September 16, 2024
ESG dominates Top Companies
THE sustainability of Zimbabwean businesses will take centre stage at this year’s Top Companies Survey (TCS) awards – hosted by Old Mutual Zimbabwe in conjunction with The Financial Gazette – to be held next week.
With the financial services group’s chief executive Samuel Matsekete expected to lead the cast of top notch speakers, the issues of environmental, social and governance (ESG) has emerged as a key focus environmental stewardship and social responsibility.
The Top Companies Survey is an annual event that honours top-performing companies on the Zimbabwe Stock Exchange (ZSE), the Victoria Falls Stock Exchange (VFEX) and the best performers in the insurance and banking sectors.
Old Mutual managing director Sam Matsekete
The survey is organised by Zimbabwe’s renowned business and financial weekly, The Financial Gazette, in collaboration with investment powerhouse Old Mutual Zimbabwe.
Old Mutual – the sponsors of the awards – are in sync with this year’s theme. The group’s approach to sustainability is entrenched into its core business activities, competencies and environmental, social, and governance (ESG) practices affecting its stakeholders and business.
“At Old Mutual Zimbabwe Limited, we understand the impact of economic, environmental, social and governance factors on our business, its customers, and broader society. We recognise the urgent need for global transformation towards sustainable business practices including resource efficiency and responsibility for future generations,” Old Mutual’s chairman, Kumbirayi Katsande, said in the group’s latest sustainability report.
Old Mutual Zimbabwe group chief executive Samuel Matsekete highlighted that the group embraces its broader commitment to contribute to the development of the communities it serves and the wider economy.
“Sustainability is embedded within our business strategy, priorities, and practices. Our products and investment strategies recognise and respond to the need to keep a clean environment and to adapt to the effects of climate change,” he said.
Matsekete highlighted that during the year Old Mutual continued to invest in renewable energy projects, while also promoting the upholding of ESG principles in its investee entities.
The group has allocated a significant portion of its US$40 million capital expenditure for the year to support small and medium enterprises as well as several renewable energy projects.
The group is hoping to deploy over US$25 million to get the collective output to generate 42 megawatts of power in this quarter.
In January this year, Old Mutual Zimbabwe unveiled a US$12 million residential development project in Harare featuring the construction of standalone houses and high-rise residential units
Sustainability, encompassing environmental protection, social welfare, and ethical governance, has become a critical factor in evaluating a company’s overall performance.
Meanwhile, this year’s Top Companies Survey preparations have involved an intensive adjudication process overseen by judges and analysts, evaluating the top performers listed on the ZSE and VFEX.
The adjudication process has already been completed with winners now waiting to be crowned on the glittering event in the capital.
“Our preparations are on track, and we’re working closely with our partners, Old Mutual Zimbabwe,” said the The Financial Gazette’s general manager sales and marketing, Shingirai Chirikuutsi.
“As we strive to create a brighter future for Zimbabwe, sustainable practices have become more crucial than ever. It is for this reason that this year’s awards will honour companies that are not only driving economic growth but also making a positive impact on our environment and communities.”
Established in 1980, the Top Companies Survey has evolved into a benchmark for both local and international investors, reflecting the performance of companies across Zimbabwe’s banking, insurance, and life assurance sectors.
