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Solution to corporate governance launched

THE Institute of Directors Zimbabwe (IoDZ) and First Capital Bank (FCB) have structured a solution aimed at churning out strategies to address challenges currently encountered by corporate boards across the country.

This will be done through the recently launched Chairperson’s Forum in Zimbabwe platform which seeks to provide the modern chair with a full spectrum of corporate governance. The platform also aims to capacitate leaders of all sectors of the economy, large and listed companies, state-owned enterprises (SOEs) and parastatals, non-governmental organisations (NGOs), and civil society organisations (CSOs), and small and medium-sized organisations.

FCB chairperson, Patrick Devenish

Speaking at the launch last week,  FCB chairperson, Patrick Devenish said this platform would create key collaborations that will positively contribute to industry and commerce, ultimately increasing the overall economic output.

“We are honoured to be the chosen partner to launch this relevant forum that will provide the pertinent practical expertise to assure conformance to our corporate governance framework,” Devenish said.

FCB managing director Ciaran McSharry further said the financial institution’s goal was to facilitate value and growth in areas that are pertinent.

“We have sought a new strategic partnership to unlock optimal performance capabilities that will see mutually beneficial positive results yielded through this remarkable platform,” McSharry said.

The Institute of Directors is a voluntary membership community for developing business leaders and creating opportunities for peer support, exchange of ideas, and influence. The institute’s thrust is to proffer solutions to the significant local challenges that need to be based on profiles of corporate governance competencies contributing to global efforts to combat corruption and promote ethical best practices. The forum scope will include round table discussions, open and private discussions with real business leaders, contemporary training roles and responsibilities, and soft skills among other things.

The recent launch of this platform comes at a time when the government is battling corporate governance deficiencies at its SOEs and parastatals. Zimbabwe has over 107 parastatals and state-owned enterprises which were mostly established by the Rhodesian government.

There are indications that line ministers have imperial powers over parastatals as they appoint or dissolve board members and this has been red-flagged as a huge corporate governance deficiency on the part of the government.

The Office of the President and Cabinet, which is expected to oversee the implementation of parastatal reforms has been moving at a snail’s pace.

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