Financial solutions provider, CBZ Holdings Limited bagged two accolades at this year’s Excellence in Corporate Governance Awards, showcasing the company’s commitment to transparency and sound corporate governance.
The event held last night in Harare saw CBZ Holdings win the listed companies Overall Best Corporate Governance Disclosures Award for the second year running while it’s banking subsidiary, CBZ Bank, won the banking institutions Overall Best Corporate Governance Disclosures Award.
Among listed companies CBZ Holdings won the Best Shareholder Treatment Disclosures Award, followed by Bindura Nickel Corporation and Axia Corporation.
The annual awards that acknowledge excellence in corporate governance are hosted every year by the Chartered Governance and Accountancy Institute in Zimbabwe (CGAIZ).
“The importance of good corporate governance for the effective and efficient functioning of the country’s economy could not be over-emphasised,” said CGAIZ president Taona Munzvandi.
Public Service Commission chairman Vincent Hungwe, in a speech read on his behalf by commissioner Anthony Chigora, said the theme for this year’s award ceremony, which was Good Corporate Governance for Sustainable Economic Development, resonated well with the economic and structural reforms being implemented towards the Vision 2030 goal of attaining upper middle income economy status.
“The Public Service Commission in the Second Republic has geared itself to accelerate its pursuit of high performance, professionalism and high ethics, as this is the only way we can attain the national imperatives as espoused in Vision 2030.
“We are in the final stages of operationalising our Public Service Academy for the purposes of deepening, sharpening and expanding the development of our human capital,” he said.
He said excellence in corporate governance meant an organisation’s processes were aimed at producing results which met the needs of society and organisational prosperity, while making use of available resources.
“The correct and consistent application of sound policies and principles, among other things, creates a healthy, compliant, transparent and accountable corporate culture that ensures that member behaviour aligns with the values your organisation seeks to embody.
“This is the cornerstone for success, which enables the creation of opportunities for growth and a competitive advantage,” he said.
First runner-up for the listed companies overall award was African Sun, while Delta Corporation came third.
Second placed overall in the banking sector was FBC Bank, while Central African Building Society (CABS) took third place.
Among insurance companies, Fidelity Life Assurance of Zimbabwe came second. Cell Insurance Company came third.
Zimbabwe Revenue Authority was the first runner-up in the state-owned entities and parastatals category, followed by People’s Own Savings Bank.
