FBC Holdings Limited (FBC) and its subsidiary scooped five awards at the Chartered Governance and Accountancy Institute in Zimbabwe (CGAIZ) annual Excellence in Corporate Governance Awards held last Thursday evening.
FBC Holdings won the Overall Best Corporate Governance Practices and Stakeholder Practices and Sustainability Reporting awards while its banking subsidiary, FBC Bank, won the Best Risk Management and Overall Banking Institution awards.
FBC Bank also won the Best Governance Practices first runner-up award.
CGAIZ has been holding the Excellence in Corporate Governance Awards since 2013 to promote good corporate governance practices.
Addressing guests and award winners at the ceremony, Justice, Legal and Parliamentary Affairs permanent secretary Vimbai Nyemba said good corporate governance transcended policies, procedures, and regulations.
“The relentless pursuit of knowledge and unwavering efforts are driving us towards a brighter future characterised by transparency, integrity and ethical practices. We must acknowledge the significant progress you have made in governance and accounting in our country which has been possible due to tireless work and countless hours of dedication,” she said.
“This event should be a turning point for us to introspect and grow, pushing us to aim higher by sharing knowledge, working together and committing to ethical governance. We can create a future where businesses prosper, our society flourishes and trust is never compromised.”
Other major award winners include CBZ Holdings which was the first runner-up to the Overall Best Corporate Governance Practices followed by Econet Wireless Zimbabwe.
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In the Overall Banking Institution Award category, CABS was the first runner up followed by CBZ Bank.
Old Mutual was the Overall Insurance Companies Sector winner, with First Mutual Life Assurance in second place followed by Fidelity Life Assurance.
The Deposit Protection Corporation was the winner of the State Enterprises and Parastatals Award with the first runner-up being the Zimbabwe Energy Regulatory Authority, and the second, Zimbabwe Revenue Authority.
First Capital Bank was the winner of the Best Governance Practices Award while CBZ was the second runner-up.
The first runner-up of the Best Risk Management Award was CABS while CBZ Bank was second runner-up.
Padenga Holdings won the Best Shareholder Treatment Award in the listed companies category.
CBZ Holdings won the Best Board Practices Award.
CGIAZ chief executive and secretary Lovemore Gomera said the adjudicators looked at disclosures of corporate governance practices, sustainability information, shareholder communication and other related information disclosed by participating entities.
“The adjudicators’ decisions were, therefore, solely based on corporate governance and related disclosures and not financial results or performance. All information outside the public domainwas not included in the review process,” he said.