Minutes of the CIMA Branch Annual Meeting held on the 15 April 2016, At Southern Sun Hotel from 18:00 20:43

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1 Minutes of the CIMA Branch Annual Meeting held on the 15 April 2016, At Southern Sun Hotel from 18:00 20:43 BRANCH COMMITTEE MEMBERS PRESENT 1. Ethel M. Ngwira - Chairperson 2. Phinias Lupaka - Vice Chairperson 4. Kennedy Mwila - Treasurer 5. Eletina Phiri - Member 5. Desmond Jere - Member 6. Brian Bwalya - Member 7. Petroba Nampito - Member 8. Moses Silanda - Secretary Apologies 1. Cecilia Kalenga - Secretary 2. Mutotwe Kafwaya- Member Absentee There was no list of absentees given CIMA Zambia members Refer to attendance list on page 6 In attendance Gordian Bowa - Country Manager 1. Call Meeting to Order Following confirmation of a quorum by the Country Manager, the Chairperson called the meeting to order at 18:16 hours. 2. Apologies The Chairperson requested for apologies from the floor. No apologies were given. 3. Adoption of the agenda The Agenda was adopted as presented after Mr Emmanuel Mbambiko made the proposal and was seconded by Mr Timothy Milambo. There were no declarations of interests made.

2 4. Opening and Welcome The Chairperson welcomed all the members present, especially new members. She further welcomed, the guest of honour and invited guests. 5. Confirmation of Minutes of the Previous Meeting The minutes of the meeting held on 10th April 2015 were laid before members for consideration and adoption. The following corrections were made before the adoption of the minutes: 1. List of absentees to be listed on page 5 were inconsistent with the list at the end of the report 2. Attendees list should be referenced to page 12, not page 7 3. The word member should be with a capital M and committee should be with a capital C 4. Page 8, point iii) should read CIMA UK instead of ZICA UK 5. Page 10 (x) Suggestion for financial statements 6. Page 9, Points ii) & iii) The question marks should not be there 7. Page 10, spelling of Emmanuel Bambiko should be changed to Emmanuel Mbambiko 8. Page 11, should read it should impact the CIMA 9. Page 13 correct spellings, Dipankar Sen (member #58), Isaiah Zimba (member #57) and the name Muyaka Ethel must be deleted from the list Mr Chanda Bwembya proposed the adoption of minutes and was seconded by Mr. Alfred Mtonga 6. Matters Arising from the Previous Minutes 6.1 Computer Based Examinations The meeting was informed that computer based assessment was implemented on 1st January The roll out of the computer based assessment was slow but expected to pick-up later in the second quarter. There was concern from the members on the possible reduction in the numbers of students as a result of the computer based examinations. In addition, many members pointed out the unreliability of most internet service providers in Zambia and that this would adversely affect the delivery of the exams. It was further noted that in the first quarter of 2016, there was an improvement in the rate of exam entry as students were adapting to the new style of examination. During the year, the Institute encouraged exam entries by reducing exam fees for African students. This came at the right time when the Zambian kwacha was depreciating at an extremely alarming rate relative to the British Pound. 6.2 CIMA influence on ZICA council The meeting expressed the need to have a CIMA member on the ZICA Council. The Chairperson informed the meeting that this matter was considered, and a CIMA member would be floated for election to the ZICA council at the next ZICA AGM. All CIMA members were encouraged to rally behind the nominee. 6.3 Member comments A member expressed concern at the different types of benefits that were given to CIMA members in other regions such as United Kingdom (UK) and those that were given to members in Africa. He said that the benefits that accrue to CIMA UK should cascade to Zambia as well. Response: This matter is still work in progress. 2

3 A member expressed disappointment at the lack of a visible billboard at the building where CIMA offices are housed. Response: The anchor tenants of the building are CEC Liquid and KPMG so CIMA cannot be authorised to put up a big sign post according to the tenancy agreement. This limitation is coupled with finance constraints to put up a big billboard. On the benevolent fund, a member proposed that CIMA members could be entitled to funeral grants after passing on like it was with ZICA Response: Funeral grants cannot be offered under the benevolent fund as the fund is limited and the committee is not empowered to make such decisions at a country level. There was a suggestion to at least put the proposal to the CIMA Regional Office and an insurance route could be adopted going forward. 7. Report by the Branch Chairperson The Chairperson informed the meeting that during the period under review, Zambia faced many political and economic challenges. She said that during the same period, some members of staff left the Institute, a problem which had now been sorted out by employing new staff, resulting in the office operating to full capacity. The Chairperson informed the meeting that the Branch continued engaging the student community in order to strengthen the relationship. She reported that 33 new members were recruited during the period under review, and welcomed those that were present in the meeting. The Chairperson indicated that due to the increase in the number of members on the Copperbelt, a branch might be opened there for easy access by the members. On governance, she indicated that the Zambia branch had three people sitting on the Regional Council. The Chairperson also announced to the house that CIMA successfully got representation on the Zambia Institute of Chartered Accountants (ZICA) Council. She hoped that some members could stand at the next ZICA Council elections next year, as there will be more vacancies. On the way forward, the Chairperson informed members that the Branch would intensify on marketing the CIMA qualifications, especially that there was more competition coming from other professional bodies and Universities. She urged members to help change the perception that CIMA examinations were tough. The Chairperson concluded her report by thanking the Committee, members and, regional and local staff for their support. After deliberations by members, Dominic Bwalya proposed the adoption of the report and was seconded by Collina Hasalama 8. Financial Statements for the year ended 31st December 2015 The Treasurer presented the audited financial statements for the year ended 31st December The Treasurer indicated that the Branch Committee was not aware of any matter or circumstances arising since the end of the financial year that would affect the financial statements. It was further reported that the Branch Committee was satisfied that the Branch had access to adequate resources to continue in operational existence for the foreseeable future. The Treasurer further indicated that although the report was not yet signed, there were no material issues that would significantly alter the report presented at the AGM. The Auditors PricewaterhouseCoopers Zambia's opinion was that the financial statements presented a fair position of the financial position of CIMA Zambia. The ABC continued to be a significant element in the report and concerns were raised as to whether this was branch income or not. Some of the highlights of the financial statements were as follows; 3

4 1) Grant received from the SA office was 3.4% over the budgeted, thereby signifying more income was received. 2) Page 14 Staff leave under receivables related to staff who had leave days outstanding at the end of the period. 3) Sale of branded shirts was much lower compared to the inventories figure more efforts should be made to sell them. 4) Grants support is required to gain more grant income. Zambia is the second best market for CIMA after South Africa in the Southern African region. Resources can be allocated to an entity if it s doing well 5) ZICA subscription had a high figure of K2,750 this was a prepayment on annual subscription for the Country Manager 6) Audit fees were significantly high due to the change of auditors to PwC. The intention was to use the same auditing firm throughout the region which was PwC 7) On page 17 line item for Cost of Sales did not have figures for both years to be inserted. The report was in draft form though the Treasurer outlined that there were no significant differences or major matters that could lead to the report being significantly different to the final one. After the above observations were made, the financial statements were adopted by the meeting. The proposal to adopt the accounts was moved by Mr Chanda Bwembya and seconded by M/s Delphine Mulenga. Thereafter, the Chairperson dissolved the Branch Committee and handed over to the Electoral Commissioner, Mr Emmanuel Bambiko. 9. Nomination and Election of the Branch Committee The Electoral Commissioner went through the electoral rules before conducting the elections. He informed the meeting that, there were two vacancies in the branch committee following the restructuring. At the end of the elections, the following were declared as elected Branch Committee members by the Electoral Commissioner: 1. Muyaka Ethel Ngwira - Chairperson 2. Phineas Lupaka - Vice-Chairperson 4. Kennedy Mwila - Treasurer 5. Eletina Phiri - Secretary 6. Musonda Nampito - Member 8. Desmond Jere - Member 9. Brian Bwalya - Member 10. Moses Silanda - Member 11. Chanda Mwendya - Member 12. Collina Hasalama - Member The Electoral Commissioner handed power to the elected Chairperson, who thanked members present for the confidence shown in her and other elected members. 10. Close There being no other business to discuss, the meeting was closed at 20:43 hours. 4

5 ATTENDANCE LIST FOR THE AGM HELD ON 15 TH APRIL Agus Lungu 2. Alfred Mtonga 3. Alinani Singoyi 4. Bernard Mushilingwa 5. Boas Kayumba 6. Bright Jere 7. Bwalya Kangwa 8. Bwalya Musonda 9. Bwalya Filamba 10. Bwembya Chanda 11. Ceciwa Banda 12. Charles Banda 13. Chintu Kizito 14. Christine Musonda 15. Collina Halwampa 16. Cuthbert Mweetwa 17. Danny Luswili 18. Deophine Luswili 19. Desmond Jere 20. Dipankar Sen 21. Dorothy Daka 22. Elizaberth Tembo 23. Emmanuel Mbambiko 24. Evans Mweemba 25. Freeze Mpilipili 26. George Kapalaula 27. Happy Mapulanga 28. Howard Sitali 29. Isaac Mutale 30. Kennedy Mwila 31. Mabvuto Mbewe 32. Matilda Mwansa 33. Mercy Mubanga 34. Misozi Sakala 35. Monica Mulunda 36. Moses Silanda 37. Moses Mwale 38. Mushimbwa Kelvin 39. Muyaka Ngwira 40. Mwewa Chiyambi 41. Nsama Yamba 42. Orleans Chishiba 43. Peter Sinkala 44. Peter Ngulube 45. Prerana Joshi 46. Sarah Mtonga 47. Shadreck Kangwa 48. Sibeso Chipwaya 49. Sylvester Mhone 50. Timothy Milambo 51. Victor Nyasulu 52. Victor Zimba 5

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