Nov. 5, 2021
New Companies Act makes domain registration a must.
Feb. 1, 2020
The New Act has a number of important implications for corporate governance, including:
The New Act codifies the fiduciary obligations of office bearers of registered businesses. Section 54 outlines the obligations of care and good faith, as well as the duty of loyalty (which includes restrictions in the event of a conflict of interest) (Section 55). Sections 59–61 of the New Act establish a mechanism for members of entities, as well as any third parties, to seek remedies from the courts when office-bearers fail to fulfill their fiduciary obligations. Other, more general corporate governance concerns addressed in the New Act include the necessity to issue share certificates within two months (Section 153), Section 159 mandates the keeping of a member register, Section 180 mandates the preparation of meeting records within 20 days following the meeting, and Section 189 mandates that auditors serve for no more than 5 years in a row before taking a two-year hiatus (Section 191).
Feb. 19, 2019
Beverages manufacturer, Varun Beverages, has been declared a special economic zone, as Government seeks to incentivise the firm that is reportedly planning to put up a new $23 million plant. Varun Beverages has already set up a $40 million beverages plant that produces a range of products that include Pepsi, Mirinda, Mountain Dew and 7Up.The company launched its plant, which has an installed capacity of 600,000 bottles per day. In an Extraordinary Government Gazette dated February 8, 2019, Zimbabwe Special Economic Zones Authority chief executive officer Mr Edwin Kondo, said Varun Beverages had indeed been declared a special economic zone in terms of section 20 (1) of the Special Economic Zones Act (Chapter 14:34), the Zimbabwe Special Economic Zones Authority.