Chibisa House

19 Glyn Jones Road

PO Box 501

Blantyre, Malawi

+265-1-831 902

Corporate Governance

The Group is fully committed to good corporate governance in dealing with shareholders and all other stakeholders. The Group endorses internationally accepted corporate governance practices.


In terms of the Memorandum and Articles of Association, the Board is constituted of 9 directors of which some are executives. The non-executive directors, drawing on their skills and business acumen, ensure impartial and objective viewpoints in the decision making process and standards of conduct. Composition of the board ensures a balanced mix of technical, entrepreneurial and business skills.
The roles of the Chairman and Group Executive Officer vest in two people. Mr Gaffar Hassam is the interim non-executive Chairman of the Group and Mr. Vizenge Kumwenda is Group Managing Director.

The Board retains full and effective control over the Group. While the Group’s executive directors sit on the boards of subsidiaries, day to day operations are in the hands of local executive management of each subsidiary.

The Board meets at least four times a year and additional meetings are held on a need basis.

The board has the following committees to assist it with its duties:

  • Audit Committee
  • Group Appointments and Renumeration Committee
  • Group Investment Committee
  • Group Risk Committee

Our Companies

NICO General
NICO Technologies
NICO Asset Managers
NICO Zambia
NBS Bank
NICO Pension
All Rights Reserved © 2021 NICO Holdings PLC.
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