However, it is arguable whether the corporate governance framework will protect the proposed company from the governance challenges that have characterised other state entities. The corporate governance framework provided in the Companies Bill of 2009 is insufficient and does not cater for stakeholders. Unlike private companies, state-owned enterprises (SOEs) have various stakeholders, such as employees and the citizens of the country. Norway and Uganda are at different levels of development and have different legal systems. However, Norway’s corporate governance framework for SOEs, which is based on the corporate governance guidelines of the Organisation for Economic Co-operation and Development, is an example of best practices and can guide the development of a corporate governance framework for SOEs and the proposed NOC in Uganda.