Botswana Stock Exchange (BSE) has been hit by high turnover as senior management under various portfolios quit the organisation recently, information reaching Sunday Standard has revealed.
This year alone, the BSE, whose mandate is to operate and regulate equity and the fixed interest security market saw the departure of the Finance Manger, Corporate Affairs, Listing Manager and Operations officer. Early last year (2012), the BSE Information Technology (IT) Manager left under unclear circumstances.
It is understood that the senior managers quit BSE citing among others poor management style at the local bourse. The string of departures by senior managers has raised concern among observers given the fact that it is a small organisation.
Currently, BSE has seven managers’ portfolios in the whole organisation. The position of Deputy CEO does not exist. BSE’s latest 2012 Annual report indicates that the governance and remuneration sub-committee of the BSE has two members, namely Elaina Gonsalves and Iponeng Sennanyana following the resignation of Peter Takirambudde in July 2012.
The committee is responsible for matters relating to corporate governance and practices of the BSE. It is also responsible for the nominations of members to be appointed to the BSE committee and Sub committees as well as terms and conditions of employment for management of the BSE.
Responding to Sunday Standard queries, BSE said that the other six managers left the organisation to seek greener pastures or for career change; six of 22 staff represents an average of five percent per annum.
“We believe that relative to the other parastatals, this is a good retention level of personnel. You may have noticed that the older parastatals are all losing staff to the new parastatals, which are able to offer better remuneration package,” BSE said.
Asked to provide details of the succession and progress in development of the identified candidate if any, BSE said “it is still too early to reveal more on this item”, adding that that “once the BSE has completed certain processes, it will be made known.”
“The recent terminations have already been filled internally, either by substantive appointments or by acting appointment. The EOH Report (a consultant hired by BSE) was adopted by the Main Committee of the BSE and is currently being implemented, particularly in respect to the position of the Chief Executive Officer’s post,” it added. ┬á
BSE said the post is receiving specific attention as succession is a condition for the granting of permission for expatriates to be employed in Botswana.
BSE’s current Chief Executive Officer (CEO), who is an expatriate, ┬áHiran Mendis’ work contract is expected to expire mid next year.
BSE said it spends a fair amount of its financial and human resources on training its staff on a continuous basis and this has augured well for it.
BSE hit by high senior staff turnover
