The article highlights the importance of managing State-Owned Enterprises (SOEs) and their impact on macro- and microeconomic management. It uses the example of the telecommunication industry in Zambia and compares Zamtel, an SOE, to Mobile Telephone Network (MTN) in terms of corporate governance structure and appointment of key positions. The research aims to help policymakers, and the government implement corporate governance that addresses the expectations of shareholders of SOEs as citizens. The literature review shows a lack of information on SOEs in Zambia, including Zamtel, and emphasizes the need for prioritization in academic research and policy development to improve the governance and performance of SOEs for economic development and social welfare in developing countries. However, the Board's independence in Zamtel is challenged by political influence, with the Republican president serving as the Industrial Development Corporation (IDC) Chairperson. To ensure best practices of corporate governance in Zamtel and other SOEs, the legal framework of SOEs needs to be harmonized with the Companies Act on matters such as the need to produce audited annual financial statements.