CBZ, NMBZ win top corporate governance awards

HARARE - Zimbabwe’s largest financial services group CBZ Holdings has won the trophy for the Best Governed Company on the Zimbabwe Stock Exchange for the second year running, while NMB Bank was awarded the trophy for the Best Governed Banking Institution.

The Zimbabwe Investment Authority won the inaugural State Enterprises and Parastatals Best Corporate Governance Practices trophy.

The awards were presented at the third annual Institute of Chartered Secretaries and Administrators in Zimbabwe (ICSAZ) Excellence in Corporate Governance Awards ceremony at Cresta Lodge in Harare last week.

Other corporate governance award winners included ZimTrade and the Infrastructure Development Bank of Zimbabwe, which won second and third place respectively in the State Enterprises and Parastatals Best Corporate Governance Practices category.

This is the first year that there has been an award category for state enterprises, parastatals and grant-aided institutions.

Dairibord Holdings came second and Delta Corporation third in the Best Governed Company category, while in the Best Governed Banking Institution category CBZ Bank came second and FBC Bank third.

In the Zimbabwe Stock Exchange-listed companies’ awards categories, CBZ Holdings also won the Best Board Practices Award.

British American Tobacco Zimbabwe came second in this category, while Delta Corporation came third.

Dairibord Holdings won the Best Stakeholder Practices and Sustainability Reporting Award, with Turnall Holdings coming second in this category and Lafarge Cement Zimbabwe third.

The Best Shareholder Treatment award went to African Distillers, while NMBZ Holdings came second and Nicoz Diamond third in this category.

In the Banking Institutions award categories, NMB Bank won not only the overall Best Banking Corporate Governance Practices trophy but the top awards in two of the three other categories for the banking sector, namely the Best Banking Governance Practices Award and the Best Banking Risk Management Practices Award.

Second place in the Best Banking Governance Practices category went to CBZ Bank while Stanbic Bank came third in this category.

FBC Bank came second in the Best Banking Risk Management Practices category with BancABC taking third position.

The Best Banking Internal Audit Disclosures Award went to CABS, while NMB Bank came second in this category and FBC Bank came third.

The Excellence in Corporate Governance Awards were initiated in 2013 by ICSAZ as a means of promoting good corporate governance.

The first awards in 2013 were just for companies listed on the Zimbabwe Stock Exchange. In 2014 awards were added for the banking sector.

This year awards were introduced for state enterprises and parastatals.

ICSAZ president Lovemore Kadenge, in his address at the awards ceremony, said the institute hoped to expand the awards to eventually include all sectors of the economy.

“We expect the awards in future to cover sectors like local authorities, the insurance sector, SMEs and NGOs,” he said.

Emphasising the important role that corporate governance plays in attracting foreign direct investments, he said investors were likely to withhold their investment funds from countries in which corporations do not practise good corporate governance, because the companies’ operations would lack transparency, accountability, fairness and all the other tenets of good corporate governance.

Countries from which resources have been withheld tend to suffer through lack of economic growth and low levels of living standards for the general populace, he said.

Post a comment

Readers are kindly requested to refrain from using abusive, vulgar, racist, tribalistic, sexist, discriminatory and hurtful language when posting their comments on the Daily News website.
Those who transgress this civilised etiquette will be barred from contributing to our online discussions.
- Editor

Your email address will not be shared.