Zim directors under scrutiny

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PHILLIMON MHLANGA

GOVERNMENT has challenged directors of local companies to exercise reasonable care, skill and diligence to help companies navigate the current turbulent environment.

The business environment is volatile, uncertain, complex and ambiguous.

Information Minister, Monica Mutsvangwa, who was guest of honour at the Institute of Corporate Directors Zimbabwe awards ceremony held in the capital Thursday, said economic activity is severely constrained, putting greater scrutiny on directors.

Her sentiments comes at a time when President Emmerson Mnangagwa recently warned business against profiteering by continuously increasing prices of goods and services, piling pressure on the long suffering Zimbabweans.

“I call for well governed businesses in the new Zimbabwe,” Mutsvangwa said adding that diligence is key in running businesses. 

“The time to accuse each other (Government and business) is gone. It’s time to talk, to say what is that we can do to rebuild Zimbabwe. Let’s continue to interact. Our offices continue to be open. We need to move together.”

Former chief executive officer of the Institute of Chartered Accountants of Zimbabwe, Matts Kunaka, told guests that companies stop investing where there is no hope.

“They stop investing in plant and equipment, in training and development of their human capital,” he said.