Zimbabwe 'working on corporate governance code'

Zimbabwean authorities are in the process of developing a set of national corporate governance guidelines, according to one official.

Comptroller and auditor general Mildred Chiri told a business workshop in Harare this week that the code will perform a similar function to South Africa's King III guidelines and the UK corporate governance code, NewsDay reports.

She said corporate governance principles exist "to monitor those parties within a company which control the resources owned by investors".

Ms Chiri added that key governance concepts such as transparency, probity, independence, accountability and integrity can aid the "development of an appropriate moral stance" within companies.

The workshop at which the official made her comment was organised by the Institute of Chartered Secretaries and Administrators in Zimbabwe.

Last year, executive director of the Institute of Directors Edward Siwela told the Zimbabwean that he believes many chief executives in the country require training on issues of corporate governance.