adminthat one would expect of a man of his stature.
His urge to work with different stakeholders in an unassuming way has made him not only a darling of the ambitious but also of the corporate world hence his appointment to a number of boards for both quoted and unquoted companies.
His stance was quite emphatic at different business forums and one will recall his strong views on lifting of economic sanctions on Zimbabwe, which were quite revealing. This endeared him to both his foes and friends.
When he spoke on business issues affecting the local manufacturing industry, he avoided impressing the audience while at the same time disappointing the nation he was called to serve.
His business and leadership acumen saw him introducing a new paradigm at Industry House where the CZI is domiciled.
Indeed, “trailblazers” normally do not get away with every ambition they assume, the biased-cum-uninformed reportage of events at Capital Bank where he represented NSSA as chairman cannot go unmentioned.
Allegations that he accessed a loan of more than US$400 000 through unethical means that were trumped up by his detractors failed to stick after a dilligent audit by BDO Kudenga & Co found nothing amiss.
His subsequent resignation as chairman of the Capital Bank and RTG boards was quite commendable given the blatant disregard of corporate governance which has become a cancerous worry even for blue chip counters which are expected to show the way.
It could not have come at the right time considering that Nssa through its strategic positioning and liquid balance sheet in the middle of a dry market is always looking to spread its wings when it comes to investments.
Some of the entities both listed and unquoted where Nssa has a stronghold include Zimre Holdings, Zimpapers, ZB Financial Holdings, starafrica, RTG, OK Zim, NicozDiamond, FBC, Fidelity Life, Art Corporation, Aico, Afre Corporation and many others.
There are only a few share registers of the top 20 listed companies that do not have Nssa.
The few exceptions include Lifestyle Holdings, NMB Bank, Zeco, Econet Wireless and Apex Corporation.
It was therefore not surprising to market analysts that Dr Kanyekanye was bound to make headlines considering his relationship with Nssa.
RTG was a troubled counter prior to the coming in of Dr Kanyekanye. Shareholder squabbles were synonymous with all AGMs to do with the hospitality group while room occupancy rate was a disappointment with the revenue per available room reaching the nadir of the market average.
Whether it is by coincidence that the hotel started performing better when Dr Kanyekanye came on board or whether it was due to the industrialist’s strategic mind will make little difference; he will be remembered for overseeing an improved turnaround at RTG.
When a team of the King Committee sat down just after apartheid in South Africa to come up with a blueprint on how corporates should be managed, they had it in mind that minority shareholders disenfranchisement, sexism and sustainable development should be addressed in the new corporate code.
Such salient matters were overlooked by the Sarbanes–Oxley Act which applied in the North American jurisdiction and the Cadbury report of the United Kingdom. It is the same principles which the Zimbabwean industrialist, Dr Kanyekanye seems to abide with. Days of board-chairpersons who are not independent should be nipped in the bud.
Where conflict of interest is apparent the disputed director should be expelled. The setting of such a precedent by Dr Kanyekanye is commendable and we expect to see it spreading to most corporates.
RTG is expected to post gross revenue of about US$35 million by year end while occupancy is expected to reach 50 percent from an average of 43 percent for the better part of the year.
These targets were set during Dr Kanyekanye’s leadership as chair of the RTG board that he joined in July 2012. He is also leaving Capital Bank with a clear trajectory that it should continue fighting to meet capital levels as espoused by the central bank or reduce itself to a micro-finance institution.
As a special interests councillor at Town House, he acquitted himself well by introducing a business dimension to the way of doing business.
It was a case of extending an olive branch to the political world that one can talk profits while at the same time advancing social-cum-community interests.
This is quite a common trend in the British system of governance where councillors are drawn from different backgrounds with the office of a councillor much more revered in their system. This is unlike here in Zimbabwe where being a councillor is synonymous with a gateway for acquiring a residential stand without hassles before one launches a bid for the august House.
Henry Ford, one of the greatest entrepreneurs of all time, once said: “Coming together is a beginning. Keeping together is progress. Working together is success.”
Indeed, it is a blessing to have such a captain of industry in our midst. We can rest assured that the agenda of this economy to blossom is guaranteed considering how much he is prepared to work with both the young and older generations.
Thank you and God bless you.
Christopher Takunda Mugaga is an economist. He is the Head of Research for Econometer Global Capital, a regional finance and Eeonomics research firm. He can be contacted on: [email protected] or +263 772 340 353 / +263 776 266 062
Online Reporter