ZIMBABWE Stock Exchange-listed companies are recording improved workplace safety indicators, after a new study found that injury rates and lost-time injuries declined between 2023 and 2024.
The decline suggests that integrating environmental, social and governance (ESG) considerations into business operations could help strengthen industrial safety.
The study examined 74 reports from 37 ZSE-listed companies over two years, complemented by questionnaires completed by 33 active industrial safety practitioners.
The companies covered banking, agro-industrial, manufacturing, mining and telecommunications.
Presenting the findings recently, Scientific and Industrial Research and Development Centre (SIRDC) environmental science director Dr Farai Matawa said ESG could strengthen conventional safety, health, environment and quality (SHEQ) systems by embedding workplace protection into broader corporate strategy.
“In principle, we are saying ESG elevates SHEQ to another level,” he said.
In 2024, 29 of the 37 company reports recorded a decline in Total Injury Frequency Rate (TIFR), compared with 26 in 2023.
The number reporting fewer Lost Time Injuries (LTI) increased from 28 to 31, while 27 recorded a decline in Injury Severity Rate (ISR), up from 24 the previous year.
These indicators measure the frequency of injuries, incidents that keep employees away from work and the severity of injuries sustained.
The study also found improvements in preventive measures.
Near-miss reporting increased in 34 company reports in 2024, from 32 in 2023, while SHEQ training completion increased in 33 reports, compared with 35 the previous year.
Near-miss reporting helps employers identify unsafe conditions and correct hazards before they result in injuries.
The research further showed that 34 of the 37 companies maintained their zero-harm status from 2023 to 2024.
In 2024, 34 company reports recorded no change in work-related fatalities, while none recorded an increase, compared with two that reported an increase in 2023.
Dr Matawa said ESG encouraged organisations to look beyond internal safety procedures and consider the wider effects of their operations, including risks across supply chains and relationships with employees, communities and investors.
“When we are talking about ESG, we are trying to say, let’s now look at these issues from a holistic perspective, so that even SHEQ issues may also find their room at the table when things are being discussed at the board,” he said.
ESG integrates environmental responsibilities, such as waste management and energy efficiency, with social priorities, including occupational safety, labour standards and employee welfare. Governance covers accountability, ethical conduct and transparent reporting.
Sustainability reporting is no longer optional for ZSE-listed companies, with Statutory Instrument 134 of 2019 (the Securities and Exchange (Zimbabwe Stock Exchange Listings Requirements) Rules) and ZSE Practice Note 16, which has a VFEX equivalent in Practice Note 2, mandating structured ESG disclosures.
The Public Accountants and Auditors Board is also pursuing a phased roadmap aligned with the international IFRS S1 and S2 standards, which will require listed entities and public interest institutions to achieve full climate and sustainability compliance.
However, the findings do not establish that ESG integration alone caused these improvements, nor do the listed-company results necessarily reflect trends across the wider economy.
Indeed, at the national level, official statistics from the National Social Security Authority (NSSA) show that workplace injuries and fatalities continue to rise.
Reported injuries increased by about four percent to 4 414 in 2025, from 4 242 in 2024, while fatalities rose 11,4 percent to 78, from 70.
The situation deteriorated further in the first half of this year, with disabling injuries increasing eight percent to 2 442 by June, from 2 263 during the same period last year. Workplace fatalities rose 30 percent, from 40 to 52, over the same period.
Despite the potential benefits of ESG integration, Dr Matawa identified inadequate awareness and training, financial constraints and weaknesses in data management as barriers to implementation.-herald
