'Zim economy still vulnerable'

'Zim economy still vulnerable'
Published: 15 November 2013
The Reserve Bank of Zimbabwe (RBZ) says the economy is not yet free from the risk of corporate failures such as those experienced in the past, which brings about the need for corrective action.

Corporate failures in the financial services sector and others have had a huge impact on the local economy with many shareholders, finance consumers and even pensioners loosing life long savings.

Others have seen their insurance contributions reduced to almost nothing especially after dollarisation.

Speaking at the Institute of Chartered Secretaries and Administrators Corporate Governance Awards dinner in the capital, the deputy Governor of the Reserve Bank of Zimbabwe, Dr Kupukile Mlambo, said there are still some companies suffering from near collapse largely due to corporate governance failures a development which needs to be arrested.

The institute's president Glovah Madzima said his organisation is working towards promoting good corporate governance as it will go a long way in creating value for the economy.

The first ever edition of the awards for the Zimbabwe Stock Exchange-listed companies saw firms that have excelled in good corporate governance receiving awards in three categories, namely the Best Shareholder Protection, the Best Stakeholder Practices and Sustainability Reporting and Best Board Practices.

Turnall dominated the ceremony by scooping the Best Overall Corporate Governance Award and prizes in two other categories. 
- zbc
Tags: Economy,


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