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Business Reporter
Deposit Protection Corporation chief executive and two-time Institute of Chartered Secretaries and Administrators in Zimbabwe past president Mr John Mafungei Chikura, has been declared the 2012 Chartered Secretary of the Year. The runner-up is Zimre Holdings Limited group company secretary Ms Sibongile Mhlanga. ICSAZ secretary and chief executive Mr Farai Musamba made the announcement at the ICSAZ annual conference banquet held in Victoria Falls last week.
He read citations outlining some of the recent achievements of Mr Chikura and Ms Mhlanga. Mr Chikura’s citation pointed out that during 2012 Mr Chikura had spearheaded the promulgation of the Deposit Protection Corporation Act (Chapter 24:29).
The new Act effectively transformed the Deposit Protection Corporation from a deposit insurer, with a limited mandate, specifically focusing on deposit payouts in the event of an insolvent banking institution being placed under liquidation, into an organisation with the broader mandate of minimising risk.
The DPC now has the authority to control banks’ entry into and exit from the deposit insurance scheme, assess and manage its own risk, conduct bank examinations and undertake enforcement and bank failure resolution activities. The new Act specifies that the corporation will be appointed the liquidator of any banking institution placed in liquidation and the curator of banking institutions that have prospects of being turned around.
Mr Chikura’s first liquidation appointment was with Genesis Investment Bank, which was placed under liquidation last year. Subsequently, he was appointed the liquidator for Royal Bank in April this year. The liquidation of the two institutions is still underway.
He was a member of the council of the ICSAZ for many years. He served two terms as president of the institute from 2000 to 2001 and 2001 to 2002.
He has been a member of many committees of the institute and sits on the ICSAZ Investigations Committee. He is also a member of the institute’s Professional Standards Committee. He is a Fellow of the institute. Among the qualifications he holds is a Master of Business
Administration degree in finance and banking from the University of Manchester. Mr Chikura has gained vast experience in the various senior management positions that he has held over the years. Among the positions he holds at present are chairman of the Rainbow Tourism Group, director of FMRE Property and Casualty (Private) Limited and non-executive director of First Mutual Holdings.
He is a former commissioner of the Securities Exchange Commission of Zimbabwe and current chairman of the International Association of Deposit Insurers Africa Region.
Ms Mhlanga, the runner-up for the 2012 Chartered Secretary of the Year Award, was involved in the establishment of the Trust Deed for Sadc Insurance Forum, an insurance body for Southern Africa.
She is the company secretary of Zimre Holdings, which is Zimbabwe’s largest insurance group by premium written and asset base. Ms Mhlanga sits on the boards of Reinsurance Brokers International and Credsure Insurance Company.
She holds a masters degree in Business Administration and a Bachelor of Science Accounting degree and became an associate member of the Institute of Chartered Secretaries and Administrators in 2005.
Ms Mhlanga began her career as a clerk with Barclays Bank and also had a stint at Tedco. She joined Zimre Holdings in 1991 as an accountant and rose to the position of group company secretary.
Other positions she currently holds include principal officer of Zimre’s pension fund, chairperson of the Zimre works council and committee member of the ICSAZ disciplinary committee. She has also provided lectures for several ICSA subjects.
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