Corporate GovernanceGovernance
- The Board
- Board Committees & Chairpersons
The NOIC Board is committed to the principles of corporate governance of openness, integrity and accountability. At all times and in all its activities, deliberations and decisions, the Board seeks to ensure adherence by the Company, to the provisions of the Companies and Other Business Entities Act [Chapter 24:31], all regulations under the said Act, governing legal instruments, the provisions of its Memorandum and Articles of Association and applicable international best practices.
The Board recognises the importance of good corporate governance in creating a sustainably prosperous and profitable business. In that regard, the Board regularly reviews the Company’s structures and policies to ensure continued adherence to the principles of good corporate governance as articulated in the Zimbabwe National Code on Corporate Governance (2015).
The Board established the following Committees:
Ethics
The Company is committed to high standards of responsible business practices whose objective is to promote honest and ethical conduct throughout the Company’s business processes. NOIC takes a zero tolerance approach to corruption.
Shareholder
The Board recognises that it is accountable to the Shareholder for the performance and activities of the Company. The Company regularly, through the Chief Executive Officer and the Chairman of the Board, updates the Shareholder on its financial and operational performance.
Stakeholders
The Board has formalised its stakeholder philosophy and introduced structures of corporate governance to manage the interface with various stakeholder groups. The Company has in place responsive systems of governance and practice which the Board and management regard as appropriate and adequate.
Group Structure
Company Structure
NOIC is in the business of pipeline transportation of petroleum products as well as storage and handling in the Company’s depots.