Zim embraces global corporate governance and accountability standards

By Stanley James

Business Editor

IN line with efforts to rebuild the economy, Zimbabwe’s industry is embracing globally accepted corporate governance practices and accountability standards to maintain business confidence.

In terms of the globally accepted corporate governance and accountability standards, businesses are expected to focus on transparency in their operations.

This was the focus of the corporate governance awards ceremony held in Harare this Wednesday night.

“There is a lot that has to be put in place under the corporate governance structures, remember companies are in business to make profits but it is the ability to do so without compromising shareholder funds that is very highly critical,” said Lovemore Gomera, Corporate Governance Institute of Zimbabwe Chief Executive Officer.

Chairperson of the Corporate Governance panel, Peter Madhara explains further on accountability standards in Zimbabwe.

“The modern methods of running firms, enhance shareholder value among others are key in attracting fresh capital, so if a company cannot attest to such systems then it tends to fail or collapse,” he said.

Several firms within the public and private sectors of the economy were honoured for their outstanding roles in terms of compliance to corporate governance systems.

The awards were also aimed at ensuring more firms adopt accountability standards and positively contribute to economic development.