Mangudya tightens oversight roles in parastatals; orders full boards staffing
Business Reporter
MUTAPA Investment Fund (MIF) CEO ,Doctor John Mangudya has tabled plans to staff management boards under his purview in a bid to fire up the oversight function inn entities under his purview.
MIF, formerly known as the Sovereign Wealth Fund of Zimbabwe is a Zimbabwean sovereign wealth fund formulated by the Sovereign Wealth Fund Act. It was renamed after the re-election of Emmerson Dambudzo Mnangagwa as the president of Zimbabwe, doing so by using Statutory Instrument 156 of 2023.
In a market update this week, the accomplished banker Mangudya revealed the MIF has embarked on an operationalisation drive to establish fully staffed management boards.
“As part of the ongoing operationalisation efforts , we are actively appointing expired boards and addressing incomplete boards within companies under Mutapa’s control.We conduct thorough probity checks to ensure prospective directors posess the necessary experience and skills that align with the fund’s strategic goals,” he said.
He said this rigorous due diligence process is followed by additional vetting by relevant authorities.
“Having fully and appropriateky constituted boards for state entities is critical for proper management and performance since that ensures good corporate governance.Boards are critical in providing the oversight required to drive performance .
“The ongoing operationalisation drive would see the fund addressing the issue of incomplete boards at ZUPCO,Allied Timbers .National Railways of zimbabwe,AFC and Cottco,” added Mangudya.
