Online Reporter
Freeman Razemba
Senior Reporter
NATIONAL airline, Air Zimbabwe, is holding its fourth Annual General Meeting (AGM) in Harare, which is focusing on corporate governance, financial restructuring and an integrity-driven turnaround strategy for the year ended December 31, 2024.
The AGM is being attended by Deputy Minister of Transport and Infrastructural Development Joshua Sacco, Air Zimbabwe board members led by chairperson Dr Silvanos Gwarinda, chief executive officer Mr Edmund Makona and various stakeholders.
In his remarks, Dr Gwarinda said the year under review marked a defining chapter in the history of Air Zimbabwe.
“While the Airline continued to operate within a challenging global and domestic aviation environment characterised by high operating costs, constrained liquidity, supply chain disruptions and increasing regulatory demands, it also laid a solid foundation for long-term recovery and sustainable growth,” he said.
“The board is encouraged that the Airline’s turnaround strategy has begun to yield measurable results, both operationally and financially.
“Perhaps the most significant development during the year was the transition of Air Zimbabwe into the oversight of the Mutapa Investment Fund following the promulgation of Statutory Instrument 156 of 2023.”
Dr Gwarinda said this governance transformation has strengthened strategic oversight, enhanced accountability, and positioned the Airline to operate under a commercially focused governance framework.
“The appointment of a diverse and highly skilled Board, together with key executives including the Chief Finance Officer, Company Secretary and Risk Officer, has significantly reinforced the Airline’s institutional capacity and governance structures,” Dr Gwarinda said.
“I am pleased to report that considerable progress was made in restoring sound corporate governance. Historical financial reporting backlogs were substantially cleared through the completion and audit of the 2020, 2021 and 2022 financial statements, enabling the Airline to convene its Annual General Meeting in compliance with statutory requirements.
“Quarterly Board and Committee meetings were held consistently, internal audit and risk management functions were strengthened, and performance management systems were enhanced through the introduction of formal performance agreements for executive leadership.”
He said these achievements demonstrate the board’s commitment to transparency, accountability and good corporate governance. Dr Gwarinda said operationally, the Airline continued its journey towards rebuilding capacity.
“The addition of a second ERJ145 aircraft during the year improved fleet availability and supported the expansion of regional and domestic operations,” he said.
“Scheduled services continued to connect Harare with Victoria Falls, Bulawayo, Johannesburg and Dar es Salaam, thereby maintaining the Airline’s strategic role in facilitating national connectivity, tourism and regional trade.”
