to improve our performances to world-class benchmarks, and to turn around our businesses to profitability within two years, he said.
“All SOEs are to report to the Kumul Company Holdings (KCH) any increases or changes to tariff, report major disruptions to services and major incidents, accidents and/ or casualties.
“SOEs will also report to KCH if it wishes to bring any changes to service offerings and report any major industrial disputes.”
Duma said all SOEs should obtain prior written approval of KCH for any staff restricting plans, remuneration of senior management, overseas travel, asset acquisition and disposal and negotiations with financial institutions and international agencies where grants or financial concessions were being offered.
“The last 12 months has not been good for our SOEs and we have to improve for the sake of our children, our people and our future.”