On June 20, 2018, the new members of the Governing Bodies, elected at the last General Assembly of this institution, took office at the Gapi-SI Headquarters in Maputo. At the level of the Board of Directors, Luís Sitoe, who was acting as an Administrator, became the Chairman of the Board of Directors, with António Souto remaining as the Chief Executive Officer. The Board of Directors also includes five other Directors, four of whom are entering the company for the first time. The supervisory board was completely renewed. This renewal in Gapi’s corporate bodies was decided at the shareholders’ Meeting held on June 6, 2018, where Abdul Carimo held the position of Chairman of the General Meeting.
Speaking at the inauguration ceremony, Abdul Carimo praised Gapi’s corporate model, characterized by the existence of a balanced power combining the views and interests of private, government and civil society. He pointed out that: “This is more than a mere administrative act, an important exercise that fits in with Gapi’s institutional discipline and culture, in which the rules of good governance, transparency and accountability are constant practice, which must always be strengthened. ”
Abdul Carimo also recommended that all members of Gapi’s governing bodies should maintain their conduct by solid principles and professional ethics and that they should always take into account the legal responsibilities and implications of their acts and deliberations.
The new Board of directors chairman, Luís Sitoe said that “this act marks the beginning of a challenge for all of us, since we will have to respond to the wishes of shareholders and the whole country that sees in Gapi a Development Financial Institution (DFI) with methodologies which are highlighted by innovative approaches to the support and expansion of small and medium-scale entrepreneurship, focusing on segments such as Women and Youth and sectors such as agriculture, fisheries, renewable energies and the environment.”
António Souto, CEO who once again deserved the trust of the shareholders to run the executive machine of this DFI with almost 30 years of experience, considered that the trust placed on him represents the acceptance and support of an institutional development strategy with sustainability, comprehensiveness and impact on social and economic inclusion in Mozambique.
The fulfillment of the bodies ensures compliance with the normative rules of the regulatory authority, which allows their management to be better aligned with the need for a strategy focused on fostering the national private sector.
In addition, Souto also pointed out that “the recent update of Gapi’s strategy includes the implementation of new financial instruments and technical assistance aimed at contributing to the development of a middle class in Mozambique with economic roots and entrepreneurship.”
The current shareholders’ structure of Gapi includes about 45% of private investors, including CTA, about 25% held by the group of “managers and technicians”, about 10.5% held by Mozambican State and the remaining 19.5% held by civil society organizations mainly the Community Development Foundation and the Red Cross.