JUDGES for this year’s Top Companies Survey (TCS) Awards, whose winners will be crowned in the capital tomorrow, focused on listed businesses that adapted their products to meet the evolving needs of Zimbabwe’s growing informal sector.
The prestigious awards, now in their 44th year, are held by The Financial Gazette — the country’s number one business publication and prime voice for local industry and commerce — in conjunction with its sponsors Old Mutual Zimbabwe.
The high profile event which will be held at the Venue in Avondale — brings together industry leaders, innovators, and stakeholders who are reshaping their business models to better serve this rapidly evolving market.
Chairperson of the TCS judging panel, Simbiso Musa, told the Daily News yesterday that it was crucial for businesses to evolve as this led to their sustainability.
“Companies whose business models are responsive to the needs of the informal sector are performing better than those stuck with traditional offerings.
“It’s clear that adapting to this sector is not just beneficial — it’s essential for sustainability.
“There is no denying that the informal sector plays a big role in our economy, and we are seeing more and more of companies whose business models do not adapt to meet the needs of this sector run the risk of not being able to sustain themselves in the long run,” Musa told the Daily News.
Musa said the criteria for this year’s TCS was premised on publicly-traded companies listed on the Victoria Falls Stock Exchange (VFEX) and Zimbabwe Stock Exchange (ZSE), as well as all banking institutions registered under Reserve Bank of Zimbabwe (RBZ) — and all insurance institutions registered under Insurance and Pensions Commission (Ipec).
“The criteria are predicated on the fact that our survey’s foundation must be made up of publicly-accessible financial data…The promotion of good corporate governance practices, including providing adequate disclosures, transparency, and accessibility to investors and analysts; environmental awareness and sustainable business practices; and corporate social responsibility,” she added.
This year’s TCS awards are running under the theme, “Sustainable Investment for Social Impact”.
Since its launch 44 years ago, TCS has proved invaluable in promoting transparency, good corporate governance, ethical conduct and corporate social responsibility.
Old Mutual Zimbabwe has been spearheading growth and sustainability of emerging businesses.
In 2023, the company supported 142 women-led small and medium enterprises (SMEs), up from 61 supported in 2022.