Mutapa Investment Fund Appoints New Boards for 7 Public-Owned Companies

By Cimba Shepherd Nhamo

In a significant move to enhance corporate governance and oversight, the Mutapa Investment Fund, Zimbabwe’s National Sovereign Wealth Fund, has appointed new boards of directors for seven public-owned companies. The appointments were announced by Fund CEO, Dr. John Mangudya, in a Government Gazette published last Friday, in accordance with the Sovereign Wealth Act.

The seven companies, now formally owned and overseen by the Mutapa Investment Fund, are:

1. Zesa Holdings
2. People’s Own Savings Bank (POSB)
3. National Railways of Zimbabwe
4. Cottco Holdings
5. Silo Food Industries
6. Allied Timbers (Pvt) Ltd
7. Air Zimbabwe

The appointments aim to ensure that these state-owned entities are profitable, well-run, and contribute to the country’s economic growth.

Zesa Holdings Board

A 10-member board has been appointed for Zesa Holdings, led by:

– Dr. Sydney Zikuzo Gata, Executive Chairperson
– Mr. Albert Nduna, Deputy Chairperson
– Ms. Irene Jeke
– Ms. Miriam Chahuruva
– Ms. Ntokozo Mkandla
– Mr. Eliab Tafireyi Chikwenhere
– Mr. Ernest Denhere
– Mr. Itayi Utah
– Mr. Cassius Gambinga
– Dr. Liston Matindife

The appointments for Zesa Holdings are for a four-year term, effective from September 1.

People’s Own Savings Bank (POSB) Board

A 7-member board has been appointed for POSB, led by:

– Mr. Kenias Mafukidze, Chairperson
– Ms. Vongai Chiwaridzo, Deputy Chairperson
– Dr. Newton Demba
– Ms. Michelle Hakata
– Dr. Dennis Magaya
– Mr. Anymore Taruvinga
– Mr. Munyaradzi Chiura

Other Appointments

– Ms. Winnie Muchanyuka, former Zimbabwe Tourism Authority CEO, has been appointed to the National Railways of Zimbabwe board.
– Mr. Rufaro Hatendi and Mr. Raphael Ranganayi have been added to the Cottco Holdings board.
– Mr. Admire Masenda has been appointed to the Silo Food Industries board.
– Mrs. Bertha Muzangaza, a Harare lawyer, has been appointed to the Allied Timbers (Pvt) Ltd board.
– Mrs. Dedrey Mutimutema and Mrs. Farai Mpofu have been appointed to the Air Zimbabwe board.

Background

The Mutapa Investment Fund was established to manage and oversee state-owned entities and investments, aiming to ensure their profitability and contribution to the country’s economic growth. The fund was renamed and upgraded in September last year, transferring government shareholdings in state-owned entities and investments to the fund. This move follows international best practices, using sovereign wealth funds to build a portfolio of investments for the benefit of the people.