Corporate Governance Statement
The Zimbabwe Mining Development Corporation recognises effective corporate governance as critical for the attainment of its corporate goals. Good corporate governance principles guide the Corporation’s entire decision making and control processes and this, is aimedat maximising shareholder value,reducing business risk while ensuring that the company’s resources are utilised in an optimal way. Adherence to good corporate governance practices by the Corporation entails responsible management, centred on effective co-operation between the Board and Executive Management, as well as respect for the interests of employees and the shareholder.
Role of the Board
The Board of ZMDC is called the Mining Development Board and consists of not less than five and not more than nine Members appointed by the Minister of Mines and Mining Development after consultation with the President of Zimbabwe. The Members are chosen for their ability and experience in the mining industry or administration, and for their suitability otherwise for appointment as Members.The General Manager of the Corporation is an ex-officio Member of the Board.
The Board is collectively responsible for the long term success of the Corporation and has the primary responsibility for guiding and monitoring the business of ZMDC. As such, the Board is ultimately accountable to the shareholder for all the activities of the Corporation and has therefore reserved to itself key matters on which it alone may make decisions. These include the Group’s business strategy, its budget and major corporate activities.
To ensure effective execution of its role, the Board has in place a Board Charter and four Board Committees namely; the Finance & Investments Committee, The Human Resources Committee, The Technical Committee and The Legal, Risk & Audit Committee. Each Committee has its terms of reference approved by the Board.
The Board maintains dialogue with the shareholder, directed towards ensuring mutual understanding of objectives. The Board’s primary contact with the shareholder is through the Chairman and the General Manager.