Chartered Governance & Accountancy

Official magazine of the Chartered Governance & Accountancy Institute in Zimbabwe

Registered at the G.P.O as a Newspaper Issue 3/2023

Seed Co MD declared the Chartered

Governance Professional of the Year

Economic transformation
must reach grassroots

Toxic work environment affects

morale and productivity
Collective effort required to achieve Vision 2030
Chartered Governance & Accountancy 1
2 Chartered Governance & Accountancy
Contents Regis
Offi

tered
e the
art e of
Chcial magazin

at the
G.P
d
re Ch

.O as
ove
Gart ere

a Ne
wspa
rna
d Go
ver

per
nc&e
nanc
e
Ac

Gov
&tanAcy Institu
coun

Co
MD
Seed nance
er
red
unta
ccote in Zim

the
decla sional
Prof
es
of th
nc
babw

Issue

Ch
e
e

arte
y

3/2023

red
Year

Issue 3/2023 sform

atio
tran sroots
n

omic gras
Econ reach
t
mus

Foreword k en
c wor prod
Toxi ale and
nmen
viro tivity
uc
t aff

n 20
ects

30
isio

2 Let’s contribute to attainment of Vision 2030

mor ve V
ie
ach
ed to
quir
t re
effor
ive
lect
Col

5
Institute News
3 Institute signs MOU for professionalising public
sector
Annual Conference
4 Annual Conference in pictures
5 Annual Conference focuses on supporting drive to
Vision 2030
7 Economic transformation must reach grassroots
9 Vision 2030 achievable says Afreximbank Vice-
President 7
11 Collective effort required to achieve Vision 2030
13 Professionals must proffer solutions to economic
challenges
Chartered Governance Professional of the Year
14 CGP of the Year trophy awarded to Seed Co Managing
Director Terrence Chimanya
15 Changed mindset and commitment to shared goals
responsible for Seed Co’s success, says MD

Ethics
17 Ethical leadership is people-centred and driven by 11
self-discipline
Work Environment
18 Toxic work environment affects morale and
productivity

Corporate Governance
19 Zimbabwe outpaces regional peers in embracing
public sector corporate governance
21 Corporate governance founded on ethical behaviour

Goal Achievement 18
23 Self-doubt can prevent realisation of potential

Students Supplement
25 Corporate Financial Management exam test
professional skills

Chartered Governance & Accountancy 1

 Foreword

Let’s contribute to attainment

of Vision 2030

O
ur annual conference children. It should be seen,
focused on the contribution therefore, as a National Vision that
that Chartered Governance we should all work towards, not as
Professionals can make to the a Government Vision.
attainment of Vision 2030, the There is a long way to go and
national vision of transforming a lot to be done if Vision 2030 is
our economy into an upper- to become a reality but the Vision
middle-income economy by 2030. can be achieved, if everyone
It was a well-attended plays their part and only if all
conference and from the feedback sectors make their contribution to
received from delegates one of the this. That includes Government,
best conferences we have held. local authorities, parastatals, state
Some of the presentations made enterprises, private businesses and
are reported on in this issue of the other organisations.
magazine. Dr Lovemore Gomera The keynote speaker was
Vision 2030 is an ambitious not alone in pointing this out.
vision but one that is attainable, according to Other speakers, including a Vice-President of
several of our presenters, though only if we pull Afreximbank, made the same point that the Vision
together as a nation and each play our part in is achievable but requires a collective effort.
helping bring it about. There was common agreement too on the need
With many senior executives in both the public for good corporate governance in all sectors,
and private sector, including chief executives if the Vision is to be achieved. This is an area
and company secretaries, among members of in which members of our Institute are experts
our Institute, we should be in a good position to and can play a major role, which is why the
influence the organisations we work for to commit annual conference theme referred to Chartered
themselves to playing their part in bringing about Governance Professionals as catalysts for
Vision 2030. economic development.
Two of the factors that tend to work against the For us to be catalysts for economic development
economic development of our country are political we need to be committed to the ideals of our
divisions and selfishness. It is time that we all make Institute, which include commitment to ethical
up our minds to work together for the success of behaviour in our professional and individual lives.
our country.
I would urge all our members and readers of
Selfishness and greed are among the root causes this magazine to commit themselves to upholding
of corruption, with individuals preferring to enrich high ethical and corporate governance and
themselves than put the common good of the nation accountancy standards and to persuading others,
before their own interests. This was highlighted by including those within their organisations, to do
one of the conference presenters who spoke on the the same and to support and play their part in
topic of Ethics Beyond Compliance.
the attainment of Vision 2030, a vision that will
The tendency of many of those who are critics of benefit everyone, including our children and
Government to rubbish whatever the Government grandchildren.
tries to achieve works against the unity we need in
(Dr) Lovemore Gomera
order to achieve our national Vision.
Chief Executive and Secretary
As the conference keynote speaker pointed out,
Vision 2030 is a vision that will benefit everybody’s

2 Chartered Governance & Accountancy

 Institute News

Institute signs MOU for professionalisation

of public sector

T
he Chartered Governance and be extended to other African countries.
Accountancy Institute in Zimbabwe has Public Accountants and Auditors Board Secretary
signed a Memorandum of Understanding Admire Ndurunduru appealed for action to follow
with the African Professionalisation Initiative the commitments made in the MOU.
and the Management Training Bureau for the
Higher and Tertiary Education, Innovation,
professionalisation of the public sector..
Science and Technology Development Minister
CGAIZ Chief Executive Lovemore Gomera signed
Amon Murwira, who gave a keynote address,
for the Institute, while African Professionalisation
stressed the importance of teamwork.
Initiative head Evans Mulera signed for API.
Management Training Centre Chief Executive “We have brilliant people. Why is it we have not
Nelson Maseko signed on behalf of the centre. done as well as we would want to?” he asked.
Speaking ahead of the signing ceremony, Mr The answer, he said, was that people had not been
Mulera said Zimbabwe was a shining light on networked. They were working as individuals rather
the African Continent. It had invested heavily in than as members of a team. “It’s not about number
education and was highly respected for the high one. The strength of networking is important,” he
quality of professionals it produced. said.
Dr Gomera highlighted the training the Institute He criticised those who looked back nostalgically
provides for the public sector. He said CGAIZ was on the past rather than looking to the future.
working with universities and partnering, among
“Let’s talk future. Let’s not be nostalgic. Let’s be
others, the Corporate Governance Unit in the
Office of the President and Cabinet and the Deposit futuristic,” he said.
Protection Corporation. What was gone, was gone, he said. Time was
Dr Maseko said there was the potential for the moving forward. People should concentrate on
partnership between the bureau, API and CGAIZ to the future and participate in carrying the country
forward, rather than moaning on social
media about how things had deteriorated.
They should have confidence in their
own capabilities and respect those of
others. When people failed they should
be encouraged rather than criticised.
Gradually they would improve. He
said Zimbabweans should respect their
heritage.
“Build your own country,” he said,
adding that the resources the country had
belonged to them.
Dr Gomera signs the MOU on behalf of CGAIZ flanked “It is an effect of colonisation that
by Mr Mulera and Dr Maseko (in white shirt), watched by tells people they have to get things from
Minister Murwira (centre standing). elsewhere,” he said.

Chartered Governance & Accountancy 3

 Annual Conference
Annual Conference in Pictures

Delegates share a lighter moment during the conference. Past president Avila Goba listens
to a presentation.

Delegates enjoying one of the

presentations

Delegates listen to a presentation.

4 Chartered Governance & Accountancy

 Annual Conference
Annual Conference focuses on supporting
drive to Vision 2030

T
he focus of this year’s annual conference There were almost 200 participants in this year’s
of the Chartered Governance and conference. There were more panel discussions than
Accountancy Institute in Zimbabwe previously, exposing delegates to a variety of views
was on the role of Chartered Governance and giving them plenty of time to ask questions and
and Accountancy Professionals as catalysts sometimes receive responses from more than one
for economic transformation in achieving presenter.
Zimbabwe’s Vision 2030. The keynote speech by the Permanent Secretary
This focus on Vision 2030, which envisages
heading the Corporate Governance Unit in the
transforming Zimbabwe’s economy into an
Office of the President and Cabinet, Mr Allen
upper middle-income economy by 2030, was
Choruma, was well received by delegates who gave
maintained throughout the conference, which
was held in Victoria Falls in September him rousing applause.
This year delegates arrived the day before the Mr Choruma acknowledged shortcomings in
conference started, an innovation welcomed by the public sector and described what action was
delegates, as it gave them time to have their rooms being taken to obtain compliance with public
sorted out and to network before the conference sector corporate governance legislation. He
suggested complying with corporate governance
began.
legislation was crucial if public sector entities such
as parastatals, local authorities and state-owned
enterprises were to meet the public’s expectations
for efficient service delivery.
One of the other presenters commented on what
an eyeopener it had been for her to learn how much
Government was doing that she, like most people,
was unaware of.
Other presenters included African Export-Import
Bank Vice-President Denys Denya, who gave a
banker’s perspective on growing the Zimbabwean
cake, Reserve Bank of Zimbabwe Economic
Research and Policy Implementation Director
Nebson Mupunga, Zimbabwe Revenue Authority
Commissioner Regina Chinamasa, former Auditor
General Mildred Chiri, Alpha Media Holdings
Group Chief Executive Kenias Mafukidze and
Zimbabwe Investment and Development Agency
Chief Legal Officer Theresa Muchinguri.
Bishop Never Muparutsa, who was speaking
on ethical leadership beyond compliance, kept
participants entertained with some amusing
RBZ Principal Economist Nebson Mupunga
anecdotes. When he told them about his father,
responds to a question.
to page 6
Chartered Governance & Accountancy 5
 Annual Conference
Annual Conference focuses on supporting the drive to Vision 2030
from page 5
who he had never met until last
year, murmurings of sympathy
echoed around the conference
room. However, participants went
on to chuckle when he told them
that at the age of 93 his father still
walked five kilometres to see his
‘small house’.
Business Consultant Marilyn
Jangira, who is also a pastor,
spoke with evangelical fervour
about the need for mind renewal.
There was also a panel
discussion on ESG Reporting
and Assurance implications
for Chartered Governance
Zimbabwe Investment and Developoment Agency Chief Legal Officer
Professionals. The panel included Theresa Muchinguri answers a question.
International Federation of
Accountants Public Policy and An innovation this year and one that was not on
Regulation Director David Madon, International the programme was the division of participants
Sustainability Standards Board member Ndidi into groups to discuss various aspects of corporate
Noli-Endozien and Public Accountants and governance arising from the various presentations
Auditors Board Secretary Admire Ndurunduru. with a view to coming up with recommendations
that the Institute could present to
Government.
Institute Chief Executive
Lovemore Gomera assured
participants that the
recommendations that the groups
had come up with would be
synthesised and presented to
Government.
Dr Gomera and Institute
President Jonathan Dube
repeatedly emphasised the critical
role that Chartered Governance
Professionals could play in
helping bring about Vision 2030.
It was a challenge that participants
seemed to indicate they were
Alpha Media Group CEO Kenias Mafukidze contributes to a panel discussion.
ready to take up.

6 Chartered Governance & Accountancy

 Annual Conference

Economic Transformation gains must

reach grassroots

G
overnment ex- of communities.
pects the posi- He said public entities
tive impacts of must play a leading role
the on-going economic in fostering economic
transformation agenda to and social development,
spread to grassroots level a mandate that must yield
in line with Vision 2030 employment creation,
targets. A great deal still poverty alleviation and
has to be done, however, upliftment of the living
to achieve this. standards of all citizens
It has charged state- through provision of
owned enterprises and Mr Choruma giving the keynote presentation essential infrastructure,
parastatals to set the services and social
pace through improved amenities.
service delivery and increasing their contribution Public entities are entities wholly or substantially
to the mainstream economy. controlled by the State, whether through total
Despite the successes registered so far under the ownership or ownership of the majority of
first phase of the National Development Strategy shares. They include all statutory bodies, state-
(NDS1), a five-year blueprint that ends in 2025, owned enterprises and parastatals, constitutional
economic stakeholders say more still needs to be commissions, local authorities, universities, and
done to transform ordinary people’s lives. colleges.
Following President Mnangagwa’s swearing “The people expect public entities to deliver
in for a second term after winning the August 23 efficient, reliable, accessible, and affordable service
elections, the Government has pledged to further to the citizens. They expect public entities to be
scale up the economic transformation momentum accountable and transparent to people over the use
with a view to uplifting from poverty the lives of of public resources and to shun corruption and abuse
the masses. of public resources at all costs,” said Mr Choruma.
This will not be achieved without public entities “Public entities are enablers and stimulants for
playing a leading role in that drive, said Mr Allen economic development, growth and stability. They
Choruma, Permanent Secretary in the Corporate provide essential services in areas such as health,
Governance Unit in the Office of the President and housing, education, agriculture, tourism, mining,
Cabinet. transport, aviation, tourism and other critical
He was speaking at the opening session of the sectors,” he added.
Chartered Governance and Accountancy Institute “The good governance of our public entities
of Zimbabwe Annual Conference, where he was the is, therefore, a matter of public policy interest,
guest of honour. national economic stability and growth.
Mr Choruma said the era of slothfulness in Sustaining economic growth through accountable
public service was over as the Second Republic was resource management is the deal, the real deal,
determined to deliver tangible results for the benefit towards the attainment of Vision 2030.”
to page 8
Chartered Governance & Accountancy 7
 Annual Conference

Economic Transformation gains must reach grassroots

from page 7

Mr Choruma’s sentiments come at a time when Choruma said the Government equally expects
the Government has expressed concern over poor private sector players to set the pace in luring
performance by several public entities in recent investments, creation of the means of production
years, which has resulted in a collective drop in and generation of wealth, employment and
the sector’s contribution to the nation’s Gross opportunities for people.
Development Product (GDP), a key national He said the Government was already walking the
economic growth indicator, thereby frustrating talk in growing the economy through rolling out
growth prospects across sectors and having an new infrastructure development and rehabilitation
adverse impact on livelihoods. projects with a view to improving the delivery
“Public entities, in particular state-owned of essential services, which in turn would attract
enterprises and parastatals, at their peak in the domestic and foreign investments.
1990s contributed as much as 40 percent of Mr Choruma said both private and public sector
Zimbabwe’s GDP but in 2017 contributed only 14 players must heed President Mnangagwa’s call
percent, further plummeting to below 10 percent of for close collaboration with the Government
GDP in 2022, which was between US$25 billion in driving higher productivity through Private-
and US$28 billion,” said Mr Choruma. Public Partnerships (PPPs) and contributing to the
“A decline in GDP contribution of public development and rehabilitation of key infrastructure.
entities, in particular state-owned enterprises and “The private sector is also expected to invest
parastatals, has impacted negatively on economic in new factories, manufacturing plants, mines,
growth and provision of efficient service delivery hotels, farms, real estate and smart cities and so on,
to the citizenry, the ordinary people of Zimbabwe, creating wealth, employment and opportunities for
thus undermining the upliftment of their living our citizens and ultimately reducing unemployment
standards and quality of life,” he said. and poverty,” he said.
Given this scenario, it was critical that public Such an inclusive and inward-looking development
entities perform in a sustainable manner to ensure focus is at the heart of President Mnangagwa’s
the attainment of the set national development vision, hence his mantra: “Nyika Inovakwa Nevene
and social transformation aspirations and goals as Vayo / Ilizwe Lakhiwa Ngabanikazi Balo”, which
espoused under NDS1 and ultimately leading to is driven by the philosophy of ensuring that no one
Vision 2030. and no place is left behind in terms of development.
On its part, Mr Choruma said, the Government “This development ideology is the cornerstone
was doing its best in setting the tone towards the of our economic development and social
desired transformation through implementing the transformation agenda and will guide our nation
comprehensive economic and social development towards the attainment of Vision 2030,” said Mr
reform agenda. Choruma.
In particular, he said, the Government was lead- He, however, said public entities would not
ing the way in planning, policy formulation, regu- sustain economic growth without adherence to
lation and control, as well as through creating an good corporate governance principles, adding that
enabling infrastructure and environment to stimu- there was ample empirical evidence linking good
late development. corporate governance with entity performance,
As a response to these interventions, Mr efficient service delivery and national development.

8 Chartered Governance & Accountancy

 Annual Conference

Vision 2030 achievable, says Afreximbank Vice-President

T
he journey to- Mr Denya, who is a
wards achiev- Zimbabwean, said he
ing upper mid- witnessed during a decade
dle-class status by 2030 is in Egypt how providing
multifaceted and demands enabling infrastructure
strategic focus across var- could result in new
ious segments of Zim- business opportunities
babwe’s economy. How- and ignite sustainable
ever, with effort from all growth.
stakeholders Vision 2030 When he heard the
is achievable, according Egyptian President
to African Export-Im- announce in 2015 his
port Bank Vice President Mr Denya listens to a question from the floor
government’s plan to
Denys Denya. build a new city near
“We can succeed in spite of the prevailing Cairo to house five million people, he had thought
headwinds and challenges we currently face, be it it was a pipe dream.
climate change, geopolitics, insecurity in parts of “Six years later in 2021 Afreximbank was able
our continent or global supply chains disruptions,” to hold its 29th AGM in this new beautiful city and
he told participants in the Institute’s annual we all witnessed what Africans can do when we
conference. put our minds to solving our problems,” he said.
“I firmly believe that, through concerted “We have also witnessed other African nations
efforts from all stakeholders, we can indeed transform their economies to achieve impressive
grow Zimbabwe’s economy to achieve our 2030 GDP growth and this should inspire our confidence
ambitions,” said Mr Denya, who is Afreximbank that, with the right policy framework, robust
Vice-President responsible for finance, infrastructure development and a conducive
administration and banking services. business environment, Zimbabwe can indeed
“The journey towards Zimbabwe’s economic realise its full economic potential,” he said.
transformation is a collective endeavour that He said the achievements of countries such as
requires the active participation and commitment Ghana, Kenya, Rwanda, Ethiopia and Mauritius
of all stakeholders,” he said. served as compelling examples of the immense
He said obstacles that had hindered Zimbabwe’s growth potential Zimbabwe has.
progress over the past two decades and needed to be It was vital to recognise, he said, that within
confronted include economic instability, inflation, the significant challenges Zimbabwe had faced
foreign currency crises, political uncertainties and were unique opportunities for growth and
the impact of the challenging global environment transformation.
on the pricing of primary commodities.
He said there was need to strategically focus on
to page 10
Chartered Governance & Accountancy 9
 Annual Conference

Vision 2030 achievable, says Afreximbank Vice-President

from page 9

nurturing sectors with growth potential such as furniture and other value-added products instead
mining, agriculture, tourism and manufacturing. of exporting logs and Benin’s move from exporting
He pointed out that despite the remarkable array raw cotton to exporting clothing to retail shops in
of minerals in Zimbabwe, the mining industry Europe and from exporting raw cashew nuts to
currently contributes only about 12% to annual exporting processed and packaged nuts.
GDP, largely because raw minerals were exported Discussions were in progress for the establishment
with little beneficiation if any and because there of industrial parks in the Democratic Republic of
was no linkage to regional value chains. the Congo and Zambia for the lithium battery value
“When managed strategically and sustainability chain.
these resources have the potential to drive He suggested that to accelerate economic
significant economic growth,” he said. growth, Zimbabwe should intensify its focus on
Experts estimated that when raw materials industrialisation and export development, with a
were exported only about 10 to 20 percent of key area being establishing industrial parks and
the value remained within the country’s borders. special economic zones.
The remaining 80 percent accrued to processing Zimbabwe’s tourism sector could generate billions
countries. in foreign currency, he said, but there should be
“By processing lithium locally and exporting deliberate investment in infrastructure, such as
higher value products like battery precursors, we state-of-the-art conference and hotel facilities,
can secure a more substantial share of this rapidly and strategic marketing to spotlight the country’s
growing market,” he said. unique offerings.

Institutions such as Afreximbank wholeheartedly “Yet it’s important to understand that it’s not
supported initiatives aimed at establishing solely about attracting tourists. It’s about creating
processing and smelting hubs in Africa and moving unforgettable experiences that compel them to
away from exporting raw minerals. There was no return,” he said.
shortage of funding available for such projects. Agriculture held immense potential for
The country could cooperate with countries such propelling the nation’s growth. Tomorrow’s
as the Democratic Republic of the Congo and successful agrobusiness demanded innovative
Zambia on the development of industrial parks thinking on how to maximise what the country
focusing on the lithium battery chain. The same has, not focus on what it does not have, he said.
held true of other minerals such as chrome and He advocated the embracement of smart
platinum, he said. agriculture and up-to-date technology, as well as
Afreximbank was working on 12 industrial and bringing markets closer to smallholder farmers.
export processing zones across the continent, he There were opportunities to develop agricultural
said. value chains and agro-processing hubs across the
country and build rural industrial parks, he said.
It had supported Gabon’s manufacturing of

10 Chartered Governance & Accountancy

 Annual Conference

Collective effort required to achieve Vision 2030

T
he need for collective Unit in the Office of the President
action by the private and and Cabinet and is an experienced
public sector in order lawyer and corporate governance
to achieve the national vision expert, was blunt about the need
of transforming Zimbabwe’s for everyone to buy into and
economy into an upper-middle- contribute to the achievement of
income economy by 2030 was Vision 2030. This included private
repeatedly emphasised throughout and state-owned enterprises,
the Institute’s annual conference. parastatals and local councils.
Welcoming delegates Chartered “We are a long way from where
Governance and Accountancy we need to be to reach an upper-
Institute in Zimbabwe President
Jonathan Dube
middle-income economy. It is
CGI Zimbabwe President
Jonathan Dube told delegates that possible but only if we work
as governance and accountancy together.
experts they had an important role to play in helping “It’s not a Government issue. We don’t need
achieve this vision. an ‘us and them’ attitude. We all need to work
CGAIZ Chief Executive Lovemore Gomera together. It’s a Zimbabwean issue. It will affect all
stressed the need for all stakeholders to work our children,” he said.
closely with the Government in driving economic African Export-Import Bank Vice-President
transformation by proffering solutions to challenges Denys Denya also stressed the importance of a
that hinder business growth. concerted effort by all stakeholders in pursuit of
The guest of honour, Permanent Secretary Allen Vision 2030.
Choruma, who heads the Corporate Governance “The journey towards Zimbabwe’s economic
transformation is a collective
endeavour that requires the active
participation and commitment of
all stakeholders,” he said.
“I firmly believe that, through
concerted efforts from all
stakeholders, we can indeed
grow Zimbabwe’s economy to
achieve our 2030 ambitions,” he
told delegates.
He said the journey towards
achieving upper middle-class
status by 2030 is multifaceted
and demands strategic focus
across various segments of the
economy.
Council members following proceedings during a presentation
to page 12
Chartered Governance & Accountancy 11
 Annual Conference

Collective effort required to achieve Vision 2030

from page 11
“We can succeed in spite of the prevailing The World Bank defined a lower-middle-income
headwinds and challenges we currently face, be it economy as one with a Gross National Income
climate change, geopolitics, insecurity in parts of (GNI) per capita of between US$1 036 and $4 045.
our continent or global supply chains disruptions,” An upper-middle-income economy was one with a
he said. GNI of between US $4 046 and $12 535, he said.
He pointed out the opportunities there were for He suggested that many of those currently talking
improving the economy and investment. about Vision 2030 might no longer be alive in
Alpha Media Holdings Chief Executive Kenias 2030 and that a younger generation of stakeholders
Mafukidze listed some of the essential elements might need to be addressed.
required to achieve Vision 2030 as sustained “Who will be there in 2030? The decisions are
economic growth, good corporate governance, a based on us. Will we be there? We need to know
strong independent judicial system, transparency who to address and how to address them,” he said.
in the management of public funds, an independent
media to point out what was going wrong and a Bishop Never Muparutsa, presiding bishop of
social contract. the Pentecostal Assemblies of Zimbabwe, who
addressed the conference on ethical leadership,
Mr Dube suggested there was need to ascertain
suggested a link between ethical leadership and
where the country was at present and what the
attainment of Vision 2030.
matrixes were to measure an upper-middle-income
economy. He also raised the issue of whether those
The CGAIZ President said the notion of an discussing Vision 2030 now would be there in 2030
upper-middle-income economy for Zimbabweans and suggested the date for achieving an upper-
was rather like heaven. Nobody had been there. middle-income economy be brought forward.
“For some of you 2030 is too late. Let’s zoom
2030 and make it
2025. Let’s be ethical
now,” he said.
The link between
good corporate gover-
nance and achieving
Vision 2030 was em-
phasised by several
speakers, including Mr
Choruma, who linked
good corporate gover-
nance in public sector
entities with efficient
service delivery and
meeting the aspirations
One of the panel discussions of ordinary people.

12 Chartered Governance & Accountancy

 Annual Conference

Professionals must proffer solutions

to economic challenges

D
r Lovemore Gomera, the “Our conference theme,
Chartered Governance which is ‘Attaining
and Accountancy Insti- Vision 2030: Chartered
tute in Zimbabwe Chief Execu- Governance and
tive, has called upon fellow pro- Accountancy Professionals
fessionals in different sectors to be – Catalysts for Economic
proactive in bringing to the table Transformation’, once
solutions to the challenges facing again emphasises our role
Zimbabwe’s economy. and that of our profession
Speaking in Victoria Falls, where in contributing to the
the Institute held its annual con- attainment of Vision 2030,
Dr Gomera during his presentation
ference, Dr Gomera said that as a at the conference the vision of Zimbabwe
professional capacity development achieving an upper middle-
body, the Institute fully subscribes to the Govern- income economy by 2030, which our Government
ment’s national vision as expressed in the first phase has set out as the national vision.
of its National Development Strategy (NDS1) and “The theme also focuses on our position
ultimately Vision 2030, which seeks to transform as the catalysts for Zimbabwean economic
Zimbabwe into an upper-middle-income economy. transformation. We have to put together a
He challenged delegates to be part of the programme which tackles several crucial issues
transformation journey through providing solutions affecting us as Chartered Governance Professionals
to the prevailing challenges the country faces. as we join and contribute to the march towards
Vision 2030, adapt to the
new changes in ways of
working that the Covid-19
pandemic brought about
and build a brand as
Chartered Governance
Professionals,” he said.
He said that after the
conference the organisa-
tion’s leadership would
harmonise the submissions
from delegates and engage
the national leadership to
share the insights, which
should help build a solid
RBZ Director of Economic Research and Policy Nebson Mupunga and ZIDA economic development
Chief Legal Officer Theresa Muchinguri listen to a presentation.
focus.
Chartered Governance & Accountancy 13
 CG Professional of the Year

CGP of the Year trophy awarded to Seed Co

managing director Terrence Chimanya

S
eed Co Managing Director Terrence
Chimanya was declared Chartered
Governance Professional of the Year at the
Chartered Governance and Accountancy Institute
in Zimbabwe annual conference dinner in Victoria
Falls in September.
The runner-up for the award was Smartvest
Wealth Managers Chief Executive Peter Kadzere, a
past president of the Institute.
Mr Chimanya was described in the award citation
as a seasoned expert in various leadership fields,
including strategic business management, corporate
governance, risk management, corporate affairs and
Nyaradzo Financial Director and CGAIZ Council
legal compliance. Member Tendai Kanjanda (centre) congratulates
Under his leadership, his company posted a US$40 Mr Kadzere (left) and Mr Chimanya on their
million profit as a result of his introduction of awards.
suitable products collaborative teamwork, coupled He has worked in the United Kingdom as Group
with resilient measures, the citation said. Company Secretary for the Aldwyck Housing
A Fellow of the Institute, Mr Chimanya Group and as Head of Governance and Risk
implemented a comprehensive system of checks and Management for various National Health Service
balances to ensure effective oversight and decision- hospitals.
making, which resulted in tasks and projects being He graduated with the then Institute of Chartered
completed in good time and profitably. Secretaries and Administrators in the United
His company received the Most Improved Kingdom in 2010, though he began his ICSA
Exporter in Agriculture Award from the Zimbabwe studies in Zimbabwe.
Chamber of Commerce. It was also the platinum Mr Kadzere, who is also a Fellow of the Institute,
winner of the Zimbabwe CEO’s Network Company was instrumental in implementing a successful
of the Year Award, while Mr Chimanya himself was Scheme of Arrangement that saved his company,
recognised as the Best CEO in the large and listed which previously had been a subsidiary of AfrAsia
businesses category. Bank Zimbabwe, from liquidation.
Mr Chimanya has been managing director of Seed The parent company went into liquidation but
Co for two years, initially in an acting capacity and Smartvest was saved from sharing in this fate
from February last year as substantive managing through the Scheme of Arrangement, which
director. Prior to that he was the company’s Group saw investor creditors and staff taking over the
Head of Legal and Corporate Affairs. shareholding of Smartvest, which is now an
independent asset management company that has
He has had extensive experience in both the grown to manage funds in excess of US$70 million.
private and public sectors. He worked for the City Former Auditor General Mildred Chiri, who is
of Ekurhulene in South Africa for almost five also a Fellow of the Institute and was herself the
years. He is a former Senior Manager for Risk Chartered Secretary of the Year for 2010, was
Advisory Services at PricewaterhouseCoopers. His presented at the same occasion with a Special Award
experience includes a spell with Air Zimbabwe and from the local Institute and from the President of
Lobels Bread in the 1990s. the Chartered Governance Institute Global.

14 Chartered Governance & Accountancy

CG Professional of the Year

Changed mindset and commitment to shared goals

responsible for Seed Co’s success, says MD

D
espite his success in improving his
company’s productivity and profitability,
Chartered Governance Professional of
the Year Terrence Chimanya, Seed Co’s Managing
Director, remains a humble man, attributing his
success to God and the support of his family,
inner circle of friends and co-workers.
“God has been good to me. I have been blessed
with a very supportive family structure and a very
supportive team at Seed Co,” he told Chartered
Governance & Accountancy. He added that he
had also been supported by his mentors.
“When I came in as MD, I was a novice seed
man. I needed to appreciate agriculture and
appreciate Seed Co,” he said.
“When I came here our production was
performing below the Group’s standard. One year
due to a number of factors we struggled to come
up with enough seed to supply the market. I took
it upon myself to find out what we meant by seed
production. Now we have 100% plus production
with amazing yields per hectare.
“We are more than ready to feed the nation and
export across Africa. Well before the rains came
our warehouses were full and processing was at
full throttle,” he said.
So how did he achieve this shift from a fall in
production to 100% production, with warehouses
full well ahead of schedule?
“Having the right mindset and the right people
supporting your vision and leadership,” Mr
Chimanya said.
He also admitted that he had been “burning the
candle” early and late. In addition to coming into
Mr Chimanya with his trophy
to page 16

Chartered Governance & Accountancy 15

 CG Professional of the Year
Changed mindset and commitment to shared goals responsible
for Seed Co’s success, says MD
from page 15

work early and leaving late, he had created office because we are a team,” he said.
space at home. He added that he has a number of mantras that
“We have a good technical team on site and off he pushed for the Zimbabwe business. These are:
site that is always ready at short notice,” he said. You can’t manage what you don’t understand.
He added that Seed Co had sister companies in You can’t understand what you don’t measure.
various countries around Africa, which enabled What you don’t measure you can’t control.
it to receive orders in advance. People deliver the things that are measured.
When performance is measured, performance
To bring about the change in the company’s
improves.
fortunes required a change in mindset, Mr
Chimanya said. He suggested the changed attitude to work
within the company was evident in people’s
“Zimbabwe’s people have always been amazing
bright faces.
to work with but the ups and downs in the country
have made people disinterested in their work,” It was standard policy that when you start
he said. projects you see them through to completion. “I
“It was necessary to come up with incentives don’t believe in projects that are left hanging,”
and inculcate a spirit of ubuntu, a sense of ‘I he said.
am because we are and we are because of us’, Mr Chimanya started his studies for CIS when
a realisation that it was necessary to work as a he was working for Air Zimbabwe a long time
team so that individuals could benefit from the ago. When he moved to the United Kingdom his
company’s success,” he said. goal was to complete them, which he did.
It was this creating of a feeling of belonging to “Having the CIS (now Chartered Governance
the company and a realisation that the company’s Professional) qualification has done wonders
success depended on each and every member of for my career. It’s a qualification that is well
the team playing their part that was the major respected,” he said.
factor in the shift from inadequate production to He considers corporate governance so important
a high level of production and beating production that he used to teach Strategic Management and
deadlines, Mr Chimanya said. Corporate Governance part time at weekends at
He admitted that it also required a change in his Midlands State University.
own mindset. “Corporate governance is a very interesting
“I had to learn to let go. I am a person who, if field of study,” he said. “It keeps changing,” he
something is not done to my satisfaction, will do added citing for example the changes following
it myself. I had to learn grudgingly to let others the downfall of Enron and the various King
get it right. reports.
“We now have shared goals and a team effort. “I believe that for young people it’s a subject to
Teamwork rules the roost. We get things done learn not just for now but for the future,” he said.

16 Chartered Governance & Accountancy

Ethics

Ethical leadership is people-centred

and driven by self-discipline
By Bishop Never Muparutsa

E
thical leadership that circle and your response to vices
goes beyond compliance that come with issues such as sex,
is determined by a alcohol and money.
heart for people, directed To cultivate self-discipline, you
by pure motives and driven need to put God first, prioritise
by self-discipline which your family and prefer and
involves personal integrity that surround yourself with sober-
goes beyond the office and minded people.
boardroom.
To ensure you are people-
A leader, in my view, is centred you need to develop
someone who is committed to empathy with other people,
a purpose, influences a group Bishop Muparutsa communicate well with them and
to accomplish that purpose and promote participation.
produces more leaders.
We should accept that we do not know
Ethical leadership beyond compliance is everything. We should be willing to learn from
people-centred. An ethical leader seeks to others.
understand before seeking to be understood.
If we get our act together we will take this
Two heart dispositions that hinder ethical generation with us to transform our nation.
leadership are greed and selfishness. Greed is
behind many corporate scandals today. The truth Remember it is important to be ethical not only
is that greed is pervasive even in boardrooms in our professional life but in our personal life.
and among executives. It is not, for instance, ethical to hoot at traffic
lights.
Leadership driven by selfishness has lost the
quality of leadership driven by self-discipline. This article is based on a presentation by
Bishop Muparutsa to the Institute of Chartered
A leader must be careful not to be a public Governance and Accountancy in Zimbabwe
success but a private failure. It is not right to annual conference. Bishop Muparutsa is
be respected publicly yet your children are Chairperson of the Zimbabwe Chapter of the
unhappy with you. Africa Forum on Religion and Government
In evaluating whether or not you are a leader (AFReg), Presiding Bishop of the Pentecostal
of integrity I would consider the quality of your Assemblies of Zimbabwe, President of the
marriage, the character of your children, the Evangelical Fellowship of Zimbabwe and
quality of your relationship with your extended Chairman of the Zimbabwe Heads of Christian
family, the quality of people within your inner Denominations.

Chartered Governance & Accountancy 17

 Work Environment
Toxic work environment affects
By Ellen Makoni
morale and productivity

O
rganisations are what they Toxicity kills innovativeness and
are because of their human productivity. Staff are stripped of
resources. It is people who their confidence. Toxicity results in
distinguish brands. The ability to emotional and physical exhaustion.
attract and retain talent contributes Eventually employees end up
to the make-up of the human disliking their jobs, management
resources of any institution. and leadership of the organisation.
Employees leave companies for Organisational toxicity results
different reasons. One of them is in high rates of absenteeism and
toxicity in the work environment. illness, litigation and many other
Organisational toxicity refers to hidden costs. It is therefore a critical
a situation that causes employees and strategic risk that can threaten
to suffer and have problems, the future of an organisation.
ultimately reducing their interest Dealing with workplace toxicity
in their jobs and impacting
Ellen Makoni
Institutions need to regularly
negatively on employee morale self-introspect to assess levels of
and motivation. toxicity. It is important to acknowledge the toxicity
Employees in such an environment suffer from and take the appropriate corrective measures before
stress and burnout, resulting in resignations, quietly it becomes a culture that is entrenched in the
quitting and overall disengagement. It can lead to organisational systems.
individual and organisational paralysis and have Leadership and management need to be deliberate
spillover effects on society. about combatting toxicity. They need to plan and
Toxicity manifests itself in different ways at the commit to dealing with it.
workplace. It can be seen through a combination of Organisations should consider prioritising their
excessive workload, injustice, mobbing, infidelity, employees, their needs and their well-being and
lack of empathy and emotional intelligence, facilitate continuous leadership development.
insensitivity, bullying, a strong grapevine system, Employees need to be appreciated, recognised and
low morale, intrusiveness, victimisation, mistrust rewarded accordingly. Above all employees should
amongst staff and between management/leadership be hired correctly. People with the right attitudes,
and staff, low morale, job dissatisfaction, high staff skills and knowledge should be correctly selected
turnover, staff disengagement and feeling isolated for all levels of the organisation.
and unappreciated. Organisations showing such It is important for organisational leadership to
symptoms are doomed to fail. have an appreciation of the impact of a toxic work
Many employees work for a toxic Chief environment on morale and performance to ensure
Executive, whose behaviour fosters an unhealthy employee wellness.
work environment. Many have been exposed in one
way or another to leaders and managers who have Toxicity needs to be addressed early before it
toxicity within them. The leaders and managers grows into a culture, so that attention is given to
might be competent in their different roles but emit more important issues such as staff retention, talent
poison into the work environment. nurturing, engagement, morale and productivity.
Workplace toxicity impacts negatively on Ellen Makoni is the Managing Director of
productivity and employee morale. Dysfunctional Empower H Capital Management Consultancy,
behaviour by leaders, management and co-workers a Zimbabwe-based private company that
generates feelings of being punished, rejected, provides customised solutions in human capital
guilty, defensive and humiliated. It kills teamwork management, organisation development, and
and causes a high staff turnover. general management.

18 Chartered Governance & Accountancy

 Corporate Governance

Zimbabwe outpaces regional peers in embracing

public sector corporate governance

Z
imbabwe stands out within the Southern “Our challenge remains in the area of enforcing
African region for its public sector compliance, applying sanctions for non-
corporate governance legislation, although compliance, as well as providing incentives for
enforcement has been challenging, according to compliance.
Permanent Secretary Allen Choruma, Head of the
Corporate Governance Unit in the Office of the “There is a general reluctance to comply,
President and Cabinet. mischiefs to evade compliance and at times
indiscipline in complying with the corporate
The country has scored major successes in terms
governance legislative framework,” he said.
of embracing corporate governance principles in
the public sector, which buttresses the provisions The Public Entities Corporate Governance
of the country’s Constitution and is in line with (PECG) Act, which was promulgated in June
global best practice, he told the Institute’s annual 2018, provides for the good governance of public
conference in September. entities.
“Zimbabwe sticks out from its regional and The Act seeks to enhance accountability,
continental peers in championing corporate transparency, performance and sustainable
governance in the public sector, by having a well- use of public resources in line with Chapter 9
defined legal framework that institutionalises and
of the country’s Constitution, which sets out
prescribes corporate governance standards in the
the Principles of Public Administration and
public entities.
Leadership.
Despite the challenges in obtaining compliance
Zimbabwean public entities continue to improve
their corporate governance performance.
The 2020 and 2021 Compliance Assessment
Survey Reports conducted by the Corporate
Governance Unit showed satisfactory levels
of compliance with the Act by state-owned
enterprises and parastatals, Mr Choruma said.
The level of compliance increased from 55
percent in 2020 to 75 percent in 2022, as more
entities scored above 50 percent.
The number of chief executive officers in an
acting capacity reduced. The gender balance on
boards increased from 33 percent in 2020 to 37
percent in 2021.
He said the Government aimed to achieve total
One of the delegates shares an opinion
during the conference. compliance with good corporate governance
to page 20
Chartered Governance & Accountancy 19
 Corporate Governance
Zimbabwe outpaces regional peers in embracing public sector
corporate governance
from page 19
provisions, which was critical for enhancing a voluntary exercise aimed at enhancing good
economic growth in line with its Vision 2030 corporate governance.
targets. Other elements included embracing new best
Mr Choruma said the latest report showed practices in corporate governance such as the
that 61 percent of entities produced annual sustainable development concept, training to
reports and conducted Annual General Meetings improve the effectiveness of public entity boards
as required by legislation, while 76 percent of and ensuring that payment of salaries and benefits
entities submitted asset declarations forms for was within provisions of model service conditions.
board members, CEOs and senior staff. Only five More youths below the age or 35 were required
entities out of 104 had vacant CEO positions. on entity boards. The members of most boards
“These positive outcomes compare very well were currently within the 35-65 age group.
with regional, continental and international There was need for line Ministers to extend or
standards. renew the term of office of board members within
“One area where we are making significant the stipulated time limits.
progress in public sector governance is in the area Boards should effectively superintend or
of diversity and gender mainstreaming, given monitor performance contracts between chief
where we are coming from,” said Mr Choruma. executive officers and the senior staff of public
According to compliance assessment surveys entities.
conducted by the Corporate Governance Unit, All entities should produce annual audited
he said public entities are showing varying financial statements within the prescribed time
degrees of improvement in gender mainstreaming limit, which is six months.
in comparison to many African countries,
The Corporate Governance Unit was established
in particular Southern African Development
in terms of Section 5 of the PECG Act. It monitors
Community (SADC) countries, and even in
comparison to European countries and the United compliance by public entities with the provisions
States of America. of this Act and additionally provides a centralised
support mechanism for all Ministries to ensure
For instance, Zimbabwe was closing the gender
gap in terms of board composition in public strict compliance with the Act.
entities. Overall men accounted for 63 percent of “The key CGU priority areas going forward
the boards’ composition and women 37 percent, are the following: ensuring that corporate
which is up from 33 percent in 2020. More women governance in public entities is developmental-
were being appointed board chairpersons, chief oriented; enhancing compliance monitoring;
executives and company secretaries. oversight of performance contract management;
Despite these successes, Mr Choruma said the deployment of an e-governance platform
Corporate Governance Unit had noted some areas (embracing technology and innovation to allow
where there was room for improvement. CGU to effectively monitor compliance); gender
These included strengthening compliance mainstreaming across all entities; and sustainable
monitoring and ensuring that compliance should development,” Mr Choruma said.
not be taken as a tick box approach but rather as

20 Chartered Governance & Accountancy

 Corporate Governance

Corporate governance founded on ethical behaviour

By Lifneth Moyo

C
hartered Governance
Institute professionals in
management positions must
defend good governance principles
and ensure their companies obey the
law, comply with company policies
and adopt good codes of conduct
and ethics that focus on stakeholder
interest over individual shareholder
interest.
In a case where wrongdoing
happens repeatedly, the corrective
action must be applied fairly and
consistently to achieve justice and
accountability regardless of the level
of the perpetrator.
Corporate Governance is defined
as the system of rules, practices and
processes by which a company is
directed and controlled. It refers to
how companies are governed and for
what purpose.
As the home of corporate Lifneth Moyo
governance, the Chartered CGIZ Vice-President
Governance Institute believes that
what is bad.
good governance is important in providing the
infrastructure that improves the quality of the Good ethics refers to (a) ethical responsibilities
decisions made by those who manage businesses. that emphasise doing what is right, avoiding doing
Hence good quality and ethical decisionmaking any harm and addressing community concerns
builds sustainable businesses, leading to the and (b) legal responsibilities that shape the
creation of effective long-term value. rights and duties of individuals and organisations
operated according to the laws of the land.
Corporate governance is anchored on the
assumption that business is founded on good Good business ethics comprises principles and
ethics. Ethics defines what is good for the standards that guide behaviour in business and
individual and society and establishes the nature state what is right and wrong, good, bad and
of duties that people owe to themselves and harmful in business conduct. The belief is that
others in society. It defines what is good and those responsible for directing and controlling
to page 22
Chartered Governance & Accountancy 21
 Corporate Governance

Corporate governance founded on ethical behaviour

from page 21
companies will have the conscience to abstain from accountability for strategic decisions in their
unethical practices. organisations.
This brings in the rule of law in supporting For young professionals corporate governance
effective supervision, monitoring and enforcement internalisation may become difficult as they find
of the good corporate governance of companies. themselves in companies where these principles are
The assumption is that law enforcement should compromised. By virtue of not having experienced
be applied uniformly and consistently to prevent anything better, young professionals might think
thieving, fraud, corrupt tendencies and any other of corporate governance theories and principles as
wrongdoings in business. just being abstract.

Unethical practices coupled with corruption While companies in the current environment
can emerge from any stakeholder within a require greater flexibility and dexterity not to miss
company or organisation. It may be the controlling out on opportunities, they should not overlook
stakeholders wanting to influence a decision that good governance principles.
benefits themselves, an employee for personal Good ethics and integrity must be inculcated at
gain, a supplier wanting to benefit from a big order the individual level, starting from being conscious
or a buyer accepting inflated prices in return for of knowing what is good and what is bad, conscious
kickbacks. of good morals that promote acceptable societal
Examples of unethical practices observed norms and values for society’s well-being.
in companies include abuse of power, At the corporate level, governance professionals
disobeying the tenets of governance by the must ensure companies obey laws and adopt codes
board of directors, lack of transparency, of ethics that focus on enhancing stakeholder
corruption in procurement and tenders procedures, interest and enhancing societal values.
favouritism in employee recruitment, falsifying While some corporations and SMEs may place
records, undeclared conflict of interest, use of little importance on good governance leading to the
company property or assets for personal use, creation of business goodwill, others may simply
non-disclosure of environmental unfriendly and be ignorant of governance principles.
harmful practices, accepting a gift or entertainment It is therefore the duty of the governance
receipt in violation of company policy and bribery professional to provide capacity building for
offences. such companies. Young managers are encouraged
It should be emphasized that members of the to avoid confrontation, seek professional advice
CGI are the gatekeepers of corporate governance and engage relevant stakeholders to enhance the
and therefore must uphold corporate governance prospects of knowledge sharing and learning.
principles and the value derived from them. Efforts to strengthen the institutional capacity
Among the professionals are seasoned mature for good governance will aid the call by the
managers and relatively young professionals Government to accelerate professionalisation in
being employed in managerial positions for the the public and private sectors as part of the move
first time where they carry the responsibility and towards the achievement of Vision 2030.

22 Chartered Governance & Accountancy

 Goal Achievement

Self-doubt can prevent realisation of potential

By George Mugove Warinda

S
elf-confidence is important for success. and then the entire class bursting into laughter
Self-doubt inhibits our ability to get ahead What amused the usually serious teacher was the
and perhaps achieve great things. We fact that I had the correct answer all along. I was
should not allow fear of being wrong to hinder us hesitant to share it because I thought it might be
from putting forward our ideas or implementing wrong. How could I have the right answer if none
them. of the maths geniuses in the class had figured it out
Reflecting on my high schooldays, I recall an and shared it?
incident in our maths class. Our maths teacher, My thoughts had been self-limiting. Fortunately,
a clever man who always looked serious, was this gradually changed before I sat for my final
feared by most students. Fidgeting during his examinations the following year. I performed
lessons was forbidden. Joking was taboo. Dozing well and better than several individuals who I had
was unthinkable. All the same, we appreciated his previously considered to be geniuses.
commitment, diligence and professionalism.
I am sure we have all had such moments in our
A tense situation unfolded during one of his
lives, times when we had solutions to some of life’s
lessons. He asked a question which no one
challenging situations but doubted ourselves and
responded to. We desperately looked at the whiz
perhaps even discarded the brilliant ideas that we
kids for deliverance but none could save us that
had.
day. The atmosphere became tenser and tenser with
each passing moment of silence. Still, he received Some doubt their business ideas, only to kick
no response. themselves months later after meeting someone
There is an interesting posture that learners usually who has implemented that same idea and realised
take to avoid being called on by the teacher. They considerable profit from it.
hold their chin and frown, pretending to be deep in Others keep postponing enrolment on a
thought. I tried this but the teacher did not fall for professional course, because they doubt their
this stunt. He singled me out from the rest, looked intellectual capabilities. They are concerned that
straight into my eyes and demanded an answer. their application might be turned down or that, if it
I recall mumbling something, the teacher laughing is accepted, they may fail to finish the course.
Later they may discover that a daring
colleague with lower grades than theirs,
applied, was accepted and is now at the
final assessment stage.
Within our social lives, some realise
with regret that they could have won the
heart of their old crush, if only they had
not doubted themselves but courageously
expressed their love for her.
Self-doubt about their abilities has
resulted in some people not even
bothering to compete in the marketplace.
They disqualified themselves before even
entering the race, a race for to
a business
page 24

Chartered Governance & Accountancy 23

 Goal Achievement
Self-doubt can prevent realisation of potential
from page 23
tender, promotion, sponsorship and many other How are we faring, for instance, with sustainability
opportunities in life. They disqualified themselves reporting within our various organisations? What
only to learn later that others with relatively inferior policy issues should be given urgent attention as
competencies competed and won. far as Environment, Social and Governance (ESG)
We should stop second guessing ourselves. issues are concerned? In our work ethic, are we
It is not true that good ideas have to come from esteeming quality as a core value? Within our work
elsewhere. You too have what it takes to make circles, are we purposely upholding our intellect or
transformative contributions. You have unique do we continue to second guess ourselves?
gifts, special abilities, in-born creativity and innate Let’s revisit those ideas that we wrote down but
potential. Believe in yourself. shelved in the past. Whether we are entrepreneurs,
Your fresh contribution might be the very solution or work for Government or non-governmental
that the world has been waiting for, a solution that organisations or are in the private or public sector,
the socalled geniuses may have missed. Even the we ought to believe in ourselves. Then we can
experts may have been blind to it. change the world around us.
Believe in your ideas. It is okay to have an idea The Institute believes in its members as reflected
that is different. Not all good ideas are popular. in its annual conference theme, which suggests
Some are unique. They may uniquely come through that Chartered Governance and Accountancy
you. Believe in yourself. Professionals have a role to play in achieving the
It is true that you are not the only professional in National Vision of attaining upper-middle-income
your field. There are many others. However, you economy status by 2030.
cannot be like any other out there. You need to
The Institute believes in you. Do you believe in
make an impact during this limited time frame of
yourself? It is better to try and fail than not to try at
your career life.
all and live the rest of your life regretfully asking
You need to contribute to changing the world.
yourself: ‘What if...? Could I…?’
World-changers believe in themselves. They
Let the fear of being wrong not hinder you from
positively influence their communities, using their trying. You do not necessarily have to be correct all
special abilities and harnessing other resources the time. Sometimes you will nail it and sometimes
around them. you will miss it. Such is life!
You cannot leave the profession the way you Whether you eventually nail it or you miss it,
found it. Improve on something. Among the you will have played your part by first believing in
core values that the Institute highly esteems are
yourself and then applying yourself.
innovativeness, quality, intellect and value. How
Sharing his thoughts on self-belief, 20th century
will innovativeness have its way, if we as members
New Zealand painter and author Peter McIntyre
choose complacency and indifference?
commented: ‘Confidence comes not from always
Look around and within. What needs
improvement? How can we add value? We cannot being right but from not fearing to be wrong.’
leave the communities that we serve the same Believe in yourself.
way we found them. As the Dutch multinational The author of this article is an information
corporation Philips would say: ‘Let’s make things and research practitioner as well as a published
better.’ author. He holds professional qualifications
How could we continuously improve on our within the disciplines of Information Science and
Corporate Governance Code for instance, so as to Peacebuilding, from the National University of
incorporate salient issues within the profession? Science and Technology and the United States
Institute of Peace respectively.

24 Chartered Governance & Accountancy

 Students Supplement

Corporate Financial Management exam

tests professional skills
By Clements Muvhami

T
he Corporate Financial Management
course examines candidates on the skills,
knowledge, concepts, expertise and
professional competencies needed in solving
existential problems faced in the real world of
financial management at corporate level.
The course covers in a professional manner all
the theoretical and practical financial aspects that
are pertinent and indispensable when it comes to
equipping candidates with the fundamental tenets
needed for successfully answering questions in the
Corporate Financial Management examination.
Syllabus
The course syllabus is centred on seven wide
areas of financial management, namely sources
of finance, share and loan capital, capital
structure and cost of capital, working capital
management, capital investment appraisals,
business restructuring and international aspects Clements Muvhami
of corporate financial management.
All these areas need to be thoroughly mastered skills, understanding and professionalism in
by students for every examination, because all of answering corporate financial management
them are examined in every examination session. examination questions. They are expected to
demonstrate the ability to critically examine,
The examiner always makes an effort in every
assess or generate corporate financial reports
examination paper to accord all the above
for consumption, planning and decision-making
areas of study equitable weighting so that
purposes by the board of directors.
professionalism is tested in candidates at each
stage of the syllabus. They are also required to apply, analyse,
The examination takes three hours . It would evaluate and synthesise corporate financial
normally be comprised of six questions. components into a whole or complete system in
Candidates may be required to answer any five a sound and coherent or chronological manner.
questions in sessions where the examination paper What perhaps has been lacking over the years
is made up of six questions of 20 marks each.
is thorough preparation for corporate financial
However, more often than not the examination
management examinations. The pass rates
paper would be composed of five questions, each
attained over the years have been single digits in
of which is worth 20 marks.
most cases, which is an indication that candidates
Learning Outcomes
have not taken time to prepare for examinations.
Candidates are expected to display knowledge,
to page 26
Chartered Governance & Accountancy 25
 Students Supplement

Corporate Financial Management exam tests professional skills

from page 25
The world of corporate financial management Furthermore they are expected to possess the
is so wide, dynamic and diverse that all students exceptional skills and abilities needed in the
who do not invest efficiently and effectively classification, interpretation, explanation,
in time management may not easily turn their illustration and exemplification of provided
visions of becoming Chartered Governance corporate financial data and information, such as
Professionals into a reality, because of the financial statements.
formidable and technical nature of this course in Application
particular.
Candidates need to carry out or employ given
The emphasis of the course on dimensions financial procedures to solve pertinent financial
such as application, analysis, evaluation and problems. This calls for them to be able to act as
integration or synthesis makes it one of the professional fund managers and advisors as well
most demanding courses at Part C level of the as make informed business financing, planning
programme. and investment decisions for themselves or on
Skills behalf of their clients.
The examining technique at the Institute’s Analysis
Professional Level (Part C) requires examiners Candidates need to demonstrate the ability to
to construct professional examinations in decompose or break down financial material into
accordance with the requirements or stipulations its basic or fundamental units or components.
of the Bloom Taxonomy. The Taxonomy calls They must be able to detect how the financial
for candidates to acquire skills that are pertinent components are related to one another and show
and indispensable when it comes to answering their understanding of the overall structure of
examinations at a professional level. the whole based on broken down but related
Knowledge components.
Issues to do, for instance, with corporate
Candidates need to possess concepts and skills
strategy and breaking it down into the mission
that can be used to apply relevant knowledge
and vision statements, goals and objectives, core
or interpret data or information in given
values, strategic business units (SBUs), financing
contextual corporate financial scenarios or
strategies, human, production and marketing and
situations. They are expected to recognise and
selling strategies are covered under this concept
recall basic financial concepts, subject matter
on analysis. Candidates are therefore expected
and principles that constitute benchmarks in the
to decompose these different components from
study of financial management at corporate and
the whole and proceed to examine their linkages
professional levels.
even when they are disjointed.
Comprehension
Evaluation
They need to understand or come up with
Making judgments based on standards,
contextual meanings of given corporate
principles, procedures and criteria plays a central
financial scenarios and cases in examinations.
to page 27
26 Chartered Governance & Accountancy
 Students Supplement

Corporate Financial Management exam tests professional skills

from page 26
role in evaluation in order for candidates to their professional ethics and standards, conduct,
demonstrate their ability to make sound financing integrity, market discipline, accountability,
and investment decisions. transparency and responsibility in discharge of
Candidates are thus expected to examine duty.
closely and critique given financial statements Candidates are expected to be original in their
data based on the requirements and dictates understanding of corporate financing, investment,
of financial theories, financial models and financial statements analysis, dividend decisions,
engineering techniques, and innovation and financial market and institutions, financial
technological strategies, as well as make mergers mergers and acquisitions, management of
and acquisitions appraisals. working capital and international investment
Synthesis projects, because these form the bedrock upon
which the Corporate Financial Management
Synthesis is concerned with putting the course is founded.
decomposed units of a whole back into the original
product with reunited components. Candidates Conclusion
are therefore called upon to demonstrate the Corporate Financial Management is a
skill and ability to reorient, realign, generate or formidable course that calls on students to
produce critical and relevant practical solutions be skilled, knowledgeable, experienced and
to real world or business financial issues and guided by professional managers and analysts in
scenarios. preparing for their examinations.

Course Study Techniques This would go a long way in helping candidates

pass the examinations in their first sitting and
The Corporate Financial Management module compete efficiently and effectively on the
is a voluminous, rigorous and professionally international market as Professional Financial
written manuscript that deserves to be accorded Managers.
such recognition especially when offered at
Candidates are advised not to purely specialise
professional level. in theoretical frameworks across all areas in the
However, it may not be possible for students syllabus but to be rigorous in analysing facts
doing Part C of the programme to read it to and figures in financial management as well as
completion together with other Part C courses of applications of theories learnt in solving real life
a similar or like nature. Hence it is critical and financial questions and challenges.
advisable that all students doing Part C of the There is also need for Corporate Financial
programme should mandatorily have content and Management students to seriously acquaint
professional training with experienced Corporate themselves with the stipulations of Bloom’s
Financial Managers and Advisors. Taxonomy as a framework that is contemporarily
This will not only put students in informed used in Parts C and D in examining the course at
positions to pass their examinations but go a professional level, if they are to score pass marks
long way in capacitation and enhancement of in their first sittings.
Chartered Governance & Accountancy 27
 Lifneth Moyo
Judith Buzuzi

Michael Mautsahuku
Theresa Madziva

Nzimande Nxongo

28 Chartered Governance & Accountancy

Chartered Governance & Accountancy 29
30 Chartered Governance & Accountancy