Africa-Press – Zimbabwe. MUTAPA Investment Fund (MIF) has signed an integrity pledge with the Zimbabwe Anti-Corruption Commission (Zacc) to uphold the highest ethical standards and to integrate anti-corruption controls within its governance framework, procurement systems and investment processes.
This comes as part of an initiative by Zacc to foster a culture rooted in integrity, transparency and ethical leadership in the fight against corruption, which costs the economy US$2 billion annually.
MIF made the pledge as the fund revealed in February that its portfolio boasts assets estimated at over US$20 billion, a valuation from the over 20 State-owned utilities under its purview, which include mines, agricultural entities, energy utilities and financial services firms.
During the signing ceremony of the pledge in Harare yesterday, MIF chief executive officer John Mangudya highlighted the significance of the integrity pledge.
“This pledge symbolises our institutional commitment to uphold the highest ethical standards and to integrate anti-corruption controls within our governance framework, procurement systems, and investment processes,” he said.
“Your presence here underscores the strong and necessary partnership between the sovereign wealth fund and the national anti-corruption framework.
“As a sovereign wealth fund mandated to invest, safeguard, and grow national assets, the fund must not only generate value but must also embody integrity as a value.”
He warned of the impact of corruption on the country’s development and emphasised a need to uphold ethical standards that shun corruption activities.
“Corruption is a direct threat to economic growth, national confidence, and sustainable development,” Mangudya said.
“Therefore, we view today’s engagement not as compliance, but as commitment to uphold ethical standards in every transaction, every decision, and every relationship that defines our operations.”
He said the pledge aligned with national and international governance principles, importantly, National Development Strategy 1 (NDS 1) now coming to an end in December, and the soon-to-be-released NDS 2.
“These measures are strategic safeguards ensuring that Mutapa remains a credible, trusted and value-driven investment institution for the benefit of the people of Zimbabwe,” Mangudya said.
Zacc chairperson Michael Reza underscored the importance of signing the integrity pledge.
“I am also mindful that each one of you, in your roles as stewards of our nation’s resources, carries professional responsibilities and a deep personal commitment to the well-being of our people,” he said.
“It warms my heart to see such dedication embodied in this act of pledging integrity. While integrity might seem a soft skill, for institutions like the Mutapa Investment Fund, it is a critical asset upon which trust is built.”
He said it was a constitutional covenant that public resources be handled with the utmost transparency and accountability.
Reza added that corporate leaders should not be seen to be pledging integrity; instead, they should, without any excuse, conduct themselves with integrity to ensure seamless attainment of national aspirations of an upper-middle-income society by 2030.
To date, Zacc has facilitated the signing of 30 corporate integrity pledges among public institutions, though a far cry from the over 100 State-owned entities.
“Let me highlight that so far, a total of up to 27 000 integrity pledges have been signed by different individuals, notably senior government officials who include ministers, the chief secretary to the President and Cabinet, deputy chief secretaries, and permanent secretaries,” Reza said.
“All these efforts are aimed at strengthening integrity in the public sector and enhancing service delivery as we glide towards 2030.”
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