The Board of the Company will comprise eight directors, including five independent directors. The Directors are responsible for the determination of the Company’s investment strategy (including approval of each investment), interaction with the Investment Adviser and review of the performance of the Investment Adviser (through the Management Engagement Committee).
As the Company is an investment company without executive management, those functions are to be provided by the investment adviser. The four independent non-executive directors will be responsible for approving any investments made by the Company.
Brief biographies of the Directors are set out below:
Independent Non-Executive Chairman
Mr Getley was born in 1963 and was educated in England. He holds a Bachelor of Science (Combined Honours) in Chemistry and Law.
Mr Getley has been involved in financial services and corporate finance at the highest levels, with particular focus on emerging markets. He started his career at Morgan Grenfell (Deutsche Bank) in 1986. During his eleven years at Morgan Grenfell Christopher rose to the position of director and fund manager specialising in emerging markets. In 1997 he co-founded Aldwych Capital, an asset management firm focussed on emerging markets. He then moved to Cazenove & Co where he subsequently became a Partner; he was responsible for the Global Emerging Markets and Asian equities portfolio. He left Cazenove & Co in 2002 to become Managing Director of Smith's Corporate Advisory Limited, a boutique corporate advisory firm focused on South African listed equities and investment companies. This business was sold to Westhouse Securities in 2011, with Mr Getley becoming the Chief Executive Officer of Westhouse. Westhouse is a London Stock Exchange accredited advisor and stockbroker. Mr Getley left Westhouse in 2014 and led the buyout of AgPlus Diagnostics Limited from Serco Group plc. AgPlus has developed a highly sensitive Point of Care Diagnostic platform for human critical conditions.
Mr Getley currently sits on the Board of AgPlus Diagnostics, which he chairs. He is also a trustee of the Friends of Lois Weedon Church, a charitable non-profit making body.
Mr Daniels is a founder and director of African Opportunities Fund Limited, an investment company listed on AIM.
In addition, Mr Daniels is an attorney admitted to practice in the State of New York. He practised on a full time basis in New York City as a banking lawyer at the firms of Milbank, Tweed, Hadley & McCloyand Watson, Farley & Williams. He also worked at the New York firm of Schulte, Roth & Zabel. Mr Daniels graduated with a LL.B (Hons.) degree from the University of Ghana in 1981, a LL.M degree from the University of Toronto in 1983, a LL.M (General) degree from New York University Law School in 1986, and a LL.M (Corporations) degree from New York University School in 1987.
Mr Daniels has 15 years of investing experience in Africa and has lived in Johannesburg, South Africa, since 1998. He is a non-executive director of TA Holdings.
Independent Non-Executive Director
Ms Deeney holds a Masters in Law, and a Bachelor's degree in Economics and Econometrics. She has more than 15 years experience in senior executive positions, in the financial services sector.
Ms Deeney was Operations Director, and co-founder of Home Equity Release Company, a company that operated in the shared home equity market in London. Prior to that, between 2000 and 2004, she was the Managing Director of GE Re Management Services (which she had joined in 1998 as the Investment Director), which managed reinsurance portfolios and their investments for GE (Employers Reinsurance) and several of their global clients. Prior to that she was Head of Fixed Income Investments in the Saudi International Bank, and held senior positions in Hill Samuel Investment Management and Laurie Milbank, Chase Manhattan Bank, all in London. Ms Deeney currently sits on the Board of Tokio Marine Global Re, as a non-executive director.
Independent Non-Executive Director
Mrs Erasmus provides significant financial markets experience and strategic insight to the Board. She has identified and led transformational revenue growth strategies as well as restructuring of organisations. She has significant experience in all aspects of corporate strategy (market entry, business expansion, operational model efficiency), acquisitions, joint ventures and firm-wide risk management as well as having advised the boards of major financial institutions.
Over the past eight years, Mrs Erasmus has held leadership positions in two global financial institutions, namely Merrill Lynch and Lehman Brothers. At Merrill Lynch she was responsible for the global strategy of all primary and secondary debt and equity investment banking businesses as well as principal businesses (private equity, hedge funds, real estate).
Prior to this, Mrs Erasmus held leadership positions in several global consulting firms, including A.T. Kearney, Coopers & Lybrand and Andersen Consulting. She has delivered significant engagements for Morgan Stanley, Chase, Bank of Tokyo, Mitsubishi, Goldman Sachs and Credit Lyonnais across Europe, North America and Asia.
Mrs Erasmus was born in Umtali (now renamed Mutare) in Zimbabwe.
Independent Non-Executive Director
Mr Folland is a Fellow of the Institute of Chartered Secretaries and Administrators and an Associate of the Chartered Institute of Bankers. Mr Folland has extensive experience in corporate administration spanning more than 20 years, particularly in asset and fund management.
Mr Folland started his career in 1989 with Sinclair Henderson Limited (now Capita Sinclair Henderson Limited) overseeing the secretariat and corporate administration portfolio. Between June 1996 and July 2005 he was a divisional director of Aberdeen Asset Management PLC and sat on the boards of several quoted investment companies. Between September 2005 and December 2007 he was a Vice President in Jersey of a Swiss private bank, Lombard Odier Darier Hentsch (Jersey) Limited and continued to serve as a director of various investment companies.
Mr Folland is currently an independent non-executive director on a number of boards of Jersey domiciled companies and is a consultant on corporate administration in Jersey.
Mr Mutasa graduated from the University College London with a B.Sc. (Econs) Hons degree in 1980.
Mr Mutasa returned to Zimbabwe from the UK in 1980, when he began his working career as a commodities trader. In 1989, he established FMI Holdings, an investment company focused on developing an African portfolio of investments. It was through this vehicle and its subsidiaries that he acquired a strategic stake in TA Holdings, a local Zimbabwean listed investment group.
Mr Mutasa was appointed Chairman of TA Holdings on November 1997. He subsequently became executive chairman of TA Holdings. He also currently serves on the boards of several TA Holdings subsidiaries and associate companies in Zimbabwe, Botswana and South Africa.
Last updated 01-08-16
Masawara Zimbabwe (Private) Limited, a wholly owned subsidiary, has been selected as the investment adviser and manager. Under the terms of the Investment Advisory Agreement, the Investment Adviser will advise the Company on investment opportunities, acquisitions and sales, exit strategies and manage the Company’s portfolio of investments on a day-to-day basis with a view to achieving the Company’s investment objective and strategy.
The executive directors and senior management of Masawara Zimbabwe have in excess of 65 years combined experience in identifying opportunities and managing investments in Zimbabwe and the region. The Directors therefore believe that Masawara Zimbabwe in its capacity as the investment adviser has the requisite experience to successfully achieve the Group’s investment strategy and policy.
Shingai Mutasa and the other executives of Masawara Zimbabwe have significant relationships in Zimbabwe and the region. Initially, it is through these relationships that the various investment opportunities will be identified. However, as the Company matures it is expected that additional opportunities will arise as a result of the group’s track record.