THE launch of the national corporate governance code by President Robert Mugabe has been set for next month, NewsDay Business can reveal.
By our staff
Speaking at a cocktail jointly organised by Arena consulting group and Deloitte and Touche, renowned commercial lawyer Canaan Dube said he had received confirmation from the President’s Office that the code was to be launched before the end of the first quarter of the year.
“I spoke to the chief secretary in the president’s office two days ago and I was assured it will be launched by the president before end of March. We thought it was of befitting to invite the president to sanctify the product,” Dube said
He said the process of crafting the national code was inclusive of government and the private sector.
Dube added that the national code sought to address how Zimbabwean entities would be controlled and governed tackling the dark spots in corporate governance.
The code will give guidelines on director’s term limits, board appointments, corporate conflict resolution and settlement.
He said in cases where there the director must own,manage and control a business, shareholders must pass a 75% vote in favour of the move.
Dube said the code will address concentration of ownership and control a cancer that has prompted bank failure in the country.
He said the code borrowed a few things from outside but it was domesticated to suit local needs.
Most of Zimbabwean company’s failure has been attributed to poor corporate governance resulting into job losses.