The establishment of an Environmental, Social, and Governance (ESG) board committee by the Mutapa Investment Fund, which is in charge of 30 state-owned businesses, is a step toward incorporating sustainable practices into company operations.. With this program, these organizations are making a deliberate attempt to incorporate ESG principles into their operations, making sure they are in line with global sustainability trends that are drawing more and more foreign investment.
John Mangudya, the CEO of Mutapa Investment Fund, made the news at the esteemed Director of the Year Awards 2024, which were held under the theme “Celebrating Leadership Excellence” and were presented by the Institute of Directors Zimbabwe (IODZ). Simbarashe Chinyemba, Chief Investment Officer of Mutapa, gave the speech on Mangudya’s behalf. He stressed the importance of continual role and responsibility training to avoid irresponsible behavior that overlooks social impact.
Adopting ESG principles is crucial for building a robust and inclusive economy that benefits all Zimbabweans, not only for compliance’s sake, as Mangudya made very clear in his speech. In developing nations, where implementing ESG can have a substantial impact on social welfare and economic development, he emphasized the significance of these practices.
The occasion brought attention to how ESG is becoming increasingly recognized in modern company strategy. It was recommended that leaders adopt ethical behaviors that strike a balance between monetary benefits and constructive social effects. ESG concepts have been widely promoted by IODZ, which has been instrumental in encouraging directors to support these practices inside their companies.
The establishment of the ESG board committee by Mutapa is a proactive measure to ensure that the State-owned firms under its management adhere to ESG standards. This move is expected to enhance the attractiveness of these enterprises to global investors who are increasingly channeling billions annually into ESG-compliant projects.
During his address, Mangudya acknowledged the economic challenges facing Zimbabwean businesses today. He called for a supportive ecosystem that includes strengthened regulations, incentives for sustainable practices, and enhanced collaboration among various stakeholders to navigate these challenges effectively.
The Director of the Year Awards event, sponsored by notable entities such as the Zimbabwe National Roads Administration, Old Mutual Zimbabwe, and Econet Wireless Zimbabwe, celebrated excellence in corporate governance across 12 categories. The evening was not just about recognition but also about reinforcing the importance of good corporate leadership in driving business success and social progress.
Mashonaland Holdings, a prominent property investment firm, emerged as a significant winner, clinching the Overall Director of the Year Award. The company also secured the Director (Large & Listed) and Board of the Year Awards, underscoring its commitment to exemplary corporate governance. Grace Bema, chairperson of Mashonaland Holdings, was honored with the Chairman of the Year Award, highlighting her effective leadership.
Other notable awardees included Innscor Africa Limited, which received the Report for the Year Award, and First Capital Bank Zimbabwe, recognized as the Best Diverse Corporation. The Zimbabwe Revenue Authority’s Regina Chinamasa took home the Best CEO Award, demonstrating the impact of strong leadership in governmental bodies.
The awards also recognized achievements in the SME sector and diversity, with Steelmate Zimbabwe’s CEO Clive Chisenye winning the Best SME Director Award and Chipo Mafunga of Chimuka Mafunga Attorneys being named Woman Director of the Year. Arthur Matsaudza, from Old Mutual Zimbabwe Digital Services, was awarded the Best Young Director Award, showcasing the rising talent in Zimbabwe’s corporate scene.
