'Corruption killing our economy'

ZIMBABWE’S economic condition will not improve unless corruption, which has brought the country on the brink of collapse, is seriously dealt with, newly-elected Institute of Chartered Secretaries and Administrators in Zimbabwe (ICSAZ) president Paradza Paradza has said.

“The world in general and our country, in particular, are plagued by endemic corruption and greed. People in leadership are no longer serving the stakeholders but prioritising their personal needs,” he said.

Paradza further indicated that there was need for change in society’s attitudes so that those who worked hard and with integrity were acknowledged and respected for this.

“He said, at present, it was those who had become rich through questionable means that were looked up to.
“The current state of corporate governance in Zimbabwe is disastrous. The results are now so visible that even those who are not schooled in economics can see and feel the rot.

“We need to go back to the drawing board. Our internal controls and governance structures are porous and very weak resulting in abuse of corporate and state resources.

“Where incidents of abuse are identified, there are no mechanisms to deal with the abusers and those entrusted to deal with such cases are not willing to, since they are accomplices,” Paradza said.

The seasoned ICT and corporate professional said that while Zimbabwe had adopted its own National Code of Corporate Governance (ZimCode) adherence to it was not legally enforceable.

He said there were people with high ethical standards who had resigned from boards of directors because they did not wish to be identified with unethical behaviour or poor corporate governance.

However, the reason for their leaving was seldom made public. It was said they had resigned for some other reason, such as to pursue personal business interests.

He called on those who found themselves in such a position to not only resign, if they felt unable to bring about a change, but to be honest about the reason they had resigned.

He went on to say Zimbabwe’s governance structures lack independence, adding that many people in senior positions, particularly in the public sector, are appointed through either patronage or nepotism.

He said ICSAZ was contributing to better corporate governance and to the country’s economic revival in a number of ways.

Its excellence in Corporate Governance Awards had had a positive effect on corporate governance.
The introduction of awards for the public sector, which had exposed shortcomings in corporate governance in that sector, had resulted in parastatal books being audited on time.

The institute was actively involved in the review of the Companies Act, as part of the government’s ease of doing business initiative.

It contributed every year to the budget and was engaged by the Zimbabwe Revenue Authority in reviews of tax legislation.

“As ICSAZ, we would like to increase our advocacy voices and promote ethical stewardship. Some of our objectives will be achieved through our qualification where the curriculum is being reviewed to reflect the ever changing corporate environment.

ZIMBABWE’S economic condition will not improve unless corruption, which has brought the country on the brink of collapse, is seriously dealt with, newly-elected Institute of Chartered Secretaries and Administrators in Zimbabwe (ICSAZ) president Paradza Paradza has said.

“The world in general and our country, in particular, are plagued by endemic corruption and greed. People in leadership are no longer serving the stakeholders but prioritising their personal needs,” he said.

Paradza further indicated that there was need for change in society’s attitudes so that those who worked hard and with integrity were acknowledged and respected for this.

“He said, at present, it was those who had become rich through questionable means that were looked up to.
“The current state of corporate governance in Zimbabwe is disastrous. The results are now so visible that even those who are not schooled in economics can see and feel the rot.

“We need to go back to the drawing board. Our internal controls and governance structures are porous and very weak resulting in abuse of corporate and state resources.

“Where incidents of abuse are identified, there are no mechanisms to deal with the abusers and those entrusted to deal with such cases are not willing to, since they are accomplices,” Paradza said.

The seasoned ICT and corporate professional said that while Zimbabwe had adopted its own National Code of Corporate Governance (ZimCode) adherence to it was not legally enforceable.

He said there were people with high ethical standards who had resigned from boards of directors because they did not wish to be identified with unethical behaviour or poor corporate governance.

However, the reason for their leaving was seldom made public. It was said they had resigned for some other reason, such as to pursue personal business interests.

He called on those who found themselves in such a position to not only resign, if they felt unable to bring about a change, but to be honest about the reason they had resigned.

He went on to say Zimbabwe’s governance structures lack independence, adding that many people in senior positions, particularly in the public sector, are appointed through either patronage or nepotism.

He said ICSAZ was contributing to better corporate governance and to the country’s economic revival in a number of ways.

Its excellence in Corporate Governance Awards had had a positive effect on corporate governance.
The introduction of awards for the public sector, which had exposed shortcomings in corporate governance in that sector, had resulted in parastatal books being audited on time.

The institute was actively involved in the review of the Companies Act, as part of the government’s ease of doing business initiative.

It contributed every year to the budget and was engaged by the Zimbabwe Revenue Authority in reviews of tax legislation.

“As ICSAZ, we would like to increase our advocacy voices and promote ethical stewardship. Some of our objectives will be achieved through our qualification where the curriculum is being reviewed to reflect the ever changing corporate environment.

“The curriculum review currently underway will elevate governance to a prominent level. Our collaborative programmes will equip our members and students with diverse and in-depth knowledge to tackle the complex environments of today and tomorrow,” he said

 


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