State-owned enterprises (SOEs) play a significant role in Zambia’s economy, serving as key players in sectors such as mining and energy. The study employs a qualitative approach, analysing existing literature on SOE governance, interviews with key stakeholders, and case studies of prominent SOEs in Zambia. Key governance structures such as the board composition and management succession processes show significant variation across different SOEs, indicating room for improvement to align better with international best practices. SOE governance structures require tailored reforms to enhance accountability and efficiency, particularly focusing on strengthening internal controls and promoting transparency. Recommendations include revising board composition guidelines, implementing robust succession planning mechanisms, and enhancing stakeholder engagement processes.