IODZ to conduct salaries survey

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The Institute of Directors of Zimbabwe (IODZ) together with Head Hunters International will be conducting a remuneration survey for non-executive directors and the results are expected by mid-April.

Speaking at a Press conference yesterday, IODZ executive director Edward Siwela said the remuneration policy for directors and non-executive directors, management and staff was an important element in organisations.

Siwela said organisations needed information to benchmark their remuneration.

“IODZ and Head Hunters have come together to forge their different expertise and skills to ensure that we are able to deliver that product to Zimbabwe industry and commerce,” he said.

Head Hunters International managing director Andrew Jemedze said the remuneration of non-executive directors was very low despite the huge pressure that comes with the job.

“We have seen the number of days that non-executive directors spend on board meetings increasing.

“The days have increased from four to 25. That is a whole month on directorship business,” he said.

Jemedze said the survey would establish the feelings of non-executive directors vis-à-vis their remuneration.

He said non-executive directors fees in the country were low compared to the region and the international market.

Jemedze said some fees were less than $5 000 per annum due to the current state of the economy.

The survey will establish how many boards one director can sit on and how it affects their performance.

The survey would look at the selection criteria of directors and establish female representation at board level.

Jemedze said the intention was to have all companies participating in the survey instead of sampling them.

The survey will have sectoral representations of several boards in the country.