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ADJUDICATION to determine the winners of the first annual Excellence in Corporate Governance Awards, which are due to be presented this week, is now underway.
The awards were announced last month by the Institute of Chartered Secretaries and Administrators in Zimbabwe as a means of encouraging good corporate governance.
Adjudicators are scrutinising the corporate governance credentials of companies listed and trading on the Zimbabwe Stock Exchange that have published annual reports for the 2012 financial reporting period.
They are seeking to select award winners that exemplify excellence in corporate governance in Zimbabwe. The awards are due to be presented on Thursday.
Apart from looking at the corporate governance policies and procedures of corporate boards, the adjudicators are taking into account companies’ regard for ethical behaviour, as well as innovative practices, programmes and projects that promote good corporate governance and enhance value creation.
The organisational awards are Best Shareholder Treatment Award, Best Stakeholder Practices and Sustainability Reporting Award, Best Board Practices Award and Overall Best-Governed Company Award.
In evaluating companies, the adjudicators are looking at issues that include board independence, board systems and procedures, transparency and disclosure compliance, consistent and sustainable shareholder value creation and enhancement of shareholder value.
Stakeholder value enhancement, corporate social responsibility, risk management systems, succession planning, conflict resolution policy and other good governance initiatives or recognitions will also be looked at.
The awards, which are being provided by ICSAZ in partnership with the Zimbabwe Stock Exchange and the Securities Commission of Zimbabwe, are open to any company listed and trading on the local bourse that produced an annual report for last year.
The adjudicators were selected for their expertise in various aspects of corporate governance and analytical skills.
They are using the ICSAZ Corporate Governance Scorecard to rate companies on their corporate governance practices utilising publicly available information such as annual reports. Any other information issued by companies to shareholders may also be used.
The scores are used to profile the companies in coming up with the award winners.
For the individual award, the winner will be selected from among corporate governance professionals proposed by ICSAZ, its supporting partners and adjudicators. They are profiled by looking at their contribution to good corporate governance practices in the country in order to come up with the winner.
Online Reporter