Institute of Chartered Secretaries and Administrators in Zimbabwe Excellence in Corporate Governance Awards 2017

Afreximbank Vice President Denys Denya

Banking crisis: A result of poor corporate governance

Zvaravanhu masterminds NicozDiamond upswing

ICSAZ expands ECG Awards

Lorimer, Innscor Africa dominate again

Zvaravanhu masterminds NicozDiamond upswing

The ICSAZ Excellence in Corporate Governance Awards MagazineGOOD GOVERNANCE

adre

nalin

adv

erti

sing

& d

esig

n 13

317

“A pool of great mindsis an ocean of wisdom”

Anonymous

Like and Follow Us 0775 710 000

For scooping two accolades at the ICSAZ Excellence In Corporate Governance Awards, NMB Bank congratulates its Board, Management and Staff for their exceptional demonstration of astute banking practices, a hallmark of sound banking acumen, dedication and vision.

dailynewsTELLING IT LIKE IT IS. WITHOUT FEAR .... WITHOUT FAVOUR.

dailynews

ICSAZ editorial teamRemember W. MubaiwaAlec JemwaCathrine M. Nyachionjekamarketing@icsaz.co.zw700553-5

EDITOR-IN-CHIEFHama Saburi

DEPUTY EDITORGuthrie MunyukiMAGAZINE EDITORDakarai Mashava

PRODUCTION EDITOREddie ZvinonzwaCHIEF GRAPHIC ARTISTTinashe Nekati

DESIGN & LAYOUTJawet Chiguvare

MARKETING MANAGERFrancis Mushaninga ASSISTANT SALES MANAGERPlaxedes Meck

MARKETING OFFICERChristin Kahari

SALES & ADvERTISINGThandi ChatiraPascal MagamaCharity ZendaMufaro Zaividze

Published by Publishers of

Second Floor, Bluebridge South Eastgate Complex, Harare Tel: 04 - 798820-9, Fax: 04-250866, advertising@dailynews.co.zw, subscriptions@dailynews.co.zw

Ne wde st pai ac po es rs sA

of d tZ Li m )tb va Pb ( we

G overnance of deposit protection systems p12

Innscor, CABS clinch Corporate Governance Awards....................Page 4Corporate governance failure spawned banking crisis: Denya..............Page 6Practical steps to better corporate governance.................................Page 7Awards jury slates companies over director remuneration...................Page 8ECG Awards criteria explained...........................................................Page 9Lorimer, Innscor Africa earn plaudits..............................................Page 16ICSAZ broadens ECG Awards.........................................................Page 13Company rankings.......................................................................... Page 14

Corporate tools of yesterday no longer relevant............................. Page 17

ECG Awards in pictures.................................................................. Page 19

CONTENTS

p16

For being a cut above the rest.Congratulations to NicozDiamond Insurance for winning the Excellence in Corporate Governance Award (ECGA).

ECGA recognises efforts of corporate boards for effectively leading their organisations in a sustainable, innovative and ethical way.

JER

ICH

O 0

2456

2

2018 Issue 2ICSAZ

The excellence in Corporate Governance Awards (eCGA) were in-troduced in 2013 with the objective of promoting good corporate governance practices in Zimbabwe. The awards recognise efforts of corporate boards for effectively leading their organisations in a sustainable innovative and ethical way. Over the past five years the

eCG Awards have become Zimbabwe’s most prestigious awards for corporate governance. The inaugural awards in 2013 focused on companies listed on the Zimbabwe Stock exchange (ZSe).

In 2014 the awards were expanded to include separate categories for bank-ing institutions and in 2015 the Institute presented awards to State enterprises and Parastatals (SePs) for the first time with the full support of the Government of Zimbabwe (GoZ).

The awards are compulsory to all organisations falling under any established category. For instance, all ZSe-listed companies, banking institutions and SePs are evaluated for the awards.

The Institute partnered the Goz, the Reserve Bank of Zimbabwe (RBZ), the ZSe, and the Securities and exchange Commission of Zimbabwe in order to make the awards inclusive and act as a barometer to gauge corporate govern-ance practices of participants in their respective sectors.

Over the last five editions since their inception, the eCG Awards have be-come a hallmark of excellence as participants use the awards as a yardstick for best corporate governance practice. The awards have also become a source of reference for corporate governance best-practice in the market.

Corporate governance reporting excellence is demonstrated when insight is provided without unnecessary clutter, when a balance is achieved between the three pillars of reporting — content, quality and integration. The 2017 eCG Awards’ particular attention was on whether the organisation’s corporate governance reporting provides a concise communication about how the board went about directing the organisation’s strategy, governance, performance and prospects.

Adjudication for the awards involved an evaluation of reported corporate governance practices by companies listed on the ZSe, banking institutions and SePs.

In making this evaluation, the corporate governance best practice recom-mendations set out in Zimbabwe’s National Code on Corporate Governance (ZimCode), the Corporate Governance Framework for SePs, the Companies Act, the Banking Act and the ZSe Listing Requirements, formed the basis of assess-ment. The adjudication criteria followed the “apply – or – explain” principle prescribed by the Zimcode.

Awards Participants As stated above, participation in the eCG Awards is not voluntary for all entities in the three categories as lists of participants are obtained from the Institute’s supporting partners namely the Goz, the ZSe and the RBZ. In this regard, 57 Listed Companies, 17 banking institutions and 97 SePs were considered for these awards

Enhancement of Corporate GovernanceAs a way to further enhance corporate governance, the Institute has launched this magazine in order to put in black and white the full performance of various companies in the eCG Awards. This magazine’s intention is to place good gov-ernance on the top table for all to see and allow those who strive to practice it to be accorded the recognition they deserve.

oreword fCorporate governance report-ing excellence is demonstrated when insight is provided with-out unnecessary clutter, when a balance is achieved between the three pillars of reporting — content, quality and integra-tion. The 2017 ECG Awards’ particular attention was on whether the organisation’s cor-porate governance reporting provides a concise communica-tion about how the board went about directing the organisa-tion’s strategy, governance, performance and prospects.

Dr Farai Musamba

Bring OutThe ExecutiveStyle!

Call us today for a free quotation!

A new line of office furniture as flexible as your imagina-tion. Get your executive office furniture from our extensive collection that suits your individual tastes.

INNSCOR Africa was the overall listed companies winner of the excellence in Corporate Governance Awards, while CABS was the overall banking sector winner.

The Deposit Protection Corporation was the winner of the State enterprises and Parastatals Award.

Innscor was judged the overall winner for the second year running for the Best Corporate Governance Disclosures in the listed companies’ category. The first runner-up was NicozDiamond Insurance Company. Turnall holdings was second-runner-up.

CABS was judged the overall winner for Banking Sector Corporate Governance Disclosures. FBC Bank was first runner-up, while NMB Bank was second runner-up.

The first runner-up in the State Enter-prises and Parastatal Awards was Zesa holdings. The Zimbabwe Revenue Authority was second runner-up. Merit Awards were given to ZimTrade and the Industrial Devel-opment Corporation of Zimbabwe.

In the listed companies’ sub-categories, Bindura Nickel Corporation came first for Best Shareholder Treatment Disclosures. The first runner-up was Nicoz Diamond, while Innscor Africa was second runner-up. Merit awards were given to CBZ holdings and RioZim.

Innscor Africa won the Best Stakeholder Practices and Sustainability Reporting award. Turnall holdings came second and FBC holdings third. Merit awards were given to econet Wireless and Padenga hold-ings.

NicozDiamond was winner of the Best Board Governance Practices Disclosures award, with Turnall holdings coming second and Barclays Bank Zimbabwe coming third. Merit awards went to Axia Corporation and CBZ holdings.

In the banking sector, CABS won all ex-cept one of the awards. It was first for Best Board Governance Practices Disclosures and Best Risk Management Disclosures, as well as winning the overall trophy.

First runner-up in the Best Board Gov-ernance Practices Disclosures was NMB Bank. FBC Bank was second runner-up. Merit awards went to CBZ Bank and MBCA Bank.

The 2017 Excellence in Corporate Govern-ance AwardsListed Companies AwardsBest Shareholder Treatment Disclosures AwardBindura Nickel Corporation Ltd (Winner)NicozDiamond Insurance Company Ltd (First Runner-up)Innscor Africa Ltd (Second Runner-up)

Consolation (Merit Awards)CBZ holdings LtdRioZim Ltd

Best Stakeholder Practices & Sustainabil-ity Reporting AwardInnscor Africa (Winner)Turnall holdings (first runner-up)FBC holdings (Second Runner-up)

Consolation (Merit Awards)econet Wireless Zim LtdPadenga holdings Ltd

Best Board Governance Practices Disclo-sures AwardNicozDiamond Insurance Company (win-ner)Turnall holdings (first Runner-up)Barclays Bank Zimbabwe (second runner-up)

Consolation (Merit Awards)Axia Corporation LtdCBZ holdings Ltd

Overall Best Corporate Governance Dis-closures AwardInnscor Africa Ltd (overall winner)NicozDiamond Insurance Company (first runner-up)Turnall holdings Limited (second runner-up)

State Enterprises & Parastatals AwardsDeposit Protection Corporation (Winner)ZeSA holdings (first runner-up)Zimbabwe Revenue Authority (second runner-up)

Consolation (Merit Awards)ZimTradeIndustrial Development Corporation of Zimbabwe

Banking Sector AwardsBest Board Governance Practices Disclo-suresCentral Africa Building Society (winner)NMB Bank Limited first runner-up)FBC Bank Limited (second runner-up)

Consolation (Merit Awards)CBZ Bank LtdMBCA Bank limited

Best Risk Management Disclosures AwardCentral Africa Building Society (winner)CBZ Bank Limited (first Runner-up)Barclays Bank Zimbabwe Limited (second runner-up)

Consolation (Merit Awards)FBC Bank LimitedStanbic Bank Continued on Page 16

Innscor, CABS clinch Corporate Governance

AwardsInnscor was

judged the overall winner for the second year running for the Best Corpo-rate Governance Disclosures in the listed com-panies’ category while CABS was the overall win-ner for Banking Sector Corpo-rate Governance Disclosures.

“

2018 Issue 4ICSAZ

The 2003/2004 banking crisis that saw several banks collapse largely due to the liquidity crunch and gross mismanagement is without doubt the most significant factor that has

shaped the course of the Zimbabwean financial system.

With challenges that afflicted the banking system still persisting, a leading banking expert- African export-Import Bank (Afreximbank) Vice President Denys Denya-has characterised the recurrent problems bedeviling the sector as “consequences of poor corporate governance.”

Denya, who was guest at the 2017 excel-lence in Corporate Governance (eCG) Awards, said several Zimbabwean indigenous banks went under due to their failure to abide by best practice corporate governance standards.

“Several indigenous banks collapsed, including Trust Bank, United Merchant Bank, Universal Merchant Bank, Genesis, Royal Bank, FNBS, Zimbabwe Building Society, Barbican, Interfin Merchant Bank, Kingdom Bank and Renaissance Merchant Bank.

“And government, through the RBZ, at-tempted to rescue some of the failing banks by bundling three of them (Trust, Barbican and Royal) into the Zimbabwe Allied Bank Group (ZABG), which was born out of the Govern-ment Troubled Bank Resolution Act,” he said.

The acclaimed banking guru added that the bank failure and collapse of financial institu-tions set the Zimbabwean economy on a path to a long-term crisis and recession.

“In effect, the costs of what has been a rather long crisis have been significant, not just for the government acting as the lender of last resort on behalf of all Zimbabwean taxpayers, but also for individuals and small depositors.

“These failed banks accessed billions in liquidity support through the Government Troubled Bank Resolution Act. At the individual level it has been estimated that depositors lost more than half a billion US dollars of their hard earned cash.

“even with the existence of the deposit protection scheme, these failures resulted in net losses to poor households, most of whom continue to lose confidence in the bank-ing system. By reducing the purchasing power of these households, the crisis created by the banking system further lowered household consumption and

growth prospects, keeping the country on a vicious cycle.

“More recently the increasing trust deficit in the banking system was exacerbated by the inability of depositors to withdraw cash from banks on demand even though a large propor-tion of deposits in banks have been in the form of demand deposits,” said the Afreximbank Vice President.

He called for the adoption of a robust good corporate governance culture as part of meas-ures meant to attract significant investment.

“Strengthening the corporate governance culture across industries and public entities has become critical for risk mitigation, but also for economic growth. In particular, with the increasing culture of shareholder activism good corporate governance is increasingly needed to assure business integrity and create the market confidence required to attract investors,” said the former MBCA Bank managing director.

Denya is convinced that the adoption of the

2015 Zimbabwean National Code on Corporate Governance will provide specific guidance on corporate reporting and disclosure.

“In Zimbabwe the deficit of disclosure is perhaps exacerbated by the absence of a framework for reporting or a disclosure regime for corporate governance issues in Annual reports.

“Moreover, even in the absence of such a framework, good corporate governance reporting and disclosure is good corporate governance practice and should be encouraged especially for companies which are contem-plating the option of raising equity investment to sustain their growth.

“Perhaps the first goal should be to revise the Zimbabwean National Code on Corporate Governance to provide specific guidance on corporate reporting and disclosure. Even then it is not guaranteed that all corporate entities will step up and systemically abide by the new code.

“At least it will provide the framework for consistency and for monitoring progress towards reporting. Eventually, rewards in the form of access to finance for the few corpora-tions abiding by the reporting requirements could act as incentives,” he said.

The Afreximbank vice president singled out corporate governance as the best way to balance competing interests of a company’s diverse stakeholders.

“Balancing the interests of these different stakeholders is the main objective of corpo-rate governance and it has become axiomatic that striking the right trade-off to effectively balance the interests of all stakeholders is growth-enhancing, and doing so over time and in a sustainable manner is key to sustainable economic growth,” said the Afreximbank vice president, adding that economic growth at national level is dependent on the quality of corporate governance.

“Weak or bad corporate governance envi-ronments result in the failure of large corpora-

tions to abide by best practice corporate gov-ernance standards which can be fatal, highly consequential, and even systemic in a number of particular sectors, most notably in the financial services industry. The much reported case of eskom in South Africa is instructive,” he said.

Corporate governance failure spawned banking crisis: Denya

Afreximbank vice president Denys Denya

Weak or bad corporate governance environ-ments result in the failure of large corpora-tions to abide by best practice corporate gov-ernance standards which can be fatal, highly consequential, and even systemic in a number of particular sectors, most notably in the financial services industry. The much reported case of Eskom in South Africa is instructive,”

“ 2018 Issue 6ICSAZ

IN 2010, the Corporate Secretaries Inter-national Association (CSIA) came up with a paper with twenty practical steps that directors and their advisers could review and implement as needed to improve the

governance of their companies. The recommenda-tions were:☑ Recognise that good corporate governance is about the effectiveness of the governing body — not about compliance with codes.☑ Confirm the leader-ship role of the board chairperson. The chairperson has a fundamental leader-ship role and should display the qualities that are fundamental to good leadership such as judgment that leads to sound decision-making an entrepreneurial point of view, the ability to listen and commu-nicate effectively, a deep sense of one’s values and ethics, and the courage to act, based on those values and ethics.☑ Check that the non-executive directors (NeDs) have the necessary skills, experience and courage.☑ Consider that calibre of the non-executive directors. It is important to ensure that the independent outside directors have sufficient intelligence, integrity, personality, and knowl-edge to stand against an over-powerful CeO and other directors from the executive suite.☑ Review the role and contribution of non-executive directors. NEDs require sound induc-tion and relevant training as well as clearly set out principles on their roles, skill, independence and level of time commitment.☑ ensure that all directors have a sound under-standing of the company.☑ Confirm that the board’s relationship with executive management is sound. A boardroom

environment needs to be created in which top management sees directors asking probing questions as good not bad.☑ Check that directors can access all the infor-mation they need.☑ Consider whether the board is responsible

for formulating strategy. The final responsibility for strategy formulation lies with the board. The directors must agree on the strategic direction of the business: that is why they are called directors.☑ Recognise that the governance of risk is a board responsibility. Many companies are weak in recognising and responding to threats that come from outside the organisation.☑ Monitor board performance and purse op-portunities for improvement.☑ Review relations with shareholders – par-ticularly institutional investors. Companies’ corporate governance policies should confirm the board’s commitment to be accountable to shareholders - all shareholders.☑ emphasise that the company does not belong

to the directors.☑ Ensure that director’s remuneration packages are justified. There is need to curb apparent abuse by directors of their privileged position by awarding themselves massive remuneration packages unrelated to performance.

☑ Review relations be-tween external auditors and the company. It is vital that external auditors provide a genuinely objective judge-ment on the report of the directors to the company’s members.☑ Consider relations with the corporate regulators. ☑ Develop written board-level policies covering rela-tions between the company and the societies it affects.☑ Review the company’s at-titude to ethical behaviour. Companies are not moral beings. They do not have consciences. The morality of companies has to be sup-plied by their directors.☑ ensure that the company secretary’s function is pro-viding value. All directors should have excess to the advice and services of the company secretary. Boards might consider the role cur-rently played by their corpo-rate secretary and whether it should be expanded.☑ Consider how the cor-porate secretary’s function

might be developed.

CSIA is an association constituted according to article 60 et seq, of the Swiss Civil Code and entered into the commercial register in Switzerland.

ICSAZ is a member of the CSIA. All CSIA members share a common interest in the promotion of good governance practices and enhancing the profile of the professionals who serve as corporate secretaries and governance professionals.

CSIA is also actively engaged in creating a global professional association enabling industry professionals globally to work more effective together to shape corporate governance and develop unified best practice.

Practical steps to better corporate governance

2018 Issue 7ICSAZ

The Partners, Management and Staff of AMG Global congratulates FBC Bank for their achievements in the 2017 Excellence in Corporate Governance Awards:

Audit Tax Advisory

Congratulations! Makorokoto! Amhlope!

BUILDING, PACKAGING AND SHARING KNOWLEDGE CREATING A LEGACY OF A GLOBAL AFRICAN BRAND

37 Hughes Street P.O. Box 248 039-265132

HARARE 3 Elcombe Avenue

Belgravia 04-251415-8

MASVINGO BULAWAYO Tregers House

Suite 310 029-64144

CONTACT US 04-251415-8

info@amgglobal.co.zw www.amgglobal.co.zw

Best Banking Risk Management 1st RUNNER UP

Best Banking Internal Audit Disclosures

The 2017 excellence in Corporate Gov-ernance Awards adjudication panel, which evaluated annual reports of 57 listed companies, bemoaned the failure by most corporates to provide

detailed disclosures on the remuneration of their directors.

The seven-person jury said most companies evaluated did not avail policies on director remuneration.

“Only one listed company presented detailed disclosures on the remuneration of its directors. The local stock exchange regulations need to ad-dress this shortcoming if our companies are to attract long-term foreign investment,” read part of the adjudication report.

The adjudication panel also lamented the ab-sence of informative profiles of board members of listed companies.

“Most companies did not disclose detailed board member profiles in their annual reports or websites to enable minority shareholders to have a say in board member nominations. This is a continuing trend from previous years,” said the jury, adding that there was also need to avail detailed information on the shareholding held by directors and management.

“While there has been an improvement on disclosures relating to directors’ sharehold-ing, most companies are still failing to provide detailed breakdown of management share-holding to assist users in assessing beneficial ownership.”

Another grey area, according to the jury, was the failure by listed companies to disclose their policies on “material inside information.”

“The majority of listed companies did not disclose a policy on the use of material inside information aimed at stamping out insider trad-ing thereby protecting the interests of outside shareholders,” the adjudication report stated in part.

On the issue of stakeholder practices and sustainability reporting, the jury noted a variety of shortcomings.

“Some companies reported having adopted global sustainability reporting frameworks but failed to comply with their requirements. The Adjudicators considered such reporting to be misleading to users.

“Compliance with International Financial Re-porting Standards (IFRSs) is being given higher priority over other non-financial reporting areas. The adjudication revealed that more than 75% of the information contained in annual reports is mainly financial and IFRS notes. This is, however,

an improvement from more than 80% reported last year. The balance between financial and no-financial information in corporate reporting still remains poor.

“Companies continue to litter their annual reports with Corporate Social Responsibil-ity stories but fail to support these stories with quantitative measures of performance as required by global sustainability reporting frameworks. As a result of this missing reporting link, the adjudicators could not reward them for their efforts,” said the Jury.

Among several shortcomings, the jury gener-ally criticised companies for poor board govern-ance practices and disclosures.

“The majority of listed companies did not disclose personal profiles of board members in annual reports or on their websites. As a result, Adjudicators could not assess board composi-tion in terms of skill, experience, age and gender diversity. Scores under these headings were therefore low for the adjudication period under review.

“The role of the board in ensuring com-pliance with laws, regulations and relevant standards was assessed to be at its lowest this time around.

“As reported last year, adjudicators found it

difficult to assess ‘board independence’ because most companies did not disclose personal pro-files of board members. In the few cases where board member profiles were disclosed, compa-nies failed to distinguish between ‘independent’ and ‘non-executive directors’ as required by the ZimCode.

“On banking institutions, adjudicators noted several inadequacies one of which was about a board that met 13 times during the period under review for which the bank failed to pro-vide reasons to its stakeholders. There was also generally no disclosure on director training and board evaluation.”

The jury slated most banks for poor report-ing.

“Some Banking Institutions reported as Group Companies and this shrouded their reporting as banks in line with the current regu-latory framework.

“The state of sustainability reporting by banking institutions is relatively poor. While there was some reporting on Corporate Social Responsibility, it was observed to be largely philanthropic and the Adjudicators could not link the CSR to the Institutions’ business models in any way,” the jury said.

Of all the entities that were assessed, the jury was very scathing in its evaluation of state enterprises and parastatals.

“A total of 97 state enterprises & para-statals (SePs) were eligible for assessment for the period under review of which only 13 of these entities made their 2016 annual reports available for evaluation. Of these 13, two enti-ties presented their 2016 annual reports with FY2014 and FY2015 financial statements. How-ever, these were all evaluated for the Awards.

“About 30 percent of SePs evaluated presented their 2016 annual reports with unaudited financial statements; Most SEPs had ex-officio board members representing the Government on the board but these were not appropriately qualified and experienced in most of the cases. Generally, 87 percent of SePs failed to submit their 2016 annual reports for evalua-tion by the Institute. The Panel of Adjudicators observed that most SePs failed to produce full annual reports in 2016 even after holding an-nual general meetings (AGMs).

“Failure to timely produce annual reports by State enterprises is worrisome and may persist unless the Government as the shareholder and the Parliament of Zimbabwe demand account-ability from the boards of these entities,” said the jury.

Awards jury slates companies over director remuneration

“ Companies con-tinue to litter their annual reports with Corporate Social Responsibility stories but fail to support these stories with quantitative meas-ures of performance as required by global sustainability report-ing frameworks. As a result of this missing reporting link, the ad-judicators could not reward them for their efforts,”

A seven-person jury appointed by the Institute of Chartered Secretaries and Administrators in Zimbabwe (ICSAZ) used ICSAZ corporate governance scorecards

and questionnaires to select 2017 Excellence in Corporate Governance (eCG) Awards win-ners.

The jury assessed corporate governance disclosures by participating entities under three major institutional categories namely companies, banking institutions and SAc-cording to the adjudication report, the ICSAZ Corporate Governance Scorecard draws from the National Code on Corporate Governance (ZimCode), the Corporate Governance Frame-work for State enterprises and Parastatals, the Companies Act, the Banking Act and the Zimbabwe Stock Exchange (ZSE) listing requirements.

“The adjudication criteria fol-lowed the “apply-or-explain” principle prescribed by the ZimCode. Companies listed on the Zimbabwe Stock exchange (ZSe) as well as on the Financial Securi-ties Exchange (Finsec) were assessed for three awards namely Shareholder Treatment Disclosures, Stakeholder Practices & Sustainability Reporting and Board Governance Disclosures.

“Banking Institutions were assessed for three awards namely Banking Board Governance Disclosures, Banking Risk Management Disclosures and Banking Internal Audit Disclosures.

“The State enterprises & Parastatals were assessed for best Corporate Governance Dis-closures Awards,” read part of the adjudica-tion report.

Winning entities were selected after a two-phase assessment.

“During phase one, the adjudicators used the ICSAZ corporate governance scorecards to assess participants based on the disclosures

in their 2016 Annual Reports and other pub-licly available sources. The scores garnered by participants in Phase one were then used to produce a shortlist of top five participants under each category.

“The top five shortlisted participants after phase one were subjected to further assess-ment based on information supplied by the participants in self-completed questionnaires

administered by the Institute.“An analysis of questionnaire responses

assisted the adjudicators to come up with the final top three winners from the top five shortlisted participants per each category.

“The Institute decided to give Merit Awards to the other two participants who were shortlisted into phase two of adjudication under each category. So, over and above the usual three main winners per each category, beginning at the Fifth Edition of the ECG Awards, the institute will present Merit Awards to the losing two finalists in recognition of their effort for making it into the top five,”

ECG Awards criteria explained

2018 Issue 8ICSAZ

CBZ Contact Centre Manager Kirstie Gavaza, centre, receives an award.

FOR the second year running, Innscor Af-rica Limited was adjudged to be the best company at the excellence in Corporate Governance Awards (eCG) 2017.

In addition to being the overall best placed company in the awards organised annu-ally by the Institute of Chartered Secretaries and Administrators in Zimbabwe (ICSAZ), Innscor Af-rica also came out tops in the Best Stakeholder Practices & Sustainability Reporting category.

The Zimbabwe Stock exchange-listed diversi-fied group also landed the second runner-up position in the Best Shareholder Treatment Disclosures category.

It therefore did not come as a surprise when Innscor Africa Limited Group Company Secre-tary and Legal Advisor Andrew Lorimer won the 2017 ICSAZ Governance Professional of the Year Award for consistently helping his company with eCG Awards since 2013.

Lorimer attributed the award to collective support from the entire Innscor Africa Limited Group.

“I am just a part of the great Innscor team which is striving to make Innscor a valued, qual-ity, responsible and sustainable corporate entity in Zimbabwe.

“This award is due very much to the good guidance and direction of the Innscor board of directors, under our Independent non – execu-tive chairperson Addington Chinake, in setting the strategic vision for Innscor Africa Limited, and to the extremely hard work of the Innscor executive team and support staff, under our chief executive officer Julian Schonken and our finance director Godfrey Gwainda, in imple-menting this strategic vision,” said Lorimer.

he added that the award and others won by the Innscor Africa Group were rewards for the listed company’s vigorous pursuit of corporate governance excellence.

“Innscor has worked consistently over the last five years to understand and keep abreast of international developments with good cor-porate governance and to apply the best tenets of good corporate governance in a simple and straightforward manner in balancing and meet-ing the needs of all its stakeholders.

“ Innscor very much appreciates the need to comply with the best tenets of good corporate governance practice and it believes that the results of this are being seen in the consistently good overall financial results (compared to many of its peers), achieved by the Innscor Af-rica Group in a very difficult economic environ-ment,” said the veteran company secretary.

According to Lorimer, Innscor Africa Group is determined to be the doyen of corporate governance in Zimbabwe.

“Innscor, very much appreciates the recogni-tion… it is striving to be a good and responsible corporate citizen … it is helping to set a bench-mark for the performance that Zimbabwean companies should aim to achieve.

“Innscor intends to be a good ambassador for Zimbabwean business and the recogni-tion given to Innscor through these corporate governance awards will help attract support to Innscor from foreign investors and suppliers,” he said.

The 2017 ICSAZ Governance Professional of the Year Award is a fitting honour for the former Oriel Boys School and Rhodes University scholar who began his journey in the world of law as a public prosecutor at the Rotten Row Magistrates Court where he worked for almost two years.

Lorimer then worked for a Harare firm of legal practitioners for five years before joining Barclays Bank of Zimbabwe Limited as their group company secretary and legal advisor. Af-ter a 10-year stint at Barclays, he briefly worked in the transport sector before joining National Foods as group company secretary and legal advisor.

The fact that Innscor has a significant shareholding in National Foods set the stage for Lorimer, the current Chairman of the Rowing Association of Zimbabwe, to assume his current post in 2009.

Lorimer, Innscor Africa earn plaudits

Innscor very much appreciates the recognition… it is striving to be a good and responsible cor-porate citizen … it is helping to set a benchmark for the performance that Zimbabwean companies should aim to achieve.”

“

2018 Issue 10ICSAZ

Andrew D. Lorimer, middle, awarded Governance professional of the year 2017 for the company that consistently won the ECG Awards in the past five editions includ-ing the current.

CPD

2018 Issue 12ICSAZ

GOVeRNANCe generally refers to the system of principles, policies, procedures and clearly defined responsibilities and account-abilities used by stakeholders to

overcome conflicts of interest inherent in the corporate form (K. Wong 2011).

In Deposit Protection Systems (DPS), it concerns the relationship between the deposit insurer and the authority from which it receives its mandate or to which it is ac-countable.

Governance structures in deposit insurers vary like in any other organisation depend-ing on ownership. They can be in the form of State enterprises, government departments, Central Banks or privately owned entities. The key pillars include operational inde-pendence, accountability, transparency and disclosure as discussed hereunder.

Operational independence gives a DPS the ability to fulfil its mandate, that is, legitimate powers as pronounced in legislation, without undue stakeholder or external influence and interference.

The relationship between a DPS and its key stakeholders can be a potential source for conflict of interest. In practice, to be operationally independent, a DPS must carry out its mandate in a way that minimizes the

potential for conflicts arising from undue political, industry, or other external influence.

Regarding accountability, deposit insurers should fulfil their mandate and be responsi-ble for their actions. Best practice requires the board to be accountable to shareholders whilst management should be accountable to the Board.

Integrity requires that in discharging the mandate of an organisation, individuals should ensure and follow appropriate stand-ards of behaviour and conflict of interest codes, and that the day-to-day operations of the insurer are subject to internal control and audit.

Transparency and disclosure relates to revealing and clarifying actions and decisions of an organisation. Disclosure relates to avail-ing information to stakeholders necessary for them to judge the effectiveness of the organisation’s conduct.

There is no best specific governing body structure for a DPS. Some jurisdictions use a two-tier board structure, in which the su-pervisory function of the board is performed by a separate entity, known as a supervisory board, which has no executive functions. Other jurisdictions, by contrast, use a one-tier board structure in which the board has a broader role.

Governance of deposit protection systems

DPC staff at an exhibition stand

“ There is no best specific govern-ing body structure for a DPS. Some jurisdictions use a two-tier board structure, in which the supervisory function of the board is performed by a separate entity, known as a supervisory board, which has no exec-utive functions.”

INSTITUTe of Chartered Secretaries and Ad-ministrators in Zimbabwe (ICSAZ) President Dr Paradza Paradza has announced the inclusion of more categories and sectors in the 2018 ex-

cellence in Corporate Governance (eCG) Awards to be held later this year.

As part of entrenching good corporate govern-ance in the country, the eCG Awards, which have been running since 2013, will include a new sector — the insurance companies sector.

“Local authorities seems not possible this time, however, we are pur-suing rural local authorities. This year it is the insurance companies.

“Over the last four editions, the awards have expanded from the inaugural categories for Zimbabwe Stock exchange (ZSe)-listed companies to now include categories for banking institutions and for state enterprises and parastatals (SePs).

“It is our hope that we will continue to expand the excellence in Corporate Governance Awards to include all sectors of the economy as we go forward. Beginning next year, we hope to bring in rural and urban local authorities, the insurance sector and SMes,” said Paradza.

he added that ICSAZ was happy with the way the eCG Awards are gaining wider acceptance in both the private and public sectors.

“The Institute intro-duced the excellence in Corporate Governance Awards in 2013. Since then, the presentation of the awards over the past four years has become an im-portant annual event which every stakeholder of good corporate governance in both the private and public sector must take seriously.

“ The excellence in Corporate Governance Awards evaluate corporate

governance disclosures by participants and assess the impact of reported board practices on the environment, consumers, employees, communi-ties, shareholders and all other stakeholders,” said the ICSAZ president.

Paradza said the country’s concerted drive to attract foreign direct investment under the man-tra ‘Zimbabwe is open for business’ will only yield dividends in an environment characterised by a culture of good corporate governance.

ICSAZ broadens ECG Awards

Banking Institutions1. Central Africa Building Society2. FBC Bank3. NMB Bank4. CBZ Bank5. Stanbic6. MBCA Bank7. Standard Chartered Bank8. Barclays Bank9. Agricultural Bank of Zimbabwe9. ZB Bank11. Steward Bank12. Industrial Development Bank12. National Building Society14. POSB Bank15. Metbank16. Ecobank17. BancABC

State Enterprises & Parastatals1. Deposit Protection Corporation (DPC)2. ZeSA holdings (Pvt) Limited3. Zimbabwe Revenue Authority (ZIMRA)4. Consumer Council of Zimbabwe (CCZ)5. Industrial Development Corporation of Zim-babwe (IDC)6. TelOne (Pvt) Limited7. NetOne (Pvt) Limited8. Central Mechanical & equipment Department (CMeD)9. Tobacco Research Board10. Securities & Exchange Commission of Zim-babwe (SeCZim)11. Consumer Council of Zimbabwe (CCZ)12. National Biotechnology Authority of Zim-babwe13. Finealt engineering (Pvt) Limited

Institutions that did not submit and/or make their 2016 annual reports available1. Agricultural and Rural Development Authority (ARDA)2. Agricultural Marketing Authority (AMA)3. Agricultural Research Council (ARC)4. Air Zimbabwe holdings5. Allied Timbers (Pvt) Ltd6. Bindura University of Science Education (BUSE)7. Broadcasting Authority of Zimbabwe (BAZ)8. Chinhoyi University of Technology (CUT)9. Chitungwiza Garment Factory10. Civil Aviation Authority of Zimbabwe (CAAZ)11. Cold Storage Company (Ltd) (CSCL)12. Competition and Tariff Commission (CTC)13. District Development Fund (DDF)14. environmental Management Agency (eMA)15. Food Standards Advisory Board (FSAB)16. Forestry Commission Company17. Grain Marketing Board (GMB)18. Great Zimbabwe University (GUZ)19. Harare Institute of Technology (HIT)

20. health Services Board21. Insurance and Pensions Commission (IPeC)22. Kingstons (Pvt) Ltd23. Liquor Licensing Authority24. Lotteries and Gaming Board25. Lupane State University (LSU)26. Medicines Control Authority of Zimbabwe (MCAZ)27. Midlands State University (MSU)28. Minerals Marketing Corporation of Zimba-bwe (MMCZ)29. National Aids Council of Zimbabwe (NAC)30. National Archives of Zimbabwe (NAZ)31. National Arts Council of Zimbabwe (NACZ)32. National Competitiveness Commission (NCC)33. National Gallery of Zimbabwe (NGZ)34. National Handcraft Centre (NHC)35. National Handling Services (NHS)36. National Indigenization and Economic Em-powerment Board (NIeeB)37. National Library and Documentation Service (NLDS)38. National Museums and Monuments of Zim-babwe (NMMZ)39. National Oil Infrastructure Company of Zim-babwe (NOIC)40. National Pharmaceuticals Company of Zimba-bwe (Natpharm)41. National Railways of Zimbabwe (NRZ)42. National Social Security Authority (NSSA)43. National University of Science and Technol-ogy (NUST)44. New Ziana (Private) Limited45. Petrotrade (Pvt) Limited46. Pig Industry Board (PIB)47. Postal and Telecommunications Regulatory Authority (POTRAZ)48. Printflow (Pvt) Ltd49. Radiation and Protection Authority of Zimba-

bwe (RPAZ)50. Research Council of Zimbabwe (RCZ)51. Reserve Bank of Zimbabwe (RBZ)52. Road Motor Services (RMS)53. Scientific and Industrial Research and Devel-opment (SIRDC)54. Small and Medium enterprises Development Corporation (SMEDCO)55 Sports and Recreation Commission (SRC)56. Standards Association of Zimbabwe (SAZ)57. State Procurement Board (SPB)58. Tobacco Industry and Marketing Board (TIMB)59. Traffic Safety Council of Zimbabwe (TSCZ)60. Transmedia61. Urban Development Corporation (UDCORP)62. University of Zimbabwe (UZ)63. Verify Engineering (Pvt) Ltd64. Zimbabwe Academic & Research Network (ZARNeT)65. Zimbabwe Broadcasting Corporation (ZBC)66. Zimbabwe Consolidated Diamond Mining Company (ZCDMC)67. Zimbabwe Council of Higher Education (ZIMChe)68. Zimbabwe Defence Industries (ZDI)69. Zimbabwe Energy Regulatory Authority (ZeRA)70. Zimbabwe Institute of Public Administration and Management (ZIPAM)80. Zimbabwe Parks and Wildlife Management Authority (ZIMPARKS)81. Zimbabwe School Examination Council (ZIMSeC)82. Zimbabwe Tourism Authority (ZTA)83. Zimpost (Pvt) Limited84. Ziscosteel (Pvt) Limited85. Zimbabwe Passenger Company (ZUPCO).

Company rankings

2018 Issue 14ICSAZ

1. Innscor Africa Limited2. NicozDiamond Insurance Limited3. Turnall holdings Limited4. CBZ holdings Limited5. Dairibord holdings6. FBC Holdings Limited7. Padenga holdings Limited8. econet Wireless Zimbabwe Limited9. Axia Corporation9. Barclays Bank Zimbabwe Limited9. RioZim Limited 912. Bindura Nickel Corpora-tion Ltd13. NMBZ holdings Limited14. Delta Corporation Limited15. Simbisa Brands16. Hippo Valley Estates Limited17. OK Zimbabwe Limited18. CAFCA Limited18. Zimplow Limited20. Seed Co Limited21. Larfage Cement Zimba-bwe22. First Mutual Life23. African Sun Limited23. National Foods Holdings Limited25. Mashonaland holdings26. African Distillers Limited26. Unifreight Africa28. Ariston holdings Limited28. Masimba holdings Limited30. British American Tobacco Zimbabwe

31. Fidelity Life Assurance31. Proplastics33. Amalgamated Regional Trading33. Powerspeed electrical Limited 3335. hwange Colliery Company Limited36. Zimre Holdings Limited37. Pearl Properties Limited38. GetBucks39. National Tyre Services Limited40 Colcom holdings Limited41. Dawn Properties Limited42. Nampak Zimbabwe Limited43. ZB Financial holdings Limited44. Meikles Limited45. Old Mutual (Zimbabwe)45. Willdale Limited45. Zimre Property Invest-ments Limited48. General Beltings Holdings48. Starafrica Corporation Limited50. TSL Limited51. Border Timbers Limited51. edgars Stores Limited53. CFI holdings Limited54. Falcon Gold Zimbabwe Limited55. Medtech holdings Limited56. Truworths Limited57. Rainbow Tourism Group Limited N/A58. Zimbabwe Newspapers (1980) Limited N/A

Listed companies

rankings

Nicoz Diamond Head Marketing, PR & Priority Odiline Kava, centre, receives an award

FBC Holdings Company Secretary Tichaona Mabeza, centre, receives an award.

NICOZDIAMOND Insurance company secretary Gloria Zvaravanhu has described the award she won at the excellence in Corporate Governance Awards (eCG) 2017 as a reward for

her company’s deliberate efforts to corporate governance disclosures.

Zvaravanhu walked away with the 2017 Insti-tute of Chartered Secretaries and Administrators in Zimbabwe (ICSAZ) Governance Professional of the Year Award in recognition for her role in helping NicozDiamond land three awards at the excellence in Corporate Governance Awards.

Zimbabwe’s largest short term insurer took home the Best Board Governance Practices Disclosures Award and was first runner up in the Best Board Governance Practices Disclosures category.

Thanks to the two awards, the eCG jury adjudged NicozDiamond to second best in the Overall Best Corporate Governance Disclosures category as a consequence of garnering ‘the most improved rankings on the ICSAZ excellence in Corporate Governance Awards.”

Zvaravanhu, a holder of a Master in Business Leadership degree from UNISA and a Bachelor in Accountancy degree from Rhodes University, told the ICSAZ Magazine that NicozDiamond was reaping rewards of hard work and diligence.

“The recognition was borne out of our delib-erate efforts as a team to improve our reporting and disclosures. It was very pleasant to note that the efforts were achieving the intended objectives and that stakeholders noticed

NicozDiamond is a company that thrives on continuous improvement, openness, transpar-ency and accountability to all its stakeholders. This should be a good message to our custom-

ers and potential customers that their business is in safe responsible hands,” she said.

The NicozDiamond company secretary, who is a chartered accountant and the immediate past president of ICAZ, added that her company will stop at nothing in its bid to be the leading light in corporate governance in Zimbabwe.

“There is no pressure added; these are the right things to be done and every company should strive to meet best practice as far as corporate governance is concerned. Zimbabwe is open for business, and part of being open entails operating at international standards at all levels,” said Zvaravanhu.

More importantly, Zvaravanhu is hopeful that the spectacular results by NicozDiamond which is headed by managing director Grace Muradzikwa will go a long way in showing what women corporate leaders can do if given a chance.

“Female leaders can do so much more for our economy and they need to be afforded a fair chance. This is beyond equality; it is about embracing diversity for the betterment of our companies and our country. As we press for progress we also press for full embracement not just of females but across the full diversity spectrum,” she said.

Zvaravanhu masterminds NicozDiamond upswing

Nicozdiamond Insurance company secretary Gloria Zvaravanhu

From page 4 Best Internal Audit Disclosures AwardMBCA Bank Limited (winner)FBC Bank Limited (first runner-up)Agribank (Second Runner-up)

Consolation (Merit Awards)Central Africa Building Society (CABS)Stanbic Bank

Overall Banking Sector Corporate Governance Disclosures Award (Sponsored by the Deposit Protection Corporation)Central Africa Building Society (winner)FBC Bank (first runner up)NMB Bank Limited (second runner-up)

Individual Governance Professional AwardsThe individual Governance Professional Awards are presented to Company Secretaries, who are the chief governance officers, for assisting their boards to observe and implement good corpo-rate governance practices as evidenced by their companies winning the eCG Awards.1. Gloria Zvaravanhu (NicozDiamond Insurance Company Secretary) “For the most improved rankings on the ICSAZ excellence in Corporate Governance Awards”

This award was given to Gloria Zvaravanhu for

the role she played as the Company Secretary of NicozDiamond Insurance Limited. The improve-ments that were observed in the corporate governance disclosures by NicozDiamond in its 2016 annual report resulted in the company winning three awards compared to only one ECG award the company won in 2016 under the Listed Companies category.

2. Andrew Lorimer(Innscor Africa Limited group company secretary) “For consistently winning the eCG Awards over the last five editions, including the current.”

Innscor Africa Limited has consistently won the ECG Awards since their inception in 2013 and this is testimony that the company upholds good corporate governance practices. Innscor was number 1 overall last year and, again, the company is number 1 overall in 2017 under the Listed Companies category.

Special Achievement AwardCanaan F. Dube“For the role he played as Chairperson of the Pro-ject Board that came up with the National Code on Corporate Governance Zimbabwe (ZimCode).”

Canaan is a lawyer and corporate leader. he is a former president of the Law Society of Zimba-bwe, a former Councillor of the Commonwealth Lawyers Association and a former External Exam-iner for Procedural Law at the Law Faculty of the University of Zimbabwe.

Canaan is a renowned commercial lawyer with considerable experience on corporate lead-ership mandates as well as all forms of national and cross border investment work, and is regis-tered and practising as such in both Zimbabwe and Botswana.

More importantly he has written a book entitled “Corporate Governance Non- Executive Director’s Independence – Fact or Fiction” (2008) and the National Code on Corporate Governance in Zimbabwe (2014).

Innscor, CABS clinch Corporate Governance Awards

2018 Issue 16ICSAZ

MERVYN KING

A MAJOR study has been done by the Boston Consulting Group on the “Total societal impact, a new lens for strategy.” It is reported: “For decades, most companies

have oriented their strategies toward maxim-ising total shareholder return (TSR).

Now, however, corporate leaders are rethinking the role of business in society. Investors are increasingly focusing on com-panies’ social and environmental practices as evidence mounts that performance in those areas affects returns over the long term.

Standards are being developed for which

environmental, social, and governance (commonly referred to as eSG) topics are financially material by industry, and data on company performance in these areas is be-coming more available and reliable, increas-ing transparency and drawing more scrutiny from investors and others.

The great companies that will survive and thrive into the 21st century are those which have their boards applying their collective minds to the fact that the corporate tools of yesterday can no longer be used today, that the mindset of the board has to change to one on an integrated basis, hoping to achieve positive outcomes on the three dimensions of the economy, society and the environ-

ment.Companies have to have a business strat-

egy which results in long term value creation in a sustainable manner. every company should address at the end of each financial year what were the positive and negative impacts of how the company made its money on the economy, society and the environ-ment.

Good corporate citizenry demands that a board should develop strategy as to how the company will enhance the positive impacts on the three critical dimensions and eradicate or ameliorate the negative impacts on them. Continued on page 18

Corporate tools of yesterday no longer

relevant

From page 17In this way, the company will be creating

holistic value for society. By focusing on the financial only a company may well be destroying value.

Good corporate citizenry is consistent with human rights. Poor corporate citizenry is inconsistent with human rights.

In July 2000, the United Nations launched the 10 principles of its Global Compact. It was based on the unprecedent-ed rise in partnerships between business, civil society, governments and the United Nations leading to the Sustainable Develop-ment Goals of April 2015. The UN stated that business has to be a part of a solution

to the global challenges of people, planet and profit.

The Global Compact contains 10 principles for a company to exhibit good corporate citizenship. The 10 principles are derived from the universal Declaration of Human Rights, the international labour organisations Declaration on Fundamental Principles and Rights, the RIO Declaration on environment and Development and the UN Convention against Corruption.

Principle One is that business should support and respect the protection of internationally proclaimed human rights and make sure that they are not complicit in human rights abuses. Further business

should promote a greater environmental responsibility and encourage the develop-ment and diffusion of environmentally friendly technologies.

Human rights are defined in the United Nations as rights inherent to all human beings or rights to which a person is inher-ently entitled simply because he or she is a human being, regardless of nation, loca-tion, language, religion or ethnic origin. It is based on the foundation that all human beings are born free and equal in dignity and rights. everyone has the right for an environment adequate for his health and well-being.Continued on page 20

Corporate tools of yesterday no longer

relevant

2018 Issue 19ICSAZ

ECG Awards in pictures

From page 18The consequences of

companies not being good corporate citizens are too horrible to contemplate. There will be no sustain-able development and the outraged conscience of society against poor corporate citizenship will continue.

We are in the fourth industrial revolution. We are in the age of immedi-acy. Tomorrow is another day but it is a day of radi-cal transparency where no company can keep a secret in its corporate closet anymore.

Boards have to think on an integrated basis about the long term health of the company. That is when a company will be seen to be a good corporate citizen in a world which is not what it used to be. Boards can no longer continue to operate, quite lawfully, on trying to maximise profit but having a negative impact on society and the environment. That is poor corporate citizenry and committing wrongs against humanity.

And after all, there is not only a corporate necessity to do this. There is moral duty to ensure that development is sustainable. We have to achieve sustainable develop-ment that meets the needs of the present, without compromising the ability of future generations, your children, your grandchil-dren, to meet their needs. This is a primary ethical and economic imperative.

While we have crimes against humanity, we also cannot afford lawful wrongs against humanity. There has to be a change from shareholder centric governance models to company centric models — the long term health of the company.

Nelson Mandela in his “Long Walk to Freedom” said, “Action without vision is only passing time, vision without action is merely day dreaming, but vision with action can change the world.”

There is a revolutionary immensity in the vision of integrated thinking resulting in a business model which embraces sustain-ability issues pertinent to the business of the company, with positive impacts on the three dimensions of sustainable development.

It has the outcome of dealing with lawful wrongs at source, in the boardroom, and meeting the outraged conscience of the world to corporate profit subsidized by soci-ety and the environment. That has been the free part of the free economy.

When Pacioli in the 15th century record-ed the double entry bookkeeping system of the Merchants of Venice he created the foundation of accountancy as we know it today. But that was purely financial. What is needed is a multi-capital approach to reflect value creation in a knowledge-based natu-rally resource constrained world. Integrated thinking and doing an integrated report matches double entry bookkeeping for its global applicability and its resonance to the needs of today’s business and society.

The harvard Business School has col-lected evidence which shows that sustain-able companies deliver significant positive financial performance and investors are beginning to value them more highly. The American Consultancy, Arabesque, and the

University of Oxford have reviewed academic litera-ture on sustainability and corporate performance and found that 90% of 200 studies analysed conclud-ed that good environmen-tal, social and governance standards lower the cost of capital; 88% show that good environmental and social governance practices result in better operational performance; and 80% show that stock price performance is posi-tively correlated with good sustainability practices.

In short it has become good, hard-nosed business to ensure that a company’s business model does not

have adverse impacts against humanity.As there is universal recognition of crimes

against humanity, which connotes conduct with wilful intent, there should be universal recognition of wrongs against humanity by steering a company for the maximisation of profit at any cost instead of focusing on its long term health which is in the better long term interests of all its stakeholders.

Such focus is a moral necessity for those who come after us. After all, we are tran-sient caretakers of this planet and have a duty to leave it in a state that will not further prejudice the needs of those who come after us.

Replace the negative outrages of society against corporate wrongs with positive corporate outcomes on all three of the dimensions of the economy, society and the environment, then we will have a good corporate citizenry and humanity having its right to clean water, clean air and arable land — in short — the right to life.n Extract from the 2018 address by Judge Professor King, Chairperson of the Interna-tional Integrated Reporting Council.

DIPLOMA IN FORENSIC ACCOUNTING (DFA) ( A c c r e d i t e d b y t h e M i n i s t r y o f H i g h e r a n d T e r ti a r y E d u c a ti o n , S c i e n c e a n d T e c h n o l o g y D e v e l o p m e n t )

Duration : 1 ½ years - Weekend Classes / Block Release

Entry Qualifications : IBAS Intermediate Diploma in Business and Accounting Studies or equivalent : Appropriate University degree

Exemptions : Exemptions will be awarded on a subject for subject basis to holders of recognised qualifications

For Admissions and Information please contact:

Institute of Chartered Secretaries and Administrators in Zimbabwe P O Box CY 172, Causeway, Harare

Tel: 04-700553-5 , 700631/5, 08644 124 596-9; Fax No. 04-700624

Email: dfa@icsaz.co.zw; Website: www.icsaz.co.zw

ICSAZ: KEY TO CORPORATE SOLUTIONS!

INSTITUTE OF CHARTERED SECRETARIES AND ADMINISTRATORS IN ZIMBABWE (A constituent member of the Public Accountants and Auditors Board (PAAB) and a member of the Pan African Federation of Accountants (PAFA))

Who should apply

How to apply

Corporate Secretaries

Accountants

Risk and Loss Control Officers

Internal and External Auditors

Investigators

Fraud and Anti-Corruption Investigators

Registration details and application forms are obtainable from Dzidzo House offices or through email (dfa@icsaz.co.zw) upon assessment of your certified copies of educational certificates. Two certified Zimbabwean passport sized photographs are to accompany the appli-cation form together with certified copies of educational certificates, transcripts, Birth certificate, National ID and proof of payment of the Application fee.

CLOSING DATE FOR REGISTRATION: - JULY 2018 INTAKE IS FRIDAY 29 JUNE 2018

- JANUARY 2019 INTAKE IS FRIDAY 21 DECEMBER 2018

Registration in progress

July 2018 Intake

and

January 2019 Intake

Corporate tools of yesterday no longer

relevantThere is moral duty to ensure that

development is sustainable. We have to achieve sustainable development that meets the needs of the present, without compromising the ability of future generations, your children, your grandchildren, to meet their needs. This is a primary ethical and economic imperative.

“

2018 Issue 20ICSAZ