96 страниц. 2013 год. LAP Lambert Academic Publishing This study seeks to measure the relative correlation between board independence and firm performance, board size and performance, and board control characteristics and performance by comparing the period before and after the introduction of the RBZ corporate governance guideline. The questionnaire was used to collect primary data. The data was analysed using a multiple regression model. It was discovered that the implementation of the policy by the RBZ did not significantly affect the contribution of board size, CEO duality, number of independent directors, number of board committees, CEO share ownership, compliance and number of block holders having more than 10% shareholding to the return on assets. The study found that there was a significant relationship between return on assets and turnover of financial institutions that were operating in Zimbabwe before introduction of the guideline. However, this trend moved to a negative position upon implementation of the guideline.