THE long-awaited Zimbabwe Corporate Governance Code is expected to be finalised by October this year.
The Institute of Chartered Accountants of Zimbabwe senior vice president Tinashe Rwodzi said the organisation had received comments on the first draft of the code. He said its steering committee and the corporate governance board would meet soon to discuss and consider the comments.
The meeting, Rwodzi said, would consider the contributions to the code before coming up with the final draft next month.
He said the end draft would then be availed to stakeholders before finalising the country’s corporate governance code.
Although there was a common thread running through countries on corporate governance issues, Rwodzi saw the need for the country to have its own code to cater for its peculiar corporate governance needs.
“There is a lot of common issues on corporate governance worldwide. Our country has its own unique aspects which need to be catered for in the code, capturing best practices globally and unique aspects of the economic and social fabric of Zimbabwe,” Rwodzi outlined.
On financial constraints that had been an obstacle to the crafting of the code, Rwodzi said the main limitation was paying the 10 thematic committees working on the code.
However, he revealed that most of the people working on the code were doing so voluntarily, something that was alleviating underfunding.
Rwodzi commended efforts of all those working towards development of the code, drawn from various sectors of the society, including government and the private sector.
The near-completion of the corporate governance code comes at a time the country is reeling from numerous cases of graft in both the public and private sectors. Several indigenous banks have collapsed owing to poor corporate governance practices.