In a significant move towards sustainable and responsible business practices, the Mutapa Investment Fund, Zimbabwe's sovereign wealth fund, has established an environmental, social, and governance (ESG) board committee. This initiative aims to instil ESG principles within the 30 state-owned enterprises under the fund's purview, up from 22 in February.
The announcement was made by Mutapa's Chief Executive Officer, John Mangudya, at the Director of the Year Awards 2024, organized by the Institute of Directors Zimbabwe (IODZ). The event celebrated leadership excellence under the theme, "Celebrating Leadership Excellence."
Mangudya emphasized the importance of ongoing training on roles and responsibilities to avoid irrespective practices and ensure a focus on social impact. "The Institute has been a leading voice on ESG, and at Mutapa, we have established an ESG board committee to ensure its critical focus is instilled in our portfolio companies. It is crucial to apply ESG in developing countries," he said.
As reported by Newsday, The Mutapa CEO acknowledged the economic challenges faced by Zimbabwean businesses and called for a supportive ecosystem, strengthened regulations, incentives, and collaboration between various stakeholders. He stressed that responsible business practices, from sourcing to community engagement, are not just about compliance but are fundamental to building a resilient, inclusive economy that benefits all Zimbabweans.
The awards ceremony recognized excellence in various categories, with Mashonaland Holdings emerging as the Overall Director of the Year, winning the Director (Large & Listed) and Board of the Year Awards. The firm's chairperson, Grace Bema, also won the Chairman of the Year Award.
Other notable winners included Innscor Africa Limited for the Report of the Year Award, First Capital Bank Zimbabwe for the Best Diverse Corporation, and Regina Chinamasa, the Zimbabwe Revenue Authority commissioner general, for the Best CEO Award.
The event, sponsored by the Zimbabwe National Roads Administration, Old Mutual Zimbabwe, and Econet Wireless Zimbabwe, aimed to encourage directors to prioritize ESG practices within their institutions, aligning with the Mutapa Investment Fund's commitment to sustainable and responsible investment.
