THREE STATUTES THAT ARE IMPORTANT TO ZESCO 
Companies Act Cap 388
Electricity Act Cap 433
Energy Regulation Act Cap 436
 COMPANIES ACT CAP 388: 

ZESCO required fulfilling provisions of this act, for example, memorandum and articles of association.
Board derives its powers from articles of association
ELECTRICITY ACT CAP 433 
Electricity Act Cap 433
Replaced Zambia Electricity Act Cap 811
Removed the monopoly of ZESCO in Electricity Industry
The Act opened up the industry to other players
SOME PROVISIONS OF ELECTRICITY ACT: 

It regulates the operations of the electricity industry
ENERGY REGULATION ACT CAP 436 
The act regulates the operations of electricity undertakings through energy regulation board (ERB)
FUNCTIONS OF ERB ARE TO PROMOTE EFFICIENCY IN UTILITIES, 

Attend to consumer complaints
Approve electricity tariffs
ZESCO AGREEMENTS (CONTRACTS) 

Bulk Power Supply Agreement with CEC
Development Credit Agreement (PRP)
Power Supply agreement with ESKOM of South Africa
Performance Contract with Government
Border Supplies Agreement:
Sakania
Mokambo
Kasenga
Chirundu
Mbozi
Tunduma
Kasane
Katimamulilo
CORPORATE GOVERNANCE 
Corporate Governance is about good management style
It is based on the following:
Ø     Transparency

Ø     Accountability

Ø     Ethical Conduct

Ø     Honesty

APPOINTMENT OF DIRECTORS 
Board Directors are appointed by shareholders, who in this case are GRZ
Minimum of two Directors, and should have diverse backgrounds
THE ROLE OF BOARD AND DIRECTORS 
Define company’s business and long term objectives
Identify strategic objectives
Evaluate company’s internal controls
Validate financial statements of company
DIRECTOR’S POWERS ARE DEVISED FROM: 

Company’s Act
Memorandum and Articles of Association
Resolutions passed by members in general meetings
DUTIES OF DIRECTORS 
Exercise powers in a way that best serves the interest of company
Observe utmost good faith towards the company
Exhibit independent judgment and serve company interests
Serve the interest of company to the exclusion of any nominator, employer, or principal
Should not act ultravires