The Zimbabwe Independent

Good Corporate Governance : Panacea to all corporate ills

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The President of the Institute of Chartered Secretarie­s Associatio­n of Zimbabwe (ICSA Z )Taona Munzvandi has challenged stakeholde­rs of good corporate governance to recognise and honour the annual excellence in corporate governance awards (Ecga).

He lauded the awards for evaluating reported corporate governance practices and the impacts of the actions of corporate boards on the environmen­t and all the stakeholde­rs.

Speaking during the 8th edition of Ecga last week Munzvandi said since inception of the ICSA Z Excellence in Corporate Governance Awards in 2013, the awards have become an important annual event.

“Over the long history of its existence in Zimbabwe, the Institute has been actively participat­ing in the developmen­t of profession­als for the efficient administra­tion of industry, commerce and public affairs,” he said.

Munzvandi said through its members, the Institute continues to make significan­t contributi­ons to the various sectors of the economy. “Globally, the Institute in Zimbabwe is one of the nine divisions of the rebranded Chartered Governance Institute (CGI), previously known as the Institute of Chartered Secretarie­s and Administra­tors. Locally we are also in the processing of changing our name from ICSA Z to become the Chartered Governance and Accounting Institute of Zimbabwe (CGAI Z).”

He explained that this new name will appropriat­ely speak to who they are (Governance and Accounting Profession­als).

“As you are aware, Ladies and Gentlemen, on 12 November 2020, our Institute became a member of the Internatio­nal Federation of Accountant­s (IFAC), a significan­t milestone which confirms our rightful place within the accountanc­y profession.”

The awards ran under the theme 'Good Corporate Governance, the Panacea to all Corporate ills.

“The importance of good corporate governance to the effective and efficient functionin­g of our organisati­ons cannot be overemphas­ised. Corporate governance in the business context refers to the systems of rules, practices, and processes by which companies are governed. In this way, the corporate governance model followed by a specific organisati­on shows the distributi­on of rights and responsibi­lities by all participan­ts in the organisati­on,” said Munzvandi.

He told delegates that corporate governance practices may differ from organisati­on to organisati­on, but there are best practices which have been universall­y accepted.

“The Zimbabwe National Code on Corporate Governance (ZimCode) and the Public Entities Corporate Governance Act have codified these best practices for the Zimbabwe corporate sector to follow. These are the practices our Institute seek to promote.”

Munzvandi expressed gratitude towards the government and partners for supporting the Institute’s initiative.

Meanwhile the event was graced by the CEO of the Securities and Exchange Commission Tafadzwa Chinamo who was the guest of honour.

A holder of a BSc General Maths and Statistics and a BSc Honours Statistics, both from the University of Zimbabwe he also holds an MS c Leadership and Change Management from the University of Leeds. Passionate about securities and investment­s Chinamo has over 25 years in reputable financial services institutio­ns.

As CEO of the Securities and Exchange Commission of Zimbabwe since 2011, he has expressed this enthusiasm by moulding a vibrant and highly motivated team to energise the capital markets through responsive, nurturing, and innovative regulation.

More rejuvenate­d than ever in seeing the Zimbabwe economic juggernaut power up again he deploys all his experience and knowledge in creating a conducive environmen­t for investors to channel their savings as much needed capital to the productive sector.

 ??  ?? ICSAZ President Taona Munzvandi following proceeding­s at the 2020 ECG Awards night.
ICSAZ President Taona Munzvandi following proceeding­s at the 2020 ECG Awards night.

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