The relationship between corruption and corporate governance takes many forms and defining and drawing the dividing line between good and bad governance could be a tricky issue. On the whole, when it comes to corruption and mismanagement in the SOE sector, the state or government has been decidedly slow in responding to the governance shortcomings and challenges experienced by parastatals, and arguably much of this slowness can be attributed to a legislative and regulatory environment which remains inadequately circumscribed. In a sense this status quo suggests that the state is an active participant in the undermining – through not urgently and comprehensively tackling – governance at public entities with a mandated and significant public service delivery task, and by extension an accomplice in corrupt activities and practices and mismanagement, which in some cases have seeped to the foundations of the Namibian SOE firmament. However, despite the formulation and promulgation of some legislation and the establishment of a regulator, much of what the state itself has identified as needing to be done remains rhetorical after more than a decade. The study ends with recommendations to the government, SOE managers, and the civil society.