MUTAPA Investment Fund has appointed new board members for Air Zimbabwe and Allied Timbers as part of its efforts to revitalise these State-owned enterprises.
Dr Silvanos Gwarinda has been appointed as the chairperson of the national airline, with Precious Sibiya serving as his deputy.
Other notable board members include veteran banker Onesemo Mukumba, Lilina Chigodora, and Farai Mpofu.
Dr John Mangudya, the CEO of Mutapa, announced these appointments in the Government Gazette published on Friday.
Keuementsi Mundawana has been appointed as the chairperson of Allied Timbers, with Professor Maxwell Mupandawana serving as his deputy.
Other notable board members include renowned business executive Zondi Kumwenda, Dedrey Mutimutema, Tsitsi Mutasa, and Emmanuel Sunduza.
Mutapa, Zimbabwe’s sovereign wealth fund, is undergoing a major operational push, marked by the strategic revamping and appointment of boards for selected companies now under its control.
The move signifies Mutapa’s commitment to provide a strategic direction for the companies and strengthening governance to achieve its core objectives of wealth creation and long-term economic stability, Dr Mangudya told this publication in an interview recently.
Dr Mangudya, the former Reserve Bank of Zimbabwe governor said the ongoing process was meant to ensure the boards possessed the necessary functionality to align with the fund’s strategic goals.
“As part of our ongoing operationalisation efforts, were actively appointing expired boards and addressing incomplete boards within companies under Mutapa’s control,” said Dr Mangudya.
“We conduct thorough probity checks to ensure prospective directors possess the necessary experience and skills that align with the fund’s strategic goals.
“This rigorous due diligence process is followed by additional vetting by relevant authorities,” he added.
Mutapa is the country’s sovereign wealth fund established by the Act of Parliament. It is a strategic investment arm of the Government which was capitalised with shares in selected State-owned enterprises and investments.
The fund manages a broad portfolio of companies from different sectors of the economy which are divided into sic clusters namely mineral resources, energy and trading, Information Communication Technology, transport and Logistics, agriculture and industries, financial services as well as real estate.
Mutapa is expected to benefit ordinary Zimbabweans in several ways. First, as the entities become commercially viable and profitable, they will reduce their dependence on government support, freeing up resources for other priorities.
Second, increased production will lead to more employment opportunities and a more stable and resilient economy. Third, Mutapa will contribute to achieving the objectives of the National Development Strategy and the aspirations of Vision 2030 by increasing Gross Domestic Product (GDP) and per capita income.
Source: Business Weekly