HARARE - State-owned social security agency, National Social Security Authority (Nssa) says it has started a search for top management after firing its top executives last year.
In a 2015 fourth quarter
update statement, Nssa chairperson Robin Vela said the organisation expected appointments to be made and announced by this April.
“The search for a new general manager (chief executive officer), chief financial officer and chief investment officer, has formally commenced.
“The board has engaged an international and local professional executive recruitment agency on a joint exclusive basis to help, with local and international reach, identify and select Zimbabwean qualified professionals with relevant experience in the field of investment, pension and social security management,” Vela said.
The Nssa boss said some regional managers were also going to be rotated from their current areas with effect from April 1.
Last year, Nssa embarked on a major top management shake-up that resulted in the departure of former general manager James Matiza who was immediately replaced with ex-BancABC Zimbabwe managing director Hashmon Matemera.
Matemera’s appointment is, however, not expected to extend beyond the latest date of March 31, under any circumstances.
The development came as Nssa — with over $1,1 billion assets under its watch — was under fire from hard-hit pensioners whose monthly pay-outs are way below the poverty datum line despite investments undertaken by the organisation in failed banks and counters listed on the Zimbabwe Stock Exchange (ZSE).
In the update, Vela said the group’s restructuring was on course, with reforms to improve transparency and accountability having been implemented, at both authority and investee company level.
Shortly after its appointment, the Vela-led board assisted by an international audit firm began a comprehensive exercise to verify all assets and confirm the balance sheet figures of the authority.
An exercise to officially document all property and land transactions and confirm availability of documents like sale agreements, payment confirmations and title deeds was also undertaken.
“Furthermore in response to the tightening macro-economic environment and developments in the capital markets, the board has been reviewing and exercising prudence by re-aligning and marking to market the values of Nssa’s assets.
“This included holding values of properties where rentals did not justify holding value, cash deposits where banks have been closed and equity investments where companies have been liquidated.
“The results of the exercise will be contained in the December 31, 2015 audited financial statements which are currently being prepared and due for release on or before June 30, 2016,” he said.
Nssa has interests in 53 of the 59 companies listed on the local bourse, holding at least 10 percent shareholding in 12 listed counters.
The authority — with 70 percent of its investments in the equities market, has interests in 53 of the 59 companies listed on the Zimbabwe Stock Exchange — has since opened its micro-finance bank, after investing in now-defunct Renaissance Merchant Bank which later rebranded to Capital Bank but still went under and cost Nssa an estimated $50 million.