BY PWYP
The Publish What You Pay Zimbabwe (PWYP) would like to applaud Caledonia Mining Corporation for its actions in pursuing a listing on the Victoria Falls Stock Exchange.
Caledonia Mining Cooperation is also trading on London
Stock Exchange’s AIM.
Caledonia was a part of the breakfast meeting held on May
31, 2021 at Holiday Inn Harare organized
by the Zimbabwe Environmental Law Association (Zela) to enable PWYP members to
understand and explore opportunities on transparency and accountability offered
by the Zimbabwe Stock Exchange and the Victoria Falls Stock Exchange (VFSE).
One of the key
action points from the meeting was to carry out advocacy initiatives to
influence other companies to be listed on the ZSE and VFEX.
Therefore, the news that Caledonia has taken it upon
themselves to join VFEX is laudable.
The VFEX is wholly owned by
the Zimbabwe Stock Exchange (ZSE) therefore currently operating as one unit.
Target listing for VFEX
include largely export oriented or companies with significant foreign earnings.
Of importance is the
transparency and accountability window that comes through disclosure and
sustainability reporting which includes Environmental, social and governance
(ESG)aspects.
What Caledonia is doing is a
commendable move and we encourage other mining companies to also join.
This will be the first gold
mining company to be listed on VSE, with three other companies listed on ZSE
being RIO ZIM, Hwange Colliery and Bindura Nickel.
This must be accompanied by a commitment towards
compliance. Off late, there has been a challenge with compliance, and this
could be as a result of lack of enforcement coupled by lack of resources and
training for compliance along ESG aspects.
These are not being enforced
hence very few have taken upon themselves to comply.
However, Caledonia Mining
Cooperation has been very consistent on disclosure of their financial reports
and corporate social responsibility.
We look forward to compliance
by Caledonia in publishing financial statements (Financial Disclosure) and
sustainability disclosure.
This includes production of
sustainable reports with a balanced and objective view on the company’s
performance by including both positive and negative impacts on environment and
society, how it relates to its stakeholders and contribute to sustainable development
as required under the VFEX.
With the use of GRI standards or any standards
of their choice for their sustainability reporting.