admin
H-Metro Reporter
FBC Holdings was named the Overall Best Corporate Governance Practices listed company at the Chartered Governance and Accountancy Institute in Zimbabwe (CGAIZ)‘s annual Excellence in Corporate Governance Awards held last week at the Rainbow Towers Hotel in Harare.
The first runner-up was CBZ Holdings followed by Econet Wireless Zimbabwe.
FBC Bank was the overall banking institution winner, followed by CABS and CBZ Bank.
Old Mutual was the overall insurance company’s sector winner, with First Mutual Life Assurance in second place followed by Fidelity Life Assurance.
The Deposit Protection Corporation was the winner of the State Enterprises and Parastatals Award while the first runner-up was Zimbabwe Energy Regulatory Authority (Zera) and second runner-up was Zimbabwe Revenue Authority (Zimra).
Addressing guests and award winners at the ceremony, Ministry of Justice, Legal and Parliamentary Affairs permanent secretary Vimbai Nyemba, said good corporate governance transcends policies, procedures and regulations.
She added that it was mainly about the fundamental values a company works with and relationship it forges with its stakeholders, customers and the community.
“The relentless pursuit of knowledge and unwavering efforts are driving us towards a brighter future characterised by transparency, integrity and ethical practices,” she said.
“We must acknowledge the significant progress you have made in governance and accounting in our country which has been possible due to tireless work and countless hours of dedication.
“This event should be a turning point for us to introspect and grow, pushing us to aim higher by sharing knowledge, working together and committing to ethical governance.
“We can create a future where businesses prosper, our society flourishes and trust is never compromised.”
She added that strong and effective corporate governance is fundamental to building trust and ensuring success, resilience and sustainable growth of corporations.
“Good corporate governance is a critical factor in achieving sustainable economic development. It not only instils investor confidence but helps reduce capital costs, fostering integrity of capital markets and plays a significant role in eradicating corruption in corporates,” Nyemba said.
“Institutions that govern fairly, reliably and accountably contribute to building trust among people, businesses and government.
“As the government, we recognise the significance of transparency and accountability in achieving our Vision 2030.
“We are committed to putting structures in place that enhance these values which are essential drivers towards realising our national aspirations.”
Nyemba said as the world’s demands continue to change, it is essential to evolve to meet these challenges.
“We encourage Zimbabwean companies to adopt artificial intelligence (AI) to improve corporate governance,” she said.
“AI can enhance data analysis, risk management, compliance monitoring, decision support, stakeholder engagement, cybersecurity and automation of routine tasks.
“Efficient use of AI in the framework of corporate governance can improve transparency, efficiency and risk management.”
Online Reporter