NEWLY-ELECTED president of the Institute of Chartered Secretaries and Administrators in Zimbabwe, Paradza Paradza has cited endemic corruption and unethical behaviour as key factors affecting economic recovery both in the public and private sectors.
By Own Correspondent
Paradza, who recently took over from George Mahembe at the helm of ICSAZ, said most people in top leadership positions were no longer interested in serving stakeholders, but were prioritising their personal needs.
“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,” he said.
“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 while the country has adopted the National Code of Corporate Governance (ZimCode), adherence to it was not legally enforceable.
He said the majority of leaders committed to upholding high ethical standards had quit their positions for fear of soiling their images by being associated with poor corporate systems.
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Paradza said Zimbabwe’s governance structures lack independence, adding that many people in senior positions, particularly in the public sector, were mostly appointed through either patronage or nepotism.
The new ISCAZ leader said his institute was now actively involved in the review of the Companies Act, as part of government’s ease of doing business initiative.
Paradza will be deputised by Grain Marketing Board chief executive officer, Taona Muzvandi and Baines Avenue Clinic finance and administration director, Letitia Gaga.
