State-owned enterprises (SOEs) play a significant role in Zambia's economy, particularly in sectors such as mining and energy. However, their governance structures have received limited scholarly attention. The study employed semi-structured interviews and document analysis to gather insights from key stakeholders including executives, board members, and regulatory bodies. Data were analysed using thematic content analysis. Analysis revealed a complex interplay of bureaucratic control and managerial autonomy within SOE governance structures, with a notable proportion (75%) experiencing significant challenges in decision-making processes due to conflicting mandates. This study highlights the nuanced nature of governance dynamics in Zambia's SOEs, offering valuable insights for policymakers aiming to enhance their operational effectiveness and accountability. Recommendations include strengthening regulatory oversight mechanisms and promoting greater alignment between SOE objectives and broader national development goals.