A ZUPCO bus. Image credit bulawayo24.com

A ZUPCO bus. Image credit bulawayo24.com

ZIMSEC O Level Commerce Notes: Public Corporations/Parastatals and Public Utilities

Features

  • 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.

To access more topics go to the Commerce Notes page.

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