Legal regime
The Companies Act, No. 10 of 2017 (the "Companies
Act") is the primary legislation which regulates corporate
governance for companies incorporated in Zambia. However, secondary
and sector specific laws also provide for corporate governance
issues. For example, the insurance and financial sectors both
prescribe corporate governance guidelines that are specific to the
respective sectors.
Directors
Directors are responsible for the overall management and
supervision of the business of a company and are required to
exercise their powers in accordance with the articles of
association and the Companies Act. Under the Companies Act, unless
directors' powers are restricted by the articles of
association, they may exercise the following responsibilities
without the approval of the shareholders:
