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Corporate Governance
to see if his position is not under threat, and accordingly readjust his conduct in conformity, to avert its actualisation. With
a Board that is heavily laden with Government-aligned directors, it is not difficult to imagine how negatively this could affect
the CEO’s independence of judgment on any particular matter. Reform of the LNDC Act is sorely needed to address these
corporate governance concerns, especially in light of the recently launched Mohlomi Code on Corporate Governance, which
is intended to apply to SOEs as well. SOEs are not immune to what brought about major corporate collapses in Lesotho’s
modern history, which were solely due to the neglect of corporate governance issues hence the necessity of legislative
intervention to address these glaring deficiencies for the public good.
22 FOL Quarterly Issue 2022
