By 
By Ross Moyo
Former Reserve Bank of Zimbabwe (RBZ) now the Sovereign Wealth Fund (upgraded to Mutapa Investment Fund) chief executive officer, Dr John Mangudya has retained Zimbabwe Electricity Supply Authority (ZESA) board Chairperson Sydney Gata after appointing a 10-member board for Zesa Holdings and seven board members for People’s Own Savings Bank (POSB), while he made additions and replacements for board members on other Mutapa entities.
The Mutapa Investment Fund CEO also appointed boards of directors for other 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.”
Dr Mangudya exclusively revealed to TechnoMag which was confirmed in a Government Gazette published in terms of the Sovereign Wealth Act.
“Zesa Holdings appointments are for four years from September 1. Current executive chairperson Dr Sydney Zikuzo Gata already retained for his sterling job in leading the power utility will be deputised by Albert Nduna.”
“Ms Irene Jeke, Ms Miriam Chahuruva, Ms Ntokozo Mkandla, Eliab Tafireyi Chikwenhere, Ernest Denhere, Itayi Utah, Cassius Gambinga and Dr Liston Matindife are some of the Zesa board members.”
Meanwhile Dr Mangudya appointed Kenias Mafukidze to chair the POSB board who will be deputised by Ms Vongai Chiwaridzo.
Dr Newton Demba, Ms Michelle Hakata, Dr Dennis Magaya, Anymore Taruvinga and Munyaradzi Chiura make up the rest of the board while Former Zimbabwe Tourism Authority chief executive, Ms Winnie Muchanyuka has been appointed to the board of the National Railways of Zimbabwe.
Banker Rufaro Hatendi and Mr Raphael Ranganayi have been added to the board of Cottco Holdings.
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 whilst Dedrey Mutimutema and Farai Mpofu now sit on the Air Zimbabwe board.
Mutapa is a major upgrade 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.
Mutapa’s purpose to own the investments is to help ensure that they are profitable and well-run as 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.
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