This study examines governance structures within State-Owned Enterprises (SOEs) in Zambia during a specific period. A qualitative approach was employed, focusing on interviews with key stakeholders and an examination of existing regulatory frameworks. SOEs showed a significant reliance on government oversight committees, which often led to delays in decision-making processes. The governance structures need more flexibility and independence from direct governmental control to enhance operational efficiency. Implementing independent audit mechanisms and fostering greater stakeholder engagement could improve SOE performance.