MANDATORY SUBMISSION OF SUSTAINABILITY REPORTS FOR LISTED ENTITIES 12 FEBRUARY 2025
In line with the regulatory framework governing listed entities in Zimbabwe, the Public Accountants and Auditors Board (PAAB), the Zimbabwe Stock Exchange (ZSE) and the Victoria Falls Stock Exchange (VFEX) wish to inform all listed entities that the submission of sustainability reports for financial years commencing on or after 1 January 2024 is mandatory. This requirement is in accordance with Statutory Instrument 134 of 2019 (Securities and Exchange (Zimbabwe Stock Exchange Listings Requirements) Rules, 2019) and the subsequent ZSE Practice Note 16 and VFEX Practice Note 2.
Listed entities should prepare and submit their sustainability reports based on section 399 of Statutory Instrument 134 of 2019, ZSE Practice Note 16 and VFEX Practice Note 2. The sustainability reports should ensure transparency, accountability, and the effective communication of sustainability-related information to stakeholders.
Furthermore, following Zimbabwe’s adoption of the IFRS Sustainability Disclosure Standards as issued by the International Sustainability Standards Board (ISSB) in November 2022, listed entities are advised that the implementation of IFRS S1 (General Requirements for Disclosure of Sustainability-related Financial Information) and IFRS S2 (Climate-related Disclosures) is not mandatory at this stage. The accountancy regulator, PAAB is currently in the process of developing an implementation roadmap for the Sustainability Disclosure Standards. Further guidance will be provided in due course.
It is also important to note that while the submission of sustainability reports is mandatory for all listed entities, the assurance of these reports is not currently required.
All listed entities are urged to ensure compliance with the above requirements and to engage with relevant regulatory authorities for any necessary clarifications.
Issued by:
The Public Accountants and Auditors Board (PAAB)
The Zimbabwe Stock Exchange (ZSE)
The Victoria Falls Stock Exchange (VFEX)
