HARARE – The National Code on Corporate Governance Zimbabwe (ZimCode) has recorded a number of significant success since its launch last year. ZimCode provides mechanisms for both private and public sectors of the economy to be governed.
It also provides guidelines on director’s term limits, board appointments, corporate conflict resolution and settlement.
ZimCode Project board chairman Mr Canaan Dube said recently that the code had ushered in a new mindset in respect of corporate governance among the key players.
“ZimCode implementation story has more success stories to tell than challenges. It’s a good effort which has not been put to waste.
“ZimCode introduced an important paradigm shift. Its implementation thus far directs that there can never be successful corporate governance without sound personal governance,” he said.
Mr Dube who is also chairman of the Zimbabwe Leadership Forum said: “Some notable corporate reforms and achievements as a result of the ZimCode launch, are increased adoption and implementation through the steady increase in organisations conducting board inductions and evaluations; improved board appointment procedures being adopted, especially the use of the nominations committee.
“And a major financial institution has already made compliance with ZimCode a prerequisite to accessing financing.”
He also said there has also been achievements in the legal and regulatory arena with the Government of Zimbabwe proposing a ZimCode aligned corporate governance bill for the public sector, which will soon be referred to Parliament for enactment.
The code was developed in response to numerous corporate governance malpractices that had dogged both the country’s public and private sectors.