Abstract:
The study sought to ascertain corporate governance reforms that
foster sustenance of the SOEs in Zimbabwe and how such reforms
can be implemented. This study has used a mixed-methods technique
and a pragmatist philosophy. A cross-sectional survey design was
employed, whereby structured questionnaires and interviews were
used to collect data. Top and middle management, board members,
board chairpersons, and CEOs of Zimbabwe’s SOEs made up the
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Malaysian Management Journal, 28 (July) 2024, pp: 25–66
target population. For quantitative data, a sample size of 351 people
was obtained using the sample process created by Krejcie and Morgan
(1970). Interviews were done with sixteen (16) people until saturation
was achieved. Stratified random sampling was used in the study to
choose respondents for the quantitative data collection. To choose
interview subjects for the qualitative data, purposeful sampling was
applied. The quantitative and qualitative data were analyzed using
SPSS version 23 and NVivo version 12, respectively. According to
the study, the primary corporate governance reforms for the survival
of the SOEs in Zimbabwe included the following: open nomination
processes for the SOEs; removal and resignation of directors who did
not comply with best corporate governance practices; limitations on
board member compensation; and changes to the executive directors’
terms of service. This research has shown that best corporate
governance practices in the SOEs are brought about by reforming the
Board Appointments Board (RAB). In order to ensure that corporate
governance reforms are implemented effectively, the present study
has suggested that term limits, with a maximum of ten (10) years, in
Chief Executive Officer Employment contracts be strictly enforced.
