Finance Minister Margaret Mwanakatwe has directed that no Board Chairpersons of State-Owned Enterprises(SOEs) should be accorded offices and personal to holder vehicles.
Ms Mwanakatwe says this is part of austerity measures.
The finance minister made the directive in Livingstone today at the 2nd Industrial Development Corporation-IDC annual Group conference noting that there is need for all State-Owned Enterprises to observe austerity measures.
She has also directed that State-Owned Enterprises should resolve their tax liabilities with the Zambia Revenue Authority-ZRA- as pointed out by the Auditor General.
Mrs. Mwanakatwe has further directed that there is need for Performance Contracts and benchmarks between IDC and Boards adding that only contracts for CEOs that meet the benchmarks will be renewed.
She has in addition reiterated that all State-Owned Enterprises not making profits should downgrade their travel class.
Mrs. Mwanakatwe said the reforms embarked on by government to reshape State Owned Enterprises will not fail and that boards and Chief Executive Officers who resist change will not be tolerated.
Earlier, IDC Board Member and Chairperson of Investments Committee, Father Leonard Chiti said the IDC has this year invested over 40 million US dollars in various ventures in the country on behalf of government.
Father Chiti noted that the strength of the IDC to make investments is in the ability of companies in the group to pay dividends.