Our Organisation
At Mutapa Investment Fund, we are committed to creating wealth and long-term value for the people of Zimbabwe through the prudent management of our portfolio of companies and investments. Our organization is guided by a strong commitment to governance, transparency and accountability.
John P. Mangudya
Chief Executive Officer
The CEO's Statement
Mutapa Investment Fund is on a mission to preserve and grow wealth on a sustainable basis from its portfolio companies and investments for Zimbabwe’s current and future generations. The Fund was established by the Sovereign Wealth Fund of Zimbabwe Act [Chapter 22.20] to provide strategic oversight over a diverse portfolio of thirty (30) SOEs that constitute the Fund’s portfolio or investee companies and investments.
These portfolio companies or SOEs have been at the center of the Zimbabwean economy, providing essential services and infrastructure that affect the lives of all Zimbabweans. They used to contribute above 40% of Zimbabwe’s Gross Domestic Product (GDP) but now only contribute around 20% of GDP. Thus, with a vision to transform the economy and create sustainable wealth and improve the living standards for present and future Zimbabwean generations, MIF was reconfigured in September 2023 as the strategic investment arm of the Government of Zimbabwe.
MIF is dedicated to enhancing the financial performance of its portfolio companies through strengthening their governance frameworks, service delivery and ensuring that they are efficient, effective and accessible to the public. As a caring and active investor, MIF’s cornerstones of its operations are transparency and accountability. We are committed to enhancing the value of the portfolio companies for the benefit of the present and future Zimbabwean generations.
MIF is forward-looking, constantly exploring opportunities to innovate and expand the operations of the entities under our administration in our quest to make Zimbabwe a premier investment destination in Africa. We are thus cognisant of the fact that our success will be a result of rigorous long-term planning and putting in place a robust investment strategy to achieve our transformative mission. Whilst the task is tremendous, it is not insurmountable. We have put in place a dedicated team of professionals to closely work with the portfolio companies for us to realize our collective and shared prosperity.
We would like to thank the Government and our Board of Directors for their trust, support and encouragement in the execution of our mandate. Similarly, we would like to extend our appreciation to the Boards and Management of the portfolio companies for their commitment to turnaround the fortunes of entities under MIF.
Together, we are building, stone upon stone, brick upon brick, a future where the investee companies of the Fund are not only pillars and enablers of the Zimbabwean economy but also beacons of national pride.
I thank you.
John Panonetsa Mangudya
Management
Chief Executive Officer
Simbarashe Chinyemba
Chief Investment Officer
Deputy Chief Investment Officer
Ngoni Mudzamiri
Chief Finance Officer
Chief Legal Officer and Company Secretary
Head of Corporate Affairs and Communication
Florence Chibasa
Head Human Resources & Administration
Head Internal Audit
Investment Strategy
Our investment strategy is designed to generate long-term value for Zimbabwe’s current and future generations. The Fund’s investment strategy is focused on consolidating and managing its existing portfolio of companies and investments, while optimising its current investment portfolio.
We prioritize long-term value creation, stability, and prosperity for current and future generations. We are committed to achieving our goals through strategic oversight, developing and implementing strategic policies, and ensuring that our portfolio companies are well-governed.
Our Operating Model
Consistent with its investment strategy, MIF’s operating model is through a combination of investment and funding activities at both the parent level and the portfolio companies’ level. We work closely with our portfolio companies to ensure their success and growth. We participate in the establishment of high-calibre boards and management teams, provide strategic guidance and supervision, and actively engage with them to promote sound business practices. The Fund therefore supports the development of strategic portfolio companies and portfolio diversification through capital allocations across the group, and carry out its own investment activities that supplement its strategic activities in its capacity as the principal investment arm of the Government of Zimbabwe.
MIF’s principal sources of income are dividends received from its portfolio companies, profits on existing and supplementary investment returns, and from time to time, may solicit third party funding to support its activities across the group. MIF monitors and manages this leverage conservatively through objectives set within MIF’s investment, risk and governance frameworks
Return To Our Shareholder
MIF’s pay back to the Government of Zimbabwe is dependent on the dividends it receives from its portfolio companies and on future growth plans and investment plans.
Cluster Heads
Tatenda Chimusoro
Agriculture and Industrials
Chiedza Jaravani
Infrastructure
Tapiwa Mangwana
Banking & Financial Services
Energy & Trading
Real Estate
Gamuchirai Hogwe
Analyst – Natural Resources
Governance
MIF’s Governance framework ensures that Fund upholds the highest standards of corporate governance and transparency. The Fund’s values are built on the principles of transparency, accountability, and sound corporate governance. Our Board of Directors are responsible for overseeing the organization’s corporate governance affairs and related policies and procedures. The Board of Directors and its committees ensure that the Fund’s operations are managed in a responsible and prudent manner.
Board Committees
Board committees oversee MIF operations and ensure that its investment activities are aligned with its mandate.
Dedicated Board Committees which are highlighted below have been established to enhance our corporate governance and drive alignment with our strategic objectives. Each committee is empowered to focus on key specific areas to ensure robust oversight and accountability to support the Fund’s mission of fostering economic growth and opportunity in Zimbabwe.
1. Investment Committee
The Investment Committee plays a critical role in shaping the Fund’s investment strategy. It is responsible for evaluating and recommending investment and divestment transactions to the Board, as well as overseeing the performance of the portfolio of the Fund. The committee ensures that all investment opportunities align with the Fund’s strategic vision, accountability to stakeholders, and comply with regulatory requirements.
Key Responsibilities:
· Review and recommend investment strategies in line with the Sovereign Wealth Fund Act of Zimbabwe.
· Assess and evaluate potential investments and divestments, providing recommendations to the Board on transactions above its delegated authority.
· Oversee the implementation of approved investments to maximize shareholder value.
· Conduct annual self-assessments to enhance operational effectiveness.
2. Finance and Audit Committee
The Finance and Audit Committee is dedicated to ensuring financial integrity and effective risk management practices. This committee proactively identifies, assesses, and mitigates risks associated with the investment activities of the Fund, while maintaining transparency and accountability in financial reporting.
Key Responsibilities:
· Review and approve the annual budget and audited accounts, ensuring compliance with applicable laws and policies.
· Supervise external and internal audit functions, fostering direct communication with auditors.
· Evaluate and approve the Fund’s risk management framework to safeguard assets and interests of stakeholders.
· Regularly report to the Board on the committee’s activities, findings, and risks identified.
3. Human Resources, Remuneration and Nominations Committee
The Human Resources, Remuneration and Nominations Committee focuses on enhancing MIF’s human resources strategy to attract, retain, and develop top-tier talent. It oversees HR policies, remuneration and is responsible for the nomination and appointment of board members of the portfolio companies.
Key Responsibilities:
· Formulate and approve human capital and remuneration policies in line with the Fund’s organizational goals.
· Monitor the effectiveness of board nominations to ensure diverse and skilled leadership across portfolio companies.
· Oversee compliance with internal HR policies and legislative frameworks, ensuring equitable treatment of employees.
· Conduct annual evaluations of committee performance and HR strategies to align with the Fund’s objectives.
4. ESG, Risk, and Strategy Committee
The ESG, Risk, and Strategy Committee ensures attainment of MIF’s commitment to sustainable and responsible investment practices. It integrates environmental and social considerations into the Fund’s decision-making processes, highlighting our dedication to ethical governance.
Key Responsibilities:
· Establish and oversee guidelines for incorporating ESG factors into investment strategies.
· Oversee the environmental and social impact of MIF’s portfolio companies to promote sustainability.
· Advocate for best practices in corporate governance among investee companies to enhance their long-term performance.
MIF’s Governance framework ensures that Fund upholds the highest standards of corporate governance and transparency. The Fund’s values are built on the principles of transparency, accountability, and sound corporate governance. Our Board of Directors are responsible for overseeing the organization’s corporate governance affairs and related policies and procedures. The Board of Directors and its committees ensure that the Fund’s operations are managed in a responsible and prudent manner.
Board Committees
Board committees oversee MIF operations and ensure that its investment activities are aligned with its mandate.
Dedicated Board Committees which are highlighted below have been established to enhance our corporate governance and drive alignment with our strategic objectives. Each committee is empowered to focus on key specific areas to ensure robust oversight and accountability to support the Fund’s mission of fostering economic growth and opportunity in Zimbabwe.
1. Investment Committee
The Investment Committee plays a critical role in shaping the Fund’s investment strategy. It is responsible for evaluating and recommending investment and divestment transactions to the Board, as well as overseeing the performance of the portfolio of the Fund. The committee ensures that all investment opportunities align with the Fund’s strategic vision, accountability to stakeholders, and comply with regulatory requirements.
Key Responsibilities:
· Review and recommend investment strategies in line with the Sovereign Wealth Fund Act of Zimbabwe.
· Assess and evaluate potential investments and divestments, providing recommendations to the Board on transactions above its delegated authority.
· Oversee the implementation of approved investments to maximize shareholder value.
· Conduct annual self-assessments to enhance operational effectiveness.
2. Finance and Audit Committee
The Finance and Audit Committee is dedicated to ensuring financial integrity and effective risk management practices. This committee proactively identifies, assesses, and mitigates risks associated with the investment activities of the Fund, while maintaining transparency and accountability in financial reporting.
Key Responsibilities:
· Review and approve the annual budget and audited accounts, ensuring compliance with applicable laws and policies.
· Supervise external and internal audit functions, fostering direct communication with auditors.
· Evaluate and approve the Fund’s risk management framework to safeguard assets and interests of stakeholders.
· Regularly report to the Board on the committee’s activities, findings, and risks identified.
3. Human Resources, Remuneration and Nominations Committee
The Human Resources, Remuneration and Nominations Committee focuses on enhancing MIF’s human resources strategy to attract, retain, and develop top-tier talent. It oversees HR policies, remuneration and is responsible for the nomination and appointment of board members of the portfolio companies.
Key Responsibilities:
· Formulate and approve human capital and remuneration policies in line with the Fund’s organizational goals.
· Monitor the effectiveness of board nominations to ensure diverse and skilled leadership across portfolio companies.
· Oversee compliance with internal HR policies and legislative frameworks, ensuring equitable treatment of employees.
· Conduct annual evaluations of committee performance and HR strategies to align with the Fund’s objectives.
4. ESG, Risk, and Strategy Committee
The ESG, Risk, and Strategy Committee ensures attainment of MIF’s commitment to sustainable and responsible investment practices. It integrates environmental and social considerations into the Fund’s decision-making processes, highlighting our dedication to ethical governance.
Key Responsibilities:
· Establish and oversee guidelines for incorporating ESG factors into investment strategies.
· Oversee the environmental and social impact of MIF’s portfolio companies to promote sustainability.
· Advocate for best practices in corporate governance among investee companies to enhance their long-term performance.
