Zim To have New National Corporate Governance Code in March

In an exclusive interview, Siwela said this would govern the operation of business enterprises in Zimbabwe as well as guide managers on how to run their companies.

“Many chief executives of firms listed on the Zimbabwe Stock Exchange (ZSE) need training on corporate governance issues,” Siwela said. “The new National Code on Corporate Governance, which will be released in March, next year, will help solve this problem.”

He said government was taking the issue of corporate governance seriously as evidenced by the fact that Parastatal bosses were now being paid according to performance and not turnover.

“This year will go down in history as government recognized the critical role played by Corporate Governance for the success of its own operations by launching the Corporate Governance Framework for State Owned Enterprises,” Siwela said.

“The major challenge facing the new Code, however, is crafting project funding. We appeal to business to help us in this respect. Any amount is very welcome. Contributions will be recognised at the launch of the National Code on Corporate Governance sometimes in March, 2011.”

Siwela said various structures had already been firmly put into place by IOD.

These included a Board of directors, Steering Committee, 10 Thematic Committees, a Research Unit and a Secretariat based in Harare.