In June 1889, about five months before the founding of the British South Africa Company, the "Exploring Company Limited" was registered in London, holding a quarter of the shares of the Rudd-Rhodes Concession. Maund sat on the Board of Directors, with Alfred Beit, Cecil Rhodes, George Cawston and Lord Gifford. The main goal was "the development of the Bechuanaland Protectorate and the countries lying to the North".
