Zimbabwe's corporations are failing that country's deteriorating economy through bad corporate governance practices, which have seen 11 banks placed under curatorship in 2004 and high profile criminal cases involving senior corporate leaders, Deposit Protection Institute chief executive John Chikura said this week.
In a statement issued on Thursday, Chikura said: "We have a corporate governance crisis in both private and public sectors stemming from what Bob Garratt calls a complex mixture of directoral ignorance, strategic incompetence and greed."
This was despite the country boasting of robust and highly educated boards as well as a high literacy rate in Africa. It continued to experience bad corporate governance, according to Chikura.
"We seem to play the tick box corporate governance game. If you look beyond the glorious statements on corporate governance made in glossy financial reports, you will observe practices that defy principles and values of good corporate governance," he stated.
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