The Namibia Investment Promotion and Development Board (NIPDB) is set to transition to a new governance structure following the completion of its initial 24-month operational strategy.
This comes as the term of the Advisory Board, appointed to oversee the institution since its establishment, is set to end on 31 October 2024.
“Based on that review and respective recommendations, on Wednesday, 18 September 2024, at the 2023/2024 Annual General Meeting, it was agreed that the NIPDB will transition to a new governance structure that is fully aligned to the principles of the Public Enterprises Governance Act 1 of 2016 (PEGA),†said NIPDB’s Senior Manager for Communications, Marketing and Branding Catherine Shipushu.
She further explained that key changes include the establishment of a Board of Directors composed of at least seven independent non-executive members, with a chairperson appointed by the President.
The NIPDB CEO, also appointed by the President, will serve in an ex-officio capacity on the Board and report to the Board and the President. A representative from the Ministry of Industrialisation and Trade will also be invited to Board meetings.
“In order to give effect to the aforementioned resolution, the Amended Articles of Association will be registered and the process of appointing the new Board of Directors will commence with immediate effect,†Shipushu said.
She also said this governance reform aims to improve Namibia’s competitiveness and ease of doing business by streamlining decision-making and fast-tracking investment conversion.
The transition is supported by amendments to the Articles of Association and will be further legislated in the upcoming Namibia Investment Promotion and Facilitation Bill.
“The mandate and legitimacy of the NIPDB is further set to be legislated by Parliament in the Namibia Investment Promotion and Facilitation Bill which is currently in the drafting process. It is important to note that these two processes are not mutually exclusive,†she said.
The NIPDB, formed in 2020 under a proclamation by the late President Hage Geingob, was designed to address Namibia’s economic challenges, such as stagnant growth, unemployment and declining private sector investments.
Initially governed by an eight-member Advisory Board, the NIPDB has worked closely with the Office of the President and the Ministry of Finance and Public Enterprises to provide oversight and guidance.
