June 18, 2019

ZSE-listed firms to disclose director remuneration

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By Ndaka Majaka

In a bid to protect investors and bring accountability in listed counters, the Zimbabwe Stock Exchange, ZSE has come up with a raft of measures that will require firms listed on the bourse to disclose director remuneration to ensure transparency. This follows the gazetting of the bourse’s new Listing Requirements under Statutory Instrument 134 of 2019, last week.

In the past, shareholders were not privy to board earnings. However the ZSE has joined other reputable stock markets such as the Johannesburg Securities Exchange and Botswana Stock Exchange in asking for a declaration of director earnings.

ZSE Chief Executive, Justin Bgoni, told ZTN News that the new requirements would also require firms to report quarterly, up from the two times they were reporting previously.


The gazetted ZSE Listing Requirements, which had not been comprehensively reviewed since 2002, increase protection of minority investors and improve the regulatory environment by making it conducive for dually listed companies to list on the ZSE.

Other key highlights from the amendments are that companies will be required to change auditors every 10 years while small to medium enterprises (SMEs) listed on the Zimbabwe Emerging Enterprises Market (ZEEM) can migrate to the main ZSE Board.

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