Several companies within the context of Zimbabwe folded especially during the turn of the new millennium, companies in the private and public sectors alike were affected mainly by corporate scandals. It is in this context that this paper sought to develop a corporate governance framework to enhance the performance of organisations. The discourse was guided by a fusion of the following theories: the agency theory, the ethical theory, the stakeholder theory, the corporate social responsibility theory and the steward theory. The theories were used as a lens through, which review of related and relevant literature was employed. For this discussion literature review methodology was used to determine the source of material for review. Document analysis of peer-reviewed literature was used as the main source of information and data about corporate governance issues in private and public institutions. In the discussion, relevant corporate governance theories were outlined. From the exposed theories, a corporate governance framework was developed to enhance the performance of parastatals private and public institutions in Zimbabwe. In conclusion, the paper focused on a governance system that advances transparency, accountability business ethics and a governance framework that promotes business growth in terms of credibility and performance.