State Corporations (Performance Contracting) Regulations
2. Definition
2. Definition
In these Regulations, except where the context otherwise requires—"Act" means the State Corporations Act (Cap. 446);"budget" means estimates of revenue and expenditure including sources thereof covering one financial year;"Cabinet Secretary" means the Cabinet Secretary for the time being assigned ministerial responsibility over a state corporation and "parent Ministry" shall be constructed accordingly;"Committee" means the State Corporations Advisory Committee established under section 26 of the Act;"Chief Executive" means the Chief Executive Officer of a state corporation;"Director" means a person appointed as such to the Board of a state corporations;"evaluation criteria" means the standard of judgment to be applied for evaluation;"financial year" means a period of twelve months during which the business of a state corporation is accounted for;"incentives" means the graduated or monetary reward for good performance based on performance evaluation;"Inspector" means the Inspector-General (Corporations) appointed under section 18 of the Act;"performance" means evaluated results of achievement of agreed performance targets;"performance contract" means a contract entered into between the Government and a state corporation;"performance evaluation" means assessment of extent of achievement of agreed targets;"sanction" means punitive action taken for failure to achieve agreed targets; and"target" means a specified and agreed goal to be achieved by the Board of a state corporation.Source: Kenya Law