New board for Women’s Bank

Ellen Chasokela Herald Reporter
Government has appointed a nine-member Zimbabwe Women’s Microfinance Bank (ZWMB) board following the expiry of the term of office of the previous one.

The board was announced yesterday by Women’s Affairs, Community, Small and Medium Enterprises Development Minister Dr Sithembiso Nyoni.

It will be chaired by Mr Matthews Kunaka, who was also in the previous board.
Other board members are Ms Chipo Bhebhe, Mrs Ntokozo Mkandla, Ms Nomagugu Ncube, Ms Rumbidzai Ninga, Mr Obert Ngwenya, Mr Lysias Kunaka, Mr Bright Magura and Mrs Mandas Marikanda.

Minister Nyoni challenged the board to be central in promoting women economic empowerment.
“It is a fact that improving financial support for women will increase the number of new businesses, which in turn, would boost economic activity, leading to increased productivity and growth,” he said.

“As board members, l expect you to exercise a duty of care and a duty of loyalty. The duty of care generally requires directors to exercise an objective, reasonably prudent standard of skill and care in the discharge of their functions. This obligation includes an oversight responsibility to see that the bank functions within the law to achieve its purposes.

“The duty of loyalty binds you to act in good faith and in the best interests of the corporation, prohibiting you from placing yourself in a position in which duties to the bank and personal interests conflict.”

She urged the board to recognise the broad social responsibilities it has to the general public and the country since they are being trusted to safeguard public funds.

“This requires maintaining the necessary state of mind, to be involved, engaged and aware. This obligation should not be construed as independent of your legal obligations,’’ she said.

Mr Kunaka said the new board was ready to continue with the work that was being done by the previous board.
“Your faith has not been misplaced. We will need to enhance the momentum that the previous board had. We will continue to work hard with our parent ministry and ensure that we uphold the bank’s name.

“A lot has been done and a lot more still needs to be done hence we cry for capital. The bank needs to be capitalised.”

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