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International Journal of Economics & Management Sciences

.: Home > International Journal of Economics & Management Sciences > 2014 > Volume 3 Number 4 > Davis Nyangara1*, Melody R Nyangara2 and Batsirai W Mazviona3

An Essay on the Ethical and Corporate Governance Issues in the 2003/4 Zimbabwean Banking Crisis

Davis Nyangara1*, Melody R Nyangara2 and Batsirai W Mazviona3
1Department of Finance, National University of Science and Technology, Bulawayo, Zimbabwe 2National University of Science and Technology, Bulawayo, Zimbabwe 3Department of Insurance and Actuarial Science, National University of Science and Technology, Bulawayo, Zimbabwe
Abstract :

This paper reviews the ethical and corporate governance issues that characterized the 2003/4 Zimbabwean banking crisis. There are contrasting views on the legal and moral roots of the crisis, and consequently, different analysts have come up with different assessments of the morality and professional propriety of measures adopted by the Reserve Bank of Zimbabwe (RBZ), as bank regulator, in response to the developments in the banking industry. While there is an almost universal acknowledgement among analysts that corporate governance and ethical shortcomings contributed to the crisis, there appears to be no universal theory justifying the response of the regulator. A critical review of the events surrounding the crisis, with some benefit of hindsight, points to a form of collective responsibility among bankers, regulators, and politicians. This analysis draws on deontological and teleological ethical theories to assess the resolution of the myriad of ethical dilemmas that characterized the period before and during the crisis. The analysis also relies on legal and prudential guidelines on good governance in banking institutions, in particular the Banking Act (Chapter 24:20).

Keywords :
Ethics; Deontology; Teleology; Banking crisis; Bank regulation

Date Deposited : 09 May 2016 21:12

Last Modified : 09 May 2016 21:12

Official URL: http://www.omicsonline.com/

Volume 3, Number 4, November 2014 , ISSN 2162-6359

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