• Sun. May 26th, 2024

Lack of funds delays hiring of a substantive company secretary: Willdale

ByETimes

Apr 5, 2024 #Willdale

By ETimes

HARARE – One of the major shareholders in Willdale has raised an issue about a “significant conflict of interest” concerning the current finance director, Mavuto Munginga, who holds multiple key positions in the brick making firm.
Munginga, an accountant by profession, holds a bachelor’s degree in accounting and a Masters of Business Administration degree from the University of Zimbabwe. He is a fellow of the Association of Chartered Certified Accountants (FCCA) and an associate member of the Chartered Governance Institute (CGI).
He is also a project management professional (PMP) registered with PMI and a Chartered Risk Management Practitioner.
“It has come to my attention that you now hold multiple key positions within the company, including shareholder, company secretary and finance director. However, this consolidation of roles presents a significant conflict of interest,” said the shareholder.
“This conflict arises primarily from the fact that certain members seem to be benefiting from controlling your secretarial duties, given your role as finance director.”
Willdale chief executive officer Nyasha Matonda attributed the lack of funds to not hiring a substantive company secretary.

“It’s an issue that was discussed at length at board level and it was agreed that we engage or employ a company secretary, so it’s something in the pipeline. It was an issue of funding, which was a challenge, but I think any time from now we should be able to engage a company secretary.
“It’s something that was passed at board level; it’s only funding that we say, no, maybe when the time permits, we can then engage,” he said.
Meanwhile, at the company’s extraordinary general meeting held yesterday, shareholders approved the company’s plans to develop 178.2 hectares (ha) of idle land in Mt Hampden area into residential, commercial and industrial stands.
The land is valued at US$3 million, but the company believes it can fetch more money if it develops the land first and then sells stands. Willdale expects to earn US$16.6 million from all the sales, before costs.
The brick maker intends to purchase a new US$3 million machine that is all weather friendly. Because it dries bricks in the sun, it must close for three months every year, from December to February.
All the proposed resolutions were passed at the EGM.

By ETimes

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