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Ivan Zhakata-Herald Correspondent
THE newly appointed board members of Petrotrade have been challenged to contribute to the economic development of the country by leading the growth of the company which is a State enterprise.
Speaking at the inauguration of the board of directors for Petrotrade in Harare yesterday, Minister of Energy and Power Development Zhemu Soda said the company had a critical role of contributing towards the achievement of fuel security in the country, thereby fulfilling the Ministry’s mandate in the attainment of Vision 2030.
The new board members comprise of Mr Michael Dodo as the chairperson and other four other members namely Ms Edith Jaravani, Mr Elepg Gula Ndebele, Dr Patson Chikudza and Colonel Morgan Mudzinganyama (Retired).
Minister Soda appointed the board members in terms of the Public Enterprises Corporate Governance Act.
He said the absence of the board was negatively affecting the management of Petrotrade and delaying the implementation of reforms as mandated by Cabinet.
“As you assume office, it is important to pay particular attention to provide leadership to the company being guided by its mission, strategic goals and objectives,” Minister Soda said.
“You must have a strategic direction and advice to ensure that the company develops resilience and earns leadership of the petroleum industry in Zimbabwe.
“The desire of the Ministry of Energy and Power Development is to see the company grow its market share and increase the number of its service stations in strategic locations countrywide.
“Government in its thrust to restructure state enterprises directed that Petrotrade and Genesis be consolidated then be followed by partial privatisation. This scope has now changed to end at amalgamation of Petrotrade and Genesis.”
Minister Soda urged the new board to appoint a substantive chief executive officer (CEO) of Petrotrade as it was hampering decision making.
“The company has operated for a long time without a substantive CEO,” he said. “The previous board failed to conclude the process and eventually ended up creating some positions and recruiting people into these posts without following due processes.
“Your board is therefore expected to rectify these anomalies and quickly appoint a substantive CEO as this will strengthen corporate governance of the entity.”
Mr Dodo said they were happy and elated to accept the appointment which will enhance the performance of Petrotrade’s operations.
“We can assure you that we will live above board and deliver as expected,” he said. “We will ensure that Government gets a return on investment and we will definitely be committed to transparency and be accountable in making sure that the dividend expected is declared.”
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