Corporate governance matters continue to be at the heart of bank failures and subdued performance in the Zimbabwe financial sector. This research examined the relationship between board composition and commercial banks’ performance in Zimbabwe. In addition the research sought to analyze the impact of board size on bank performance, ascertain the influence of board independence, find out whether multiple directorship affects bank performance, explain the relationship between composition of the audit committee and bank performance, examine the association between board gender diversity and performance and to find out if specific educational qualifications in finance and or accounting of board members affect performance. The research employed econometric models complemented by a survey so that more information could be revealed. Regression analysis on the data was carried out using Minitab software version 10 while qualitative data was collected by way of questionnaires. The findings of the study revealed that board size and educational qualifications in finance were positively related with performance whereas board independence was negatively related. Multiple directorships, composition of audit committee and gender diversity were insignificant in terms of their impact on performance. The research concluded that board size, board independence and educational qualifications had a significant impact on bank performance while multiple directorships, composition of audit committee and gender diversity were insignificant. The research recommended that a reasonably big board of at least eleven board members for commercial banks was necessary with at least five members coming from finance or accounting background while there is need for an optimum combination of executive and non-executive directors to secure value for banks rather than excessively independent boards.
Board size, Board Independence, Composition of audit committee, Female Directorship, Multiple Directorship, Financial Qualifications
