Icaz pushes for more seats on parastatal boards

ZIMBABWE’S chartered accountants are pushing for more seats on the boards of State-owned entities, amid revelations that only two were sitting on the boards of six sampled entities.


Institute of Chartered Accountants of Zimbabwe (Icaz) president, Martin Makaya told delegates attending the Icaz centenary gala dinner on Monday night that they had a thin representation on the boards of State-owned entities.

“Going further, we looked at State-owned enterprises. We sampled six State-owned parastatals and there are about 32 board members. And sadly only two out of the 32 are Icaz members. What it tells you is that we are actually quite thin, when it comes to State-owned enterprises. Interestingly, my further analysis of where Icaz members have a foot print further reveals that the more the Icaz members are in an entity, the more profitable that entity is. I believe that there is a strong correlation between the number of chartered accountants in an organisation and the level of profits,” he said.

Makaya’s sentiments follow remarks by Finance minister Patrick Chinamasa last July at the Icaz winter school that there was lack of quality on parastatals’ boards.

Chinamasa said core board members should be professionals drawn from the accounting, human resources and law occupation, to which he said the situation would be rectified through the Public Entities Corporate Governance Bill gazetted last year.

Makaya said that chartered accountants were well-represented on companies on the Zimbabwe Stock Exchange, where 67 out 91 board members were Icaz members.

In addition he said out of 140 board members in the banking sector, 26 of them were chartered accountants.

Makaya said the institute does monthly engagements with key institutions such as Ministry of Finance, Reserve Bank of Zimbabwe and Auditor General’s office and provide technical assistance if need be.

The institute has reciprocal agreements with Hong Kong, New Zealand, South Africa, and United Kingdom among others.

Icaz is putting together a centenary fund to build the institute’s centre of excellence to house library, lecture rooms and e learning platforms.

Icaz, which is celebrating its centenary this year, has grown its membership from 14 a century ago to the current 2 123, with a huge chunk of them domiciled in the diaspora.

The International Federation of Accountants chief executive officer, Fayezul Choudhury who was guest of honour at the dinner commended Icaz, urging the institute to continue working with government to build a better economy.

“You have managed to grow the membership and your members fly from all over the world to attend functions here. This speaks to intactness a DNA that has been created. If you can partner government you will build a better Zimbabwe like what you all wish,” he said.

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  1. CAs work ethic contradicts with how state owned enterprises are run, they don’t want to be painted with the same brush, above all they are expensive to pay hence a chunk of them in the diaspora.

  2. Why is there so much corruption, incompetence, negligence, mismanagement etc despite that we have so many professionals(lawyers, accountants, economists, engineers, doctors, academics,etc) in all private and public companies? There is a missing link somewhere. We allowed politics to be everything and everywhere hence this mess. There are no strong institutions, no checks and balances, no ethics / professionalism. In the 80’s I talked to a group of students doing accounts at the university.I said we looked forward to them bring sanity to business in the light of so much corruption and mismanagement. Their reply shocked me.’Why would we expose our colleagues?’ We are reaping just that as a country.

  3. Professional accountants should stick to their professions and leave politicians to do their work.How many bloody CA’s are on the Steinhoff’s board?? What of the Gupta and Zupta issues in SA, was it not a reputable audit firm in the mix? Look if accountants want relevance in government, they should vi for the Minister of Finance position otherwise they should say in their firms.

  4. ICAZ what? So many corruption involving the audit forms themselves with audit reports all over being doctored after the so-called ICAZ people having been bribed. In Zimbabwe not even the audit reports are cridible anymore. We have to really reset the button

  5. Board representations

    The President of the Institute should stop fooling Zimbabweans, can he not see that there is a correlation between the increase in the number of Icaz graduates in the market and the sudden increase in corporate failures CFI is an example. This was not the case years ago when other accountants founded on good ethics, good corporate governance and international best practices were still in town. Getting media publicity ahead of professional accounting bodies like ACCA and CIS doesn’t mean the latter play second fiddle to it no ways Martin. Put fellow members of CIS/ACCA/CIMA in those boards and profitability will be guaranteed.

    1. Jheez, took it in the exact way l thought

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