BY MTHANDAZO NYONI
INSTITUTE of Directors Zimbabwe (IoDZ) chairman Mike Eric Juru has been elected vice-chairman of the IoD Africa Chairs Forum.
Juru, chief executive officer at one of Zimbabwe’s fastest growing real estate firms, Integrated Properties, will deputise Rockson Dogbegah of IoD Ghana, who was elected inaugural chairman of the organisation.
Victoria Silutongwe, past president of IoD Zambia, was elected secretary.
The elections were held virtually last Friday where the new leadership got a two-year mandate to realign governance structures, grow the network, create synergies and enhance the organisation’s impact across Africa.
“IoDZ is excited with the election of Dr. Juru and wish him all the best as it is looking forward to Zimbabwe benefiting from the exposure and active involvement and hope that the organisation will remain focused on developing leadership that enhances economic growth on the continent through sound corporate governance practices,” IoDZ said yesterday.
The Chairs Forum comprises all current and past chairpersons or presidents of member country organisations of the Africa Corporate Governance Network (ACGN), which represents over 20 500 senior executives and directors across the continent.
The ACGN has support of the World Bank and the International Finance Corporation and was founded in 2013 to develop the institutional capacity of members to enhance effective corporate governance practices.
It further provides policymakers and market participants with an important forum to exchange experiences and best practices to address ongoing corporate governance challenges in Africa.
ACGN is currently formulating a standard continental code of corporate governance.
The IoDZ is formulating sector-specific principles for Zimbabwe, feeding into the continental code. Other countries like Nigeria, Zambia, and Ghana have created and adopted their sector codes for the finance and insurance sectors over and above their national codes.
IoDZ was instrumental, and a strategic partner in forming the Zimbabwean national code adapted to create the Public Entities Corporate Governance Act. The growing trend of inter-continental business transactions was triggered by the Africa Continental Free Trade Agreement. The increase in the flow of foreign direct investment in Africa is giving rise to the importance of corporate governance on the continent.
“Consequently, it is imperative to develop initiatives that guide the formulation of Africa-specific guidelines to corporate governance that champion the business dynamics of the continent and capitulate with global standards.
“Corporate governance is a universal language that cuts across borders and continents,” IoDZ said.
According to the International Monetary Fund, Africa will host seven of the top ten fastest-growing economies in the world in the next five years.