Mthuli to headline CGI conference in South Africa

PHILLIMON MHLANGA

Finance, Economic Development and Investment Promotion Minister Professor Mthuli Ncube is expected to headline the Chartered Governance and Accountancy Institute of Zimbabwe (CGI)’s annual conference in South Africa, as the professional body seeks to deepen its regional reach, Business Times can report.

The four-day conference, to be held at the Birchwood Hotel and Conference Centre in Boksburg from October 7-10 under the theme “Better Governance, Better Future”, will be the institute’s first annual conference outside Zimbabwe.

The move comes as Zimbabwean companies increasingly look beyond the domestic market for capital, partnerships and growth, placing greater emphasis on governance, transparency, accountability and internationally recognised professional standards.

The speaker line-up includes Commissioner Vimbayi Chikwenhere, Auditor-General of Zimbabwe; Sibongiseni Ngoma, Deputy Auditor-General of South Africa; Donald Mangenje, Secretary of the Public Accountants and Auditors Board (PAAB); Valentine Mushayakarara, PAAB chairman; Alta Prinsloo, chief executive of the Pan African Federation of Accountants (PAFA); Lydia Tanyanyiwa, managing director of Minerva; and Evans Mulera, chief executive of API.

Other speakers include Munyaradzi Gwatidzo, Carolynn Chalmers, Stephen Sadie and Precious Murena.

The Chartered Governance and Accountancy Institute of Zimbabwe Acting Chief Executive Tracy Mushonga (pictured) said the conference was intended to move beyond professional networking and create stronger regional links, practical governance reforms and closer alignment with international standards.

Asked why the institute had taken its annual conference outside Zimbabwe for the first time, Mushonga said the decision reflected a broader ambition to strengthen its regional and international presence.

“Taking our annual conference outside Zimbabwe for the first time signals a deliberate move to strengthen our regional presence and deepen international engagement,” she said.

“We want our members to build professional relationships across borders, learn from other markets and share the expertise Zimbabwe brings to the governance profession.

“Hosting the conference in South Africa also creates an opportunity to connect more closely with our sister division, the Chartered Governance Institute of South Africa. That professional exchange is central to the value we seek from the Birchwood gathering.

“Our ambition is to turn these connections into lasting partnerships that support member development and the Institute’s growth. As Zimbabwean organisations expand across borders, their governance professionals need the knowledge and networks to support them.”

Mushonga said Professor Ncube’s participation would add an economic policy dimension to the conference.

“The guest of honour will be Professor (Mthuli) Ncube, Zimbabwe’s Minister of Finance and Investment Promotion. His participation will bring an economic policy perspective to discussions on how governance and accountancy professionals can support development,” she said.

Mushonga said one of the biggest challenges facing organisations was not necessarily the absence of governance frameworks, but the failure to translate those frameworks into effective decision-making.

“The most urgent issue is (the gap between governance policies and what happens in practice. An organisation can have a sound governance framework and still fail if leaders do not enforce controls, act on warnings or account for their decisions,” she said.

She identified weak internal controls, delayed financial reporting and unresolved audit findings as particular areas of concern.

“When the same weaknesses recur, boards and management should be required to explain what corrective action they have taken. Each action needs an accountable owner, a deadline and evidence that the problem has been addressed,” she said.

Mushonga said transparency also depended on the quality and timeliness of information available to boards, investors and other stakeholders.

“Transparency also requires timely, reliable information and safe channels for employees to raise concerns without retaliation. Boards need the competence and independence to challenge management, supported by transparent appointments, meaningful performance evaluations and sound succession planning.”

She said emerging risks were also changing the responsibilities of boards.

“Cybersecurity, artificial intelligence and climate-related risks are also becoming central to board oversight. Our conference will examine how leadership can respond to these risks while strengthening accountability.

“The test of good governance is whether it changes decisions and organisational behaviour.”

Mushonga said CGI Zimbabwe was seeking to ensure that local professionals could operate effectively in increasingly internationalised markets.

“Our priority is to equip Zimbabwean professionals to work confidently across borders and help their organisations meet the expectations of international investors and business partners. That requires technical competence, ethical judgement and an understanding of how governance standards are applied in practice,” she said.

The institute’s links with CGI Global and regional and international professional bodies, she said, provided a platform for benchmarking its professional development against international trends while retaining relevance to Zimbabwe’s operating environment.

“In accountancy, our role is to support the implementation of standards prescribed through Zimbabwe’s regulatory framework. Our professional education, technical updates and continuing professional development help members understand IFRS Accounting Standards, professional ethics and emerging sustainability disclosure requirements,” Mushonga said.

“In governance, we emphasise board effectiveness, accountability and sound internal controls. Curriculum modernisation also needs to address technology, artificial intelligence and risk management.

“The objective is to help organisations produce reliable reporting and demonstrate the quality of oversight that gives investors confidence.”

Mushonga said the institute would judge the success of the conference not simply by attendance or delegate feedback, but by whether discussions resulted in measurable changes within organisations.

“We expect the conference to produce practical commitments that participants can take back to their organisations, alongside stronger partnerships between the profession, policymakers and business,” she said.

“For the Institute, the discussions should inform targeted professional development, practical guidance for boards and recommendations for policy engagement.”

The institute plans to track agreed actions against responsible parties and deadlines, with reviews after six, nine and 12 months.

“These reviews should examine evidence of implementation, such as audit recommendations resolved, improvements in reporting timeliness, stronger board evaluation processes and measures to protect employees who report wrongdoing,” Mushonga said.

“Participation and positive feedback will help us assess the conference itself. Its longer-term value will depend on what participants implement and whether those changes improve accountability.

“We want organisations to be able to point to specific improvements arising from the discussions.”

Mushonga said governance professionals needed greater influence over strategic decisions rather than being confined to a compliance function.

“Governance professionals need a mandate that allows them to influence decisions while those decisions are being made. Their contribution is greatest when they are involved early in strategy, major transactions and risk discussions, with direct access to the board and its committees,” she said.

“That requires appropriate seniority, timely access to information and sufficient resources. It also requires professional independence and protection from retaliation when they raise difficult issues or challenge a proposed course of action.”

She said boards also needed to take greater responsibility for acting on governance advice.

“Governance recommendations should receive proper consideration, and agreed actions should be tracked to completion. Board evaluations should examine the quality of decisions, ethical leadership and follow-through, alongside compliance with formal requirements,” Mushonga said.

“Professional bodies, regulators and employers should also work together to clarify expectations for governance roles and invest in skills such as sustainability, technology and data governance.

“The practical test is whether professional advice influences strategy, concerns receive a timely response and directors can account for the decisions they make.”