SPEECH BY HON. ABDISALAAM ISSA KHATIBU (MP) DEPUTY MINISTER FOR FINANCE AT THE INAUGURATION OF THE NEW BOARD OF DIRECTORS OF CONSOLIDATED HOLDING CORPORATION ON 10TH MARCH, 2004
Hon. Philip A. Magani (MP),
Chairman of the Board,
Managing Director Ms Lupembe,
Distinguished Members of the Board,
The Treasury Registrar,
Members of management,
Ladies and Gentlemen.
Let me take this opportunity firstly to express my appreciation for inviting me to officiate in the inauguration of the Board of Directors. It gives me a lot of pleasure that you wish to have me participate in this important activity.
May I take this opportunity to congratulate you all following your respective appointments as Directors in the new Board. On account of your varying professional background and vast experience, you will be bringing to the Corporation an important contribution in the performance of its statutory obligations.
Secondly, this is an opportunity for me to record the Government’s satisfaction concerning the operations of the Corporation.
I have noted that since it was established on 1st October, 1997 up to the end of the 2003 financial year, the Corporation performed its obligations and recorded remarkable success.
It gives me much satisfaction to learn that as a result of this achievement, Tshs. 19,354 million was remitted to the Treasury in line with the Corporation’s six-year plans, and that a further Tshs. 1,500,000,000.= will be paid to the Treasury today.
At this juncture, I wish to congratulate the previous Board of Directors for work well done. Due to the professionalism, zeal and dedication of its members, it has set a very fine example which the new Board is now required to follow.
Hon. Chairman, let me at the outset outline the responsibilities of Directors which are as follows:-
(i)The Board is responsible for setting strategic objectives and policy to guide management in the performance of the Corporation’s obligations.
(ii)In view of the above, the Directors are required to meet and discharge the business of the Corporation at such times and places as the Board may decide.
(iii)The Directors also have an obligation to promote the good name, credit and reputation of the Corporation.
Hon. Chairman, the new Board is assuming its responsibilities at a critical phase of the Corporation’s existence. The remaining objectives may be a little bit more difficult to accomplish than was previously the case.
The Government is confident that you are able to employ your experience and utilize your professional knowledge to guide the Corporation in the performance of its objectives during the remaining period of its existence.
It is gratifying to note that both management and yourself have on behalf of the new Board confirmed your commitment to rise to meet this challenge. On behalf of the Government, I wish you success in your endeavours.
Hon. Chairman, with these remarks, I now wish to state that the Second Board of Directors of the Corporation has been formally inaugurated.
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