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This study explored the determinants of effective corporate governance in parastatals organization in Tanzania with reference to ATCL, TANESCO and TBC. The research focused on four specific research objectives. These objectives are exploring the practice of corporate governance in parastatals organization in Tanzania, identifying and discussing factors for effective corporate governance in parastatals organization in Tanzania. The study also aimed to determine the challenges facing effective corporate governance in public organization in Tanzania and lastly, soliciting the mechanisms for effective corporate governance in public parastatals in Tanzania. The study was conducted at ATCL, TANESCO and TBC. A sample size of 75 out of 750 respondents was purposively and randomly selected and data were gathered through questionnaires, interview and documentary review. Data were quantitatively and qualitatively analyzed. The study indicated that strong legal system, effective and competent boards of directors are crucial for effective corporate governance. Similarly, it was found that, accountability and transparency mechanism, formal and periodic evaluation of Chief Executive Officers (CEOs) have positive impact on effective corporate governance in parastatals organization in Tanzania. Furthermore, the study established that effective corporate governance is impeded by lack of commitment from the members of the boards and lack of independence of the members of the boards and chairperson of the boards of directors and lack of separation between the roles and responsibilities of the chairman of the boards and Chief Executive Officers of the corporations. Through the study findings, it is therefore recommended that, the government should ensure that public organization are equipped by effective and competent boards of directors as well as well enacted and enforced rules and regulation for the sake of enhancing accountability. |
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