Zinara to hold maiden AGM

Zinara to hold maiden AGM
Published: 12 July 2016
The Zimbabwe National Road Administration (Zinara) will hold its first ever annual general meeting (AGM) in over 10 years since its establishment as it moves in line with Government demands for good corporate governance.

The parastatal, responsible for maintaining the country's nearly 90 000 kilometer road network, was set up in 2002. Holding of the AGM, to take place on July 25, follows in the footsteps of a few other state enterprises (SEPs) and parastatals such as Tel One and the Peoples Own Savings Bank, which are making strides to improve accountability and transparency in the way they do their business.

The POSB, which is among the few profit making SEPs, this year allowed the media to sit through its AGM to show that "it had nothing to hide," Zinara chairman, Albert Mugabe told New Ziana on Monday that holding AGMs would become an annual event.

"It is our first ever AGM and it is being held now because we are making every effort to run the administration as professionally as possible and an AGM is an absolute necessity," Mr Mugabe said.

"In the professional running of an institution such as Zinara you have to have engagement with the relevant people on the direction that you are taking, where you have been and to project a way forward."

Zinara has over the years been accused of misusing funds that it collects without focusing on road maintenance and rehabilitation.

The parastatal has also lost millions through road equipment procurement scandals.

Zimbabwe's major roads are in a poor state and are, besides vehicles defects and human error, among the top reasons for high road carnage. Zinara collects millions annually through toll fees, vehicle license fees, road transit and abnormal load fees as well as the fuel levy.

Mr Mugabe said Zinara would at its first AGM present its audited accounts for 2014.

"The major business of an AGM is (to present) your audited financials and because we have a backlog we might have to hold some extraordinary AGMs," he said.

- New Ziana
Tags: Zinara,

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