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: MBF (Banking and Finance), (Milan, Italy), MPIA (Public and International Affairs), (University of Pittsburgh), BA (Political Science), (George Washington University)
A qualified banker by profession, Tendayi holds Masters degrees in Banking and Finance (Milan, Italy) and Public and International Affairs (Pittsburgh, USA), having obtained his first degree, a BA in Political Science, from George Washington University (Washington DC, USA). He joined the Group as a Non-Executive Director in February 2008.
He headed the Corporate Banking Divisions of ZB Bank and Leasing Company of Zimbabwe, before heading UKI Limited, an unquoted public investment company with interests in financial services, insurance, communications and manufacturing. Tendayi was instrumental in the establishment of a stock broking company, UKI Securities (now Genesis Securities), which he chaired; he also chaired the Boards of Fidelity Life Asset Management Company (FLAM), Firstel Cellular and Schweppes Zimbabwe Limited, and was a Director of Nicoz Diamond Insurance, Fidelity Life Assurance, Zimbabwe Insurance Brokers, First Banking Corporation, CFI Holdings, ZIMRE Limited and CFX Bank. Tendayi established Furniture Paradise, a furniture retail chain, with partners, and ran the company until 2008, when he then left to take up his current position as Director of Newfield Trading, a company involved in trading and business consultancy in the fields of procurement and investment promotion.
Qualification and Experience: AIBZ, ACIB-SA, ACIS, MBA Finance
Mr. 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. Mr Washaya moved to Metropolitan Bank of Zimbabwe Limited in March 2004 as Chief Executive Officer. He rejoined NMB Bank as Chief Executive Officer on 7 January 2008. Mr. 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.
Francis Zimuto, a founder member of NMBZ, is the former Executive Director (Banking) of NMB Bank where he was responsible for corporate and retail banking, treasury and international banking. Prior to joining NMB, Francis spent 12 years at RAL Merchant Bank where he managed various banking departments.
Qualification and Experience: B. Acc (Hons) (UZ), CA(Z), ACMA, MBL (Unisa)
Benson Ndachena, a Chartered Accountant by profession, joined the Group as the Senior Manager of Finance and Administration on 1 July 2001. Prior to joining the Group, he held the position of Financial Controller of OK Zimbabwe where he managed the Division’s Accounting Department. Previously, Benson spent eight years with Deloitte & Touche Chartered Accountants (Zimbabwe) where he rose through the ranks to become an Audit Manager and Senior Consultant and gained extensive experience in auditing, accounting, consultancy and taxation. Benson is a Director of several private companies. He is the current Treasurer of the Mashonaland District, Society of Chartered Accountants.
Lionel is the Executive Director – Banking for NMB Bank Ltd, a position he has held since 2009. In this job, he leads the Corporate Banking and Retail Banking divisions of the bank. Before assuming this role, he held other senior positions in the bank which include General Manager – Risk Management and Assistant General Manager Corporate Banking. Lionel joined NMB Bank in 2001 after having gained working experience from Standard bank, ZB Bank and MBCA Bank. He holds a Masters in Business Administration from the University of Zimbabwe and is an Associate of the Institute of Bankers of Zimbabwe and Chartered Institute of Secretaries (CIS).
Qualification and Experience: MBA in Banking and Finance from the University of Wales, a postgraduate diploma in Financial Strategy and Project Management from the Open University (UK) and a Bankers Diploma from the Institute of Bankers Zimbabwe
Felix Mangozho began his career in 1981 with Standard Chartered Bank Zimbabwe. He then joined Bard Discount House as a money market dealer and later moved on to ABC (then R.A.L) and rose through the ranks to the position of Chief Dealer. In 1993, Felix moved to NMB Bank to take up the post of Manager - Treasury and subsequently rose to hold the post of General Manager Treasury within the same institution. From 2002, he served as a Financial Consultant in London, UK. He was instrumental in setting up the NMB Bank Treasury division and presided over the phenomenal growth of the same division during his tenure. In 2008 he re-joined the Bank as Executive Director – Treasury and is leading a team of young professionals with a passion for deposit mobilization, foreign exchange and forwards sales.
Qualification and Experience: Degree in Classics (Classical History and Philosophy) Oxford University
Jonathan is a former chairman and CEO of Morgan Stanley International, where he spent over 23 years in a wide range of roles covering most of the investment banking business. In addition, he was chairman of Morgan Stanley’s regulated banks in both the UK and in Russia. He is also the founding partner and chairman of a UK based real estate company, investing in commercial, retail and residential property in the UK and Germany. He is a shareholder in African Century Financial Services Investments LLP, an investment partnership based in the United Kingdom.
James joined the Group as a Non-Executive Director in April 2008. He is a businessman and is currently the Executive Director for J C Holdings and Kitcount Investments. James is a former Registrar General and Deputy Secretary in the Ministry of Home Affairs. He left the Ministry of Home Affairs and joined International Trade Meridian (ITM) as the Managing Director and later became the Executive Chairman.
Qualification and Experience: BA (Business Administration), ACCA
James an accountant by profession has worked for a number of international organizations including Touche Ross Management Consultants, Uniliver PLC and Chargeurs SA. He is the former president of the Zimbabwe Tobacco Association and has worked at MBCA. James also served on the board of Tetrad Holdings Limited before rejoining the NMBZ Holdings Limited board in June 2010.
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 group as a Non- Executive Director in January 2008. He currently sits on the boards for Aberfoyle Group of Companies, Doves Holdings and is also a director of Air Zimbabwe. He has also held directorships in Olivine Holdings, Zisco Steel, Sea Diamonds (Namibia), Lancashire Steel, and Dimon.Prior to him joining the group, 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 Financial Controller. He has gained extensive experience in auditing, accounting and consultancy.Betserai is also a farmer and business consultant.
Qualification and Experience: BA Econ, MSc. (Finance), PhD (International Finance), D.Th, MPhil, CFA
Julius, a founder member of NMBZ is the former Chief Executive Officer of NMBZ. Julius has extensive experience in banking, having worked for Bankers Trust Company in London for two years as Vice President and Head of the Africa Merchant Banking Division. Prior to that, he worked for eight years with the World Bank in Washington DC as an Economist in the Industry Division, and as a Senior Investments Officer in the Capital Markets Department and the International Finance Corporation’s International Securities Group. Previously, he was employed as a Corporate Finance Analyst with Morgan Grenfell in London. Julius is a member of the Institute of Management based in the United Kingdom and the American Management Association.
Arthur Mutsonziwa, a lawyer by profession, joined the Group as a Non-Executive Director in 1998. He is a senior partner in 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, MGB Roofing (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.