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Thursday, July 18, 2024

Zimbabwe’s corporate governance roadmap gets private sector backing

Story by Stanley James, Business Editor

THE private sector has described Zimbabwe’s Corporate Governance roadmap as a vital element for building strong companies.

The Institute of Directors Awards Ceremony held on Thursday night created a platform for company executives to assess commitment by the industry towards adopting corporate governance ethics, whose thrust is transparency, viability and creating value for shareholders.

Kuvimba Mining House Group Chief Executive Officer, Mr Simba Chinyemba spoke on the importance of strong corporate governance systems.

“It is through the tenets of good corporate governance structures that firms build a strong foundation for growth, in an economy like Zimbabwe it is necessary to tap into opportunities that unlock value for shareholders,” noted Mr. Chinyemba.

For a business executive, Ms Susan Mutangadura, compliance with regulatory authority requirements, embracing the latest accounting standards and producing audited financial statements on time is a key element towards the growth of firms.

“Most companies are following the right steps in adhering to the principles of corporate governance a move that is likely to attract both local and external investors in the locally owned entities, therefore it is just an element that needs strong commitment by the relevant parties to focus on growth and enhance viability by tapping into growth opportunities for industry and commerce,” Ms Mutangadura noted.

Institute of Directors in Zimbabwe Chairperson, Mr Kangai Maukazuva believes local industry has what it takes to embrace accountability.

“Companies have a bigger role to play in this economy, but that depends on whether they have a good or sound corporate governance system that takes into account the need of shareholders, protects the interests of employees, facilitates the well-being of surrounding communities with the directors getting a fair share of rewards, this is key in ensuring sustainable growth and providing that element to devote resources on long term plans or projects,” added Mr Maukazuva.

The directors also cited good corporate governance, accountability and transparency as important factors for sustainable socio-economic growth.

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