Source: Minister challenges Transmedia board | The Herald 10 AUG, 2019
Joseph Madzimure Senior Reporter
THE newly-appointed Transmedia Corporation Private Limited board is expected to provide necessary guidance and leadership to transform the organisation and ensure good corporate governance is adhered to, Minister of Information, Publicity, and Broadcasting Services Monica Mutsvangwa has said.
Addressing Transmedia board members in Harare yesterday, Minister Mutsvangwa said there was need to transform the organisation into a profit-making entity.
“The board should commit themselves to the company’s programmes and take this corporation forward. The Government is expecting the entity to declare dividends to the Treasury. I hope this board will make the Government proud by upholding the values of Transmedia.
“It is my belief that they will provide the necessary guidance and leadership to ensure that good corporate governance continues to be upheld at Transmedia Corporation. The board members are expected to follow the corporate’s by-laws, policies and board resolutions.
“The new board members join this organisation at a critical period when they are most needed to take it forward. Each of these new members of this board brings with them experiences that are crucial to the administration of the Corporate’s operations,” she said.
She called for the need to establish a good working relationship between the board and the executives of the company.
“While the day-to-day operations will be led by the chief executive officer (CEO), a “board-CEO” relationship is crucial and critical partnership that must be well-established and maintained. I expect the board to work hand-in-glove with the corporation and the CEO.
“The board needs to hit the ground running and take up its mandated roles mainly, but not limited to serving as a trusted advisor to the chief executive officer.
“The establishment of a board and chief executive relationship is critical to spearhead the entity,” she said
Minister Mutsvangwa added that the last board sitting at Transmedia was in 2014.
The minister said: “This has compromised good corporate governance at the entity, and the new board should move quickly to fill the void.
“It is pleasing to note that Transmedia is not insolvent. You are inheriting a corporation which is up-to-date with its financial obligations, which include payroll creditors.
“There is now an expectation that with your leadership in place, Transmedia will be transformed to an even better and more profitable entity,” said Minister Mutsvangwa.
Transmedia Corporation (PVT) Ltd is a state-owned company established to provide radio and television signal distribution services for broadcasters in Zimbabwe in terms of Zimbabwe Broadcasting Commercialisation Act of 2001. This is currently paying dividend since almost all new broadcasters are riding on Transmedia infrastructure and more investments are being made to increase capacity and coverage. The organisation is currently implementing the TV Digitalisation project, which is expected to improve TV and radio quality and coverage countrywide.
Information, Publicity, and Broadcasting Services Deputy Minister Dr Energy Mutodi said the board should add value to the company. “Failure is not an option. We want more revenue from the services offered,” said Dr Mutodi.
The board chairperson Ambassador Mary Mubi said the board is committed to serve the interest of the shareholders.
“There is no reason why public companies are not making profit and pay dividend to the fiscus,” she said.
Other board members are Clifford Mufiri, Raymond Takavarasha, Pamela Machingambi, Viola Zenenga, Margaret Zhou and Dalick Marandure.