SecZim calls for greater transparency

SecZim calls for greater transparency
Published: 07 October 2013
The Securities Commission of Zimbabwe (SecZim) says greater transparency and accountability in local companies is critical to increase investor confidence in the capital markets.  

Regulatory authorities say there is need for more disclosures by listed firms to boost participation on the capital markets.

The securities commission feels investors have taken a backseat from the capital market owing to losses in the past that may have resulted from corporate and management failures.

Speaking on the sidelines of the Institute for Sustainability and Responsible Investing for Zimbabwe Shareholders Forum, SECZIM Chairperson, Mrs Willia Bonyongwe highlighted the need for more disclosures by local firms, urging investors to also be more active.

"It is important for investors to make sure the board is acting responsibly, the board has the responsibility to tell investors how the company is performing," she said.

Zimbabwe Stock Exchange CEO, Alban Chirume said the automation of the local bourse and the introduction of new listing regulations are all initiatives aimed at improving transparency on the local capital markets.

"Automation will make sure information is readily available and empower investors and shareholders," said Chirume.

While there are disclosure regulations for listed companies, investors are not fully utilising them but there is optimism that the automation and new rules will enhance shareholder activity.
- zbc


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