Econet Wireless Zimbabwe is a recognized leader in embracing environmental, social and governance (ESG) issues and integrating them into business strategy.
The publicly traded telecommunications and technology company recently won Best Environmental Social Governance Company and Best Investor Communication awards at the Capital Markets Awards in Harare.
“Econet has gone beyond ‘tick-to-the-box’ and linked its actions to business strategy and purpose,” said the award organizers.
“Good governance is about building and nurturing a sound culture, ensuring investor, customer and employee engagement, and evaluating, auditing and risk, independence, diversity and strong succession planning. It’s about upholding the key governance virtues.”
Organized by Business Weekly and Financial Markets Indaba, the award recognizes that many companies from all over the world have adopted ESG concepts such as attracting investor attention and ultimate support, gaining customer loyalty, and winning the top spot. It was done at a time when they were beginning to enjoy the fruits of their incorporation. Talent across the labor market.
However, Zimbabwe still appears to be quite advanced in how many companies understand and implement ESG for a variety of reasons. Board diversity.
Integrating ESG into all investment strategies, Econet recently joined the United Nations Global Compact (UNGC) initiative. It is a voluntary leadership platform for the development, implementation and disclosure of responsible business practices.
The UNGC calls on businesses around the world to align their operations and strategies with globally accepted principles in the areas of human rights, labour, the environment and anti-corruption, and to take action in support of the UN’s goals. . These are embodied in 17 Sustainable Development Goals (SDGs) that address many of the world’s most pressing needs.
Kezito Makuni, Chief Operating Officer of Econet, said the company has a responsibility to the impact of environmental and economic activity.
“In the area of sustainability, we are committed to our corporate social and environmental responsibilities. Furthermore, we believe that long-term economic success can only come from responsible business practices.” He said.
Econet has implemented several initiatives, including installing solar base stations, powering office sites with renewable energy, planting trees to offset carbon emissions, and implementing strategies to monetize and recycle e-waste. I am working on an initiative.
Macni said the company will continue to integrate key ESG priorities within its business, with a focus on innovation, digitization, good supply chain governance and creating a sharing economy.
“To achieve this, our ESG strategy continues to drive shared values in the economy and the communities in which we operate. Our business leaders and executives recognize this and We are incorporating environmental, social, and governance metrics into our performance scorecards so that we can actually act on them,” he said.
By asserting ESG ownership from the C-suite level to the operational level of the business, Econet will facilitate the development of sustainability strategies within the business to facilitate the development of digital solutions that empower people and the economy at large. He added that the aim is to ensure facilitation. .
He reiterated that Econet Wireless’ Board of Directors continues to provide valuable oversight of the company’s performance with respect to ESG factors as part of its mandate to directly oversee the business’ corporate strategy.
The latest development comes after a recent study by management consulting and advisory firm EY found that ESG factors are positively correlated with a company’s financial performance and investor attractiveness. rice field.
“There is a mismatch between the increasing investment in demand for true ESG leaders and the limited supply of these companies. You can reduce it, ”you can read part of the report.
EY added that given the link between ESG strategy and the cost of capital, investors are increasingly looking to understand a company’s ability to manage long-term risk through ESG disclosure.
As such, the reliability of ESG disclosures has become critical in the process of attracting the right investors across the capital structure, the company said.