The Mutapa Investment Fund has appointed boards of directors for seven public-owned companies that are now formally owned and overseen by the National Sovereign Wealth Fund as it seeks to enhance corporate governance across its portfolio.
Fund chief executive, Dr John Mangudya has appointed a 10-member board for Zesa Holdings and seven board members for People's Own Savings Bank, while he made additions and replacements for board members on other Mutapa entities.
The appointments were announced in a Government Gazette published last Friday in terms of the Sovereign Wealth Act.
The appointments for Zesa Holdings were for four years from September 1. Current executive chairperson Dr Sydney Zikuzo Gata has been retained to lead the power utility and will be deputised by Mr Albert Nduna.
Other board members are Ms Irene Jeke, Ms Miriam Chahuruva, Ms Ntokozo Mkandla, Mr Eliab Tafireyi Chikwenhere, Mr Ernest Denhere, Mr Itayi Utah, Mr Cassius Gambinga and Dr Liston Matindife.
Dr Mangudya has appointed Mr Kenias Mafukidze to chair the POSB board and he will be deputised by Ms Vongai Chiwaridzo.
The rest of the board includes Dr Newton Demba, Ms Michelle Hakata, Dr Dennis Magaya, Mr Anymore Taruvinga and Mr Munyaradzi Chiura. Former Zimbabwe Tourism Authority chief executive, Ms Winnie Muchanyuka has been appointed to the board of the National Railways of Zimbabwe.
Banker Mr Rufaro Hatendi and Mr Raphael Ranganayi have been added to the board of Cottco Holdings.
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Mr Admire Masenda has been appointed to sit on the Silo Food Industries board.
Harare lawyer, Mrs Bertha Muzangaza, has been appointed to the board of Allied Timbers (Pvt) Ltd.
Mrs Dedrey Mutimutema and Mrs Farai Mpofu now sit on the Air Zimbabwe board.
The Mutapa Investment Fund was a major upgrade and was renamed in September last year from the original 2014 Sovereign Wealth Fund with the transfer of Government shareholdings in a block of State-owned entities and former parastatals to the fund along with other Government investments.
The purpose of using Mutapa to own the investments is to help ensure that they are profitable and well-run.
Such sovereign wealth funds are used in several countries to build up a portfolio of investments for the benefit of the people and at times have been used to ensure that any sudden temporary bursts of wealth, such as an oil strike, result in investments that will continue to provide national income when that resource is exhausted.
