eBusiness Weekly
Enacy Mapakame
Econet Wireless Zimbabwe’s shareholders have given thumps up to Elizabeth Masiyiwa to replace her father and businessman Strive Masiyiwa who retired from the board early this year.
The shareholders met at an Annual General Meeting (AGM) in Harare on Wednesday and unanimously agreed to elect Miss Masiyiwa as a director of the telecommunications giant.
The social entrepreneur and philanthropist, was appointed to the board in April —in between Annual General Meetings — and needed to have her position cemented in line with Article 89,2 of the Company’s Articles of Association.
Miss Masiyiwa currently serves on a number of boards including Higherlife Foundation, where she is the head of design and innovation and the Harvard University Leadership Council for the Centre of African Studies.
She holds BSc (Hons) Degree in Banking and International Finance from Bayes Business School, City University London, a Masters of Social Entrepreneurship from Hult International Business School and is currently completing the Executive MBA from Cambridge Judge Business School, Cambridge University.
She has worked in various organisations, spearheading the investment and funding programmes as well as the human capital development of those organisations.
Miss Masiyiwa, who holds a number of leadership positions in both local and international organisations, brings a wealth of experience to the Econet board.
Shareholders also re-elected Dr James Myers, Hardy Pemhiwa and Dr Douglas Mboweni as directors of the company after they had retired by rotation in accordance with Article 81 of the Company’s Articles of Association.
In addition to approving directors’ and auditors’ fees, the shareholders approved dividend paid during the year in respect of the financial year ended 28 February 2022 of 60 cents per share amounting to $1,5 billion.
As a special resolution, the shareholders gave Econet a nod to “undertake the purchase of its own ordinary shares in such manner or on such terms as the directors may from time to time determine, provided that the repurchases are not made at a price greater than 5 percent above the weighted average of the market value for the securities for the five business days immediately preceding the date of the repurchase and also provided
that the maximum number of shares authorised to be acquired shall not exceed 10 percent of the company’s issued ordinary share
capital”.
