The Committee oversees the active search for and identification of Greenfield and expansion investment opportunities for implementation by the Corporation, through new or special purpose implementation vehicles, or through existing investment vehicles. All commercial projects identified for implementation must pass the hurdle of a return above the Corporation’s cost of capital.
Finance & Audit
The Committee deals with accounting matters, financial reporting and internal controls. It meets at least quarterly and reviews the financial statements before they are submitted to the Board. The Committee monitors proposed changes to accounting policy, reviews internal control and reporting matters, reviews Internal Audit and Independent External Auditors’ reports. The Committee has access to both the external audit partner and the internal audit manager, who also attend its meetings. All significant findings during the audit are brought to the attention of the Board. The Internal Audit Department is required to cover each Corporation investment at least four times per annum.
The Corporation obtained the agreement of partners in associated companies for the Internal Audit Department to conduct audits at those investments since 2001.
The Committee recommends to the Board names of qualified persons, from a database built for the purpose, for appointment as non-executive directors in Corporation investments, with a view to achieving a skill, gender and geographical mix on these boards.
Remuneration and Human Resources
The Committee is responsible for review of executive management and remuneration in line with the Remuneration Policy approved by the Board. The Remuneration Policy was put in place in terms of Sections 12 and 23 of the IDC Act (Chapter 14:10), after considering the practices of commercialized and privatized Government owned companies.
The Committee identifies risks faced by the Corporation and its investments and proactively seeks solutions and measures to manage the risk which are recommended to both the Corporation and its investments.
Development Finance Divisional
The Committee gives oversight to the Development Finance division and approves lending risk parameters, limits and overall credit policy in line with the Corporation’s overall objectives
Powers of the Board in the current Act
As per the IDC Act (Chapter 14:10) the following are the powers of the Corporation:-
- To promote or assist in the promotion of companies for conducting industrial operations in Zimbabwe or any other country
- to lend or advance money to, to acquire an interest in or to provide, or by underwriting or otherwise to assist in the subscription of, capital for, any company engaged in or proposing to establish or to expand or modernize any such industry or industrial undertaking.
- to hold, manage, develop, let or hire, buy, subscribe for or otherwise acquire or sell or otherwise dispose of, or hypothecate or otherwise deal in, immovable or movable property of any sort, including stocks, shares, bonds, debentures and securities of and any interest in any, company and where necessary, to act as trustee for debenture holders.
- to make, draw, accept or endorse negotiable instruments.
- to guarantee any undertaking given in relation to the financing of any company or the performance of any contract by any company.
- by the issue of debentures or debenture stock or otherwise to raise loans or borrow moneys: provided that the amount owing at any time in respect of loans raised or moneys borrowed shall not , without the approval of the Minister and of the Minister responsible for finance, exceed the amount of the issued capital of the Corporation at that time.;
- to act as the manager or secretary of any company and to appoint any person to act on behalf of the Corporation as a director of or in any other capacity in relation to any company and to act as the agent or representative of other companies whether carrying on business in Zimbabwe or elsewhere ;
- to procure the registration of the Corporation outside Zimbabwe and, generally, to enter into any contract and perform any act, whether in Zimbabwe or elsewhere, which may be necessary for or incidental or conducive to the attainment of any of the objects of the Corporation or which are calculated directly or indirectly to enhance the value of the services which the Corporation can render towards industrial development within Zimbabwe;
- to appoint any person or promote any company for the purpose of:-
- providing management services to the Corporation or any subsidiary company of the Corporation.
- promoting and developing the Corporation’s human resources by way of personnel training in sound financial administration, management techniques and services, computers, project implementation and, any other field related to the activities of the Corporation.
- Acting as agent or representative of other companies, whether carrying on business in Zimbabwe or elsewhere:
Provided that any person so appointed or company so promoted shall act under the authority and direction of the Board and shall not without the written consent of the Board, delegate any function assigned by the Board to that person or company.