RTG board chairperson Mrs. Grace Muradzikwa who is also the Managing Director of Nicoz Diamond a leading insurance company told shareholders who were attending the companys AGM in Harare that she was tired of attending to board politics which is not the bisiness of the Company.
Iam a very busy professional who has always taken a professional approach to my duties and have no time for debilitating board politics. It has become clear to me that some shareholders are actively and aggressively pursuing their agendas regardless of whether they are in the best interest of the group and this compromises my ability to work as an independent board member. Of course, shareholders invest to advance their interests but they must be sensitive to due processes, corporate governance and the interest of the minorities.Accordingly,after careful consideration of the above, I cannot offer myself for re-election as the board chairperson, she told shareholders.
In March Mr. Van Hoogstraten who has 34%of RTGs shareholding argues that ,the company has directors and managers with little or no knowledge of business or in particular hospitality business. Secondly he alleges that the company has persons of no financial substance or with any personal financial stake in the company. The third allegation is that the company does not consult him as the largest shareholder in all its activities.
As a result of Mr. Hoogstratens motion elections were held on Thursday but under the protest of the majority share holders resulting in the retaining of six of the former directors minus Mrs Muradzikwa (board chairperson),and Canaan Dube(Non-executive director).
Responding to questions from journalists after the elections Mr. Hoogstraten said the struggle continues.
Lets wait and see, answered Hoogstraten who was not willing to talk to the media.
RTG board members who retained their positions are Paschal Changed(Finance Director),Non-executive directors Godfrey Manhambara,Ms Charmaine Rose Daniels, Arden Maurima,Elliot Nyoni and Ms Chipo Mutasa(Group chief Executive .
The position of board chairperson will be elected by the board members.
Post published in: Economy