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Zimbabwe Chief Executives Must Disclose Income Under New Rules

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Nov. 8 (Bloomberg) -- Chief executives of companies listed on the Zimbabwe Stock Exchange must disclose their income starting from next year as part of measures to make managers more accountable to shareholders.

The new rules have been agreed with the bourse, Wesley Sibanda, vice chairman of the Public Accountants and Auditors Board, told reporters late yesterday at the exchange in Harare, the capital.

“People should know they are not operating on an island,” he said. “The bottom line is that an MD or CEO is your employee.”

Martin Matanda, acting chief executive of the stock exchange, said the bourse was embarking “on a journey to allow maximum disclosure.” He said the new requirements apply to corporate results as of Dec. 31.

The Zimbabwe Stock Exchange has 79 listed companies.

To contact the reporter on this story: Brian Latham in Johannesburg at blatham@bloomberg.net.

To contact the editor responsible for this story: Nasreen Seria in Johannesburg at nseria@bloomberg.net.

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