CBZ Holdings was declared the overall winner of the Best Corporate Governance Disclosures Award for listed companies at the Institute of Chartered Secretaries and Administrators Excellence in Corporate Governance Awards ceremony at Cresta Lodge in Harare on Wednesday evening.
The first runner-up was Econet Wireless Zimbabwe. Second runner-up was First Mutual Holdings.
FBC Bank was the overall winner of the Best Banking Corporate Governance Disclosures Award. CBZ Bank was the first runner-up for this award, while the Central Africa Building Society (CABS) was the second runner-up.
The winner of the Best Corporate Governance Disclosures Award for the insurance sector was Old Mutual Insurance Company. The first runner-up was First Mutual Reinsurance Company. Fidelity Life Assurance of Zimbabwe was second runner-up.
The winner of the State Enterprises and Parastatals Best Corporate Governance Disclosures Award was TelOne, with the Agricultural Bank of Zimbabwe (Agrubank) the first runner-up and the People’s Own Savings Bank (POSB) the second runner-up.
The Institute of Chartered Secretaries and Administrators in Zimbabwe (ICSAZ) has been holding the Excellence in Corporate Governance Awards since 2013 as a way of promoting good corporate governance.
CBZ Holdings also won the Shareholder Treatment and Board Practices awards in the listed companies category. RioZim won the Stakeholder Practices and Sustainability Reporting Award in this category.
FBC Bank won the Best Banking Governance Practices award, while CBZ Bank won the Best Banking Risk Management award.
Presenting the adjudicators’ report, ICSAZ acting chief executive Nelson Maseko said the 10 member adjudication panel had evaluated the companies, banks, insurance companies and parastatals using the ICSAZ corporate governance scorecard over a period of four months.
The adjudicators’ decisions were based solely on corporate governance and related disclosures, not on financial results or performance. Only information in the public domain, chiefly annual reports, was used for evaluation. Public media stories were excluded.One of the shortcomings among listed companies noted was shareholder protection, especially in the areas of disclosing board member assets, board member shareholdings and information that deters insider trading, the report said.
Many companies just disclosed board members’ names in their annual reports but not the skills board members had for serving on the boards.
The majority of banking institutions did not, in their annual reports, present detailed directors’ profiles to demonstrate the quality of the organisation’s leadership and diversity in terms of qualifications, skills experience, gender and age. https://masvingomirror.com