Performance Monitoring Overview
Growing private sector - Participation in the economy
MONITORING AND EVALUATION WORK STREAM
This work stream covers the monitoring and evaluation of the performance of parastatals and that of the boards of Directors as well as the ensure they adopt good corporate governance practices.
Corporate governance is a number of processes, customs, policies, laws, and institutions which have impact on the way a company is controlled. An important theme of corporate governance is the nature and extent of accountability of people in the business, and mechanisms that try to decrease the principal-agent problem
- Monitor performance of parastatals
- Assist Government in reviewing strategic objectives and setting performance targets of parastatals
- Facilitate screening suitable candidates to serve on parastatals Boards and monitor their performance
Benefits of Corporate Governance
Good corporate governance is an essential tool to ensure that companies are run well and efficiently. It also determines whether a company prospers or fails.
- Good corporate governance is an essential tool to ensure that companies are run well and efficiently. It also determines whether a company prospers or fails.
- Good Corporate Governance also ensures that there is transparency as well as ethical conduct and that disclosure requirements are strictly observed, which are at the core of Corporate Governance.
- It compels the Board of Directors and Management to always act in the best interest of the company.
- Good Corporate Governance gives a country global reputation
- It also assists a country to attract FDI because it instills confidence in investors.
- Reporting and accounting standards adopted by parastatals are also important measures of corporate governance.
The Responsibilities of Performance Monitoring Department are to:
- Advocate for good corporate governance practices within parastatals
- Review PE strategic objectives and facilitate setting of performance targets at shareholder level
- Entrench adoption of corporate governance instruments within parastatals
- Monitor and evaluate overall performance of parastatals and recommend appropriate interventions
- Advise on the selection of non-executive directors of parastatals and instituting board and director performance appraisal processes
- Advises on appropriate interventions required to influence policy in the area of good Corporate Governance