Energy Minister suspends Petrotrade Board 

by | Mar 11, 2022 | Business, Local News | 0 comments

Energy Minister suspends Petrotrade Board

Nevanji Munyaradzi Chiondegwa

Zimbabwe`s Energy and Power Development Minister Soda Zhemu has announced suspension of the Petrotrade Board of Directors, citing Corporate Governance issues.

The board, which was appointed last year, came in at the fuel parastatal after it had spent five years without a board.

In a statement, Minister Zhemu said he will be appointing a team to look into the governance issue and proffer recommendations for the future.

“While the Board of Directors for Petrotrade was appointed in terms of Section 11 of the Public Entities Corporate Governance Act, with the concurrence of His Excellency, the President of the Republic of Zimbabwe, I have today, 9 March 2022 suspended the entire Board pe ding investigations into matters of corporate governance,” said Minister Zhemu.

The Petrotrade board comprises of prominent lawyer, Tino Chinyoka (Chairman), Zanele Dube (Vice Chairman) and

Board Members, Simba Mhuriro, Gladys Mumhure, Ferida Matambo, Lilian Timveos, Getrude Marabada and Godfrey Ncube.

Usual outstanding issues in corporate governance relates to the structure of rules, practices, and processes used to direct and manage a company.

Bad corporate governance can affect a company’s operations and its ultimate profitability.

A company’s board of directors is the primary force influencing corporate governance.

Corporate governance entails the areas of environmental awareness, ethical behavior, corporate strategy, compensation, and risk management.

The basic principles of corporate governance are accountability, transparency, fairness, and responsibility.