IOBZ seeks to tackle governance decay

provide pragmatic solutions to the decay of corporate governance in the sector.
This focus comes in the wake of the irregularities unearthed at Renaissance Financial Holdings regarding serious abuse of depositors’ funds.
The IOBZ winter banking school, slated for July 5 to July 10, will be held under the theme “Creating a Progressive Financial Services Environment Based on Trust, Accountability, Competence and Innovation”.
Secretary for Finance Mr Willard Manungo will deliver the keynote address.
Finance Minister Tendai Biti opened the event last year.
IOBZ executive director Mr Sij Biyam said the focus this year would be on all issues pertaining to good corporate governance and accountability in banking.
“Bankers must come out and speak against evils that allow abuse of public funds. We came up with a theme that seeks to address current and future misdeeds.
“This is a pertinent event to address issues of corporate governance and accountability in making sure that you are in a position of trust and not to abuse the faith put by clients for future purpose,” said Mr Biyam.
He said the winter banking school would put the banking industry under spotlight by interrogating all issues raised by regulatory authorities.
The IOBZ director said stakeholders in the banking sector must not wait until disaster strikes as was the case at Renaissance Financial Holdings.
High-profile speakers from different areas of expertise have been lined up to address the winter school for professionals in the banking industry.
Among the top presenters at the event will be Delta chairman, renowned and good corporate governance exponent Mr Canaan Dube, who will speak on rebuilding trust in Zimbabwe’s financial services industry.
Reserve Bank of Zimbabwe senior division chief (bank licensing, supervision and surveillance) Mr Norman Mataruka will address delegates on Accountability and Competence: A Regulatory Perspective.
World Bank country representative Dr Mungai Lenneiye, Standards Association of Zimbabwe director-general Mrs Eve Gadzikwa and FBC Reinsurance Limited chairman Mr David Birch will also present papers.
Mr Biyam said it was important that banking institutions and other such entities entrusted with public funds adhere to the principles of self-regulation.
Mr Biyam said the financial irregularities exposed by the RBZ at RFHL, which also spilled into Afre Corporation and the Rainbow Tourism Group called for a paradigm shift and tightening of corporate governance structures.