Meikles Faces Scrutiny Over Board Changes, Indigen...

Meikles Faces Scrutiny Over Board Changes, Indigenisation Compliance

Nyashadzashe Ndoro- Chief Reporter

Meikles Limited, a leading Zimbabwean hospitality and retail conglomerate, is under scrutiny following significant changes to its board, sparking concerns around corporate governance, indigenisation policies, and potential external influence.

These developments come after the company’s market value sharply declined in late 2024, reflecting ongoing internal turmoil.

Effective July 3, 2025, Zimbabwean business leader Fayaz King was appointed Acting Board Chairman. King brings over 30 years of executive experience, including high-level roles at UNICEF and as a Special Adviser to the UN Secretary-General’s Envoy on Technology.

This follows the resignation of Executive Director Matthew Moxon on February 18, 2025. He remains Managing Director of Meikles' property subsidiary.

However, controversy has emerged over the current board composition, which now includes King (Zimbabwe), Benjamin Ward (South Africa), Malcolm Mycroft (South Africa), and Marcel Golding (South Africa). A previous report by this publication in April 2025 raised concerns about South African dominance on the board, especially in light of Meikles' 51% stake in TM Pick n Pay.

Critics argue that this board structure could prioritise the interests of Pick n Pay’s South African parent company over Zimbabwean shareholders. TM Pick n Pay’s own board is reportedly now composed entirely of South African directors.

This has raised red flags regarding Meikles’ compliance with Zimbabwe’s indigenisation law. Government spokesperson Nick Mangwana recently reiterated that retail and wholesale fall under the “Reserved Sectors,” which are meant to promote local ownership and control.

Further concerns have been raised over Benjamin Ward’s appointment. Ward previously served as a consultant to Meikles Consolidated Holdings, the group’s major shareholder. Critics argue this could compromise his independence—an essential requirement under the Companies and Other Business Entities Act, which stipulates that independent directors must not have held executive roles within the company or its group in the past three financial years.

The governance saga reportedly began in October 2024 with the controversial dismissal of former CEO Malcolm Mycroft. Meikles' largest shareholder, John Moxon—who holds a 48% stake through Meikles Consolidated Holdings—challenged the dismissal, citing governance breaches and an improperly convened board meeting.

Mycroft had faced allegations including racism, unfair salary practices, and money laundering, leading to the revocation of his permit by the state.

Meikles’ market value dropped from about US$42.8 million in October 2024 to US$35.41 million by November 26, 2024. While speculation grew over a potential sale of Meikles’ stake in the Victoria Falls Hotel, a joint statement by Meikles, African Sun Limited, and Emerged Railways Properties denied such plans.

Following the departure of several directors, Moxon proposed a new slate of board members—Fayaz King, Benjamin Ward, and Marcel Golding—leading to the current board makeup now under growing public and regulatory scrutiny.