The Board recognizes that maintaining good corporate governance practices is an ongoing and continuous process. The Board adopted corporate governance guidelines which reflect its commitment to monitoring the effectiveness of policy and decision-making at board and management level ensuring strict adherence to corporate governance principles, with the goal of enhancing shareholder value.
The Group emulates corporate governance principles prescribed in the Combined Code of the United Kingdom, the King II report of South Africa and the Reserve Bank of Zimbabwe Corporate Governance Guideline.
Board appointments are made to ensure a variety of skills and expertise on the Board. Non-executive directors are of such calibre as to provide independence to the Board. The Chairman of the Board is an independent non-executive director. The Board is supported by mandatory committees in executing its responsibilities. The Board meets at least quarterly to assess risk, review performance and provide guidance to management on both operational and policy issues.
Qualification and Experience: Over 40 years Banking experience
Mr. Chikwanha was appointed as a non-executive director of NMB Bank Limited and NMBZ Holdings Limited on 31 January 2014. Mr. Chikwanha is an experienced banker, with over forty years working experience in the banking sector, 32 of which were spent at Barclays Zimbabwe. Ben Chikwanha has held various positions in Risk Management, Retail Banking, Human Resources, Corporate Banking and Corporate Finance. Mr. Chikwanha has held various management roles in the banking sector including being a Director Risk Management and Managing Director. Currently Mr. Chikwanha is an Executive Director of the Leonard Cheshire Disability Zimbabwe Trust.
Qualification and Experience: AIBZ, ACIB-SA, ACIS, MBA Finance
Benefit Washaya commenced his banking career with Barclays Bank in 1978 where he held general management positions including Director’s Assistant, Risk Management and Business Centre Director. He left Barclays Bank in 1997 to join NMB Bank where he became Divisional Director, Risk Management and was responsible for setting up the Risk Management systems in the bank. Benefit Washaya moved to Metropolitan Bank of Zimbabwe Limited in March 2004 as Chief Executive Officer. He re-joined NMB Bank as Managing Director on 7 January 2008 during a very difficult period in the history of the bank. He successfully presided over the change-over period from the ZWD to the multi-currency regime in 2009 when most bank balance sheets started from a near zero base. In 2010, he was part of the team that successfully raised $10 million through a rights issue which broadened the bank’s shareholder profile and again in 2013 he was part of the team that was involved in a private placement which raised close to $15 million and brought on board three strategic institutional investors. Benefit Washaya is a Certified Member of the Institute of Bankers of South Africa ACIB (SA) and a Chartered Secretary (ACIS). He holds a Masters’ Degree in Business Administration, specialising in Finance, from the University of Wales.
Qualification and Experience: Degree in Classics (Classical History and Philosophy) Oxford University
Jonathan Chenevix-Trench represents African Century on the board. Jonathan graduated from Oxford University in 1984 with a degree in Classics (Classical History and Philosophy), and joined the Investment banking Division of Morgan Stanley in London. After two years as an analyst in Corporate Finance, he moved into the fixed income division, and spent the next 19 years in various trading and management roles. From 2000 until 2005, Jonathan was responsible for the global Government, Interest Rate Derivative and Foreign Exchange Trading Group, and in 2005 he became Chief Executive Officer of Morgan Stanley’s European business, covering Fixed Income, Equities, Investment Banking, Asset Management and Wealth Management. In this capacity, he also chaired the boards of Morgan Stanley’s regulated banks in the UK and in Russia. In August 2007, Jonathan took on the role of Chief Operating Officer for the global Institutional Securities Group, and continued in this position until resigning in December 2007. Jonathan now serves as Chairman of Ashdown Funding Ltd, and Chairman of Elgeti Ashdown Advisers Ltd, both concerned with the real estate business in the UK and Germany. Jonathan is also co-founder of African Century, which is building an agri-business across sub-Saharan East Africa. Jonathan has served on the boards of both ISDA (International Swaps and Derivatives Association) and ICMA (International Capital Markets Association), and is currently on the boards of the Royal Academy and of the Royal Ballet School in London, as well as being a Trustee of the Chelsea Physic Garden.
James Chigwedere has over 50 years experience in administration. He commenced his career in 1953 as a wages clerk for Roberts Construction. Between 1954 and 1965 he held various posts in a number of companies, including bookkeeping and assistant manager positions. In 1968, after completing his diploma, he worked as a Local Government Officer in the Management Service of the Town’s Clerk Department of Glasgow. In 1981 he joined the ministry of Home Affairs as the Deputy Registrar General and was subsequently promoted to the position of Registrar General. He was promoted to become the Deputy Secretary in the Ministry of Home Affairs in 1983. He left the Ministry of Home Affairs and joined International Trade Meridian (ITM) as the Managing Director and later became the Executive Chairman. In 1985 he left the ITM group to manage his hardware business. He currently manages his business ventures which include cattle ranching and construction.
Qualification and Experience: Diploma in Accountancy – School of Accountancy, South Africa and BSC (Accounting) Ohio State University, USA
Betserai Willie Madzivire, an Accountant by profession, joined the bank as a Non- Executive Director in January 2008. Betserai was the Finance Director for Aberfoyle Group of Companies. Previously, Betserai was the Director of Audit in the Auditor General’s Office, the Chief Internal Auditor for City of Harare, and was employed by Pan African Institute for Development, in Cameroon as a Financial Controller. He has gained extensive experience in auditing, accounting and consultancy. Betserai is also a farmer and business consultant. He currently sits on the boards for Aberfoyle Group of Companies. He has also held directorships in Olivine Holdings, Zisco Steel, Sea Diamonds (Namibia), Lancashire Steel, Dimon, Doves Holdings and Air Zimbabwe.
Arthur Mutsonziwa, a lawyer by profession, joined the bank as a Non-Executive Director in 1998. He is a senior partner at Atherstone and Cook, a firm of legal practitioners, where he specialises in insurance and commercial law. Arthur is a non-executive director of Associated Newspapers of Zimbabwe (Private) Limited, Ruzawi Schools (Private) Limited, Tunatemore (Private) Limited, non-executive Chairman of Optimal Insurance Company (Private) Limited, Chairman of the Board of Governors of Ruzawi School and a member of the Board of Governors and of the Executive Committee of the Peterhouse Group of Schools.
Qualification and Experience: Diploma in Horticulture, Diploma in Business Administration, Diploma in Commercial Lending
Ben Zwinkels represents AfricInvest on the board. Mr. Zwinkels is currently the Executive Chairman of AfricInvest Capital Partners. He has over 35 years of experience in Financial Sector Development in Africa of which 30 years were spent working for FMO (the Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. from the Netherlands) where he retired as of July 1st 2012. Mr. Zwinkels commenced his working career as an Assistant Auditor and held the positions of Assistant Financial Controller, Branch Manager and Technical Advisor before joining FMO in 1982 as a Project Controller. Ben held several positions with FMO including Senior Investment Officer- North and West Africa Division and Senior Investment Officer- Private Equity, until his retirement.
Cheikh Ndiaye represents the Nederlandse Financierings-Maatschappij voor Ontwikkelingslanden N.V. (FMO) on the board. Mr. Ndiaye has over 30 years of commercial banking experience of which 28 years were spent with Citibank. Mr. Ndiaye rose from a Credit Analyst position to Regional Director of Operations and Technology for 12 countries in Africa and Middle East managing over 1500 people. At Ecobank, Mr. Ndiaye managed Operations and Technology in 30 countries with over 7 000 staff members. Mr Ndiaye has experience in various banking areas, including Financial Control, IT, Risk Management, Financial Analysis and Operations. Currently Mr. Ndiaye is an independent bank consultant.
Qualification and Experience: AIOB(UK), Diploma in Financial Management
Roger Keighley represents the Norwegian Investment Fund for Developing Countries (Norfund) on the board. Mr. Keighley is a career banker who holds an Institute of Bankers (UK) qualification and has over 30 years’ experience in the financial services sector. Roger has worked as an Advances Manager, Head of Treasury, Vice President Credit Products for a number of banking institutions including Lloyds Bank, Nedcor and Bank of America. Roger has worked as a Consultant in several African countries focusing on banking and development finance issues mainly. Currently Mr. Keighley is the Investments Director of Financial Institutions of the Southern Africa Office for Norfund.
Maureen Svova is one of the pioneer black female Chartered Accountants with over 25 years’ experience in Finance and Accounting. Maureen trained for her articled clerkship with Coopers & Lybrand from 1982 to 1986 after graduating with a Bachelor of Accountancy and was promoted to Senior Audit Manager a position she held until she left in 1990. She joined Trinidad Industries where she worked as a Finance Director from 1990 to 2000. Maureen joined Deloitte and Touche Malawi as a Senior Audit Manager between the years 2000 and 2003. She left Deloitte to join Cottco as the Group Finance Manager where she was employed between 2003 and 2005 after which she left to join Integrity Asset Management for a short period. Currently Ms. Svova is managing a business consultancy company.