Page 51 - FOL2023

NUL Alumni

Terence Tererayi Machawira B.A. Law, LLB

(NUL Roma), LLM (UP), MScSM (CUT)

A glance at history will show that the thrust of corporate governance
has evolved from the preoccupation with checks and balances
to mitigate corporate scandals that centred around creative
accounting which affected profits, environmental concerns focusing
on sustainability hence the planet and lately Covid-19 has invariably
reminded us of the need to focus on people. Whatever the issue
that is trending, compliance remains but a quintessential facet that
the law cannot overlook. Different jurisdictions regulate corporate
governance through various codes which have the force of law
whilst others remain persuasive sources of best practice. Whether it
is the comply-or-explain or the comply-or-else approach, one cannot
escape from the harsh reality that the cost of compliance has to be
appreciated in the context of the greater good. Given that compliance
is an inescapable reality, be it self-regulation or the carrot and stick
approach, in the wake of the Covid-19 pandemic novation, the law is
required to rise to the occasion as a tool of social engineering and
elevate the compliance discourse. To remain alive, comply we must!

Issue 2022 FOL Quarterly 53