Treasury grills minority share firms’ CEOs, board members

Dr Natu El-Maamry Mwamba, the Treasury permanent secretary made this appeal on Tuesday at Kibaha, Coast Region when opening a four-day meeting of board members and CEOs of companies where the government has minority shares.

Standing in for Ambassador Dr Moses Kusiluka, the chief secretary, she said that the meeting is intended to evaluate partnership and cooperation between the government and investors.

Affirming that the government goal is to increase non-tax revenue from the current five percent to 10 per cent of revenue as we approach the closure of Vision 2025, the CEOs and board members need to reaffirm the national interest in the course of their duties.

To uplift the current and future generations, the top public company executives should think beyond the circle of the boardroom since they form the linkage and connectivity of the sectors which contributes to the wellbeing of the population.

He said the linkage role that they perform has to focus on a win-win partnership inside and outside the board, demanding equal satisfaction for investment outcomes for all parties.

“This representation role needs to follow guidance and instructions given by the office of the Treasury Registrar before and after decisions of the board, as well as demonstrating concerns towards the success of investors, and through the conduct of any other forms of engagement.”

Companies where the government has minority shares have been instrumental in enhancing development in various sectors, with the government displaying great attention, she remarked.

It is high time executives define economic patriotism in the local context, that is to say we must define what is in for the country in the context of minority shareholding in various companies for the future, she pursued.

Nehemia Mchechu, the registrar, said that his office has a major role to supervise the optimal collection of non-tax revenues, so the meeting will enable the directors and CEO’s to take note of the government's priorities.

They will have an opportunity to give ideas on how to contribute to the country’s economic dynamism, a vital opportunity for them to interact to strengthen relationships, on the basis of their commitment to government endeavours.

The top executives also need to set up networks and ability to communicate, sharing a common vision with a view to its facilitation in their respective business spheres, he said.