ZIMSEC O Level Commerce Notes: Public Corporations/Parastatals and Public Utilities
- Established by an act of parliament.
- Provides essential goods and services e.g. transport (NRZ)
- The main aim is to provide essential services at affordable prices.
- Have no profit motive.
- Are separate legal entities which can sue or be sued in their own name.
- Are owned by the government on behalf of the public.
- Are controlled by the government through a minister.
- Are run by a Board of Management appointed by the government or relevant minister.
- Chairman of the board of management runs the affairs of the parastatal on a day to day basis.
- The government provides the initial capital by selling stocks and bonds or gilt-edged securities
- Policy decisions are made by the government.
- Subsidised and given grants by the government.
- Surpluses made can be re-invested.
- Audited financial results are debated in parliament and published annually in the public media.
Public utility corporations.
- Provide essential goods and services.
- They provide transport (NRZ and ZUPCO), water (ZINWA) and electricity (ZESA) cheaply.
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