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CBZ Holdings won the listed companies’ Overall Best Corporate Governance Disclosures Award for the second year running at the 2021 Excellence in Corporate Governance Awards, held at the Rainbow Towers Hotel in Harare on Wednesday evening.
Its subsidiary, CBZ Bank, won the banking institutions’ Overall Best Corporate Governance Disclosures Award.
First Mutual Holdings won the insurance companies Best Corporate Governance Disclosure Award, while TelOne took the top award for state-owned entities and parastatals.
The annual awards that acknowledge excellence in corporate governance are hosted every year by the Chartered Governance and Accountancy Institute in Zimbabwe, previously known as the Institute of Chartered Secretaries and Administrators in Zimbabwe.
Welcoming guests to the awards ceremony, CGAIZ president Taona Munzvandi said the importance of good corporate governance for the effective and efficient functioning of the country’s economy could not be over-emphasised.
The 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.
There were other awards for different aspects of corporate governance among listed companies and banking institutions.
Among listed companies, CBZ Holdings won the Best Shareholder Treatment Disclosures Award, followed by Bindura Nickel Corporation and Axia Corporation.
The Best Stakeholder Practices and Sustainability Reporting Disclosures Award went to Innscor Africa. African Sun was placed second in this category and Padenga Holdings third.
The Best Board Practices Disclosures Award was won by African Sun. Seed Co took second place in this category, while Delta Corporation came third.
Among banking institutions CBZ Bank, FBC Bank and CABS, took first, second and third place respectively not only for the overall award but for the Best Board Governance Practices Disclosures Award and the Best Risk Management Disclosures Award.
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.