The Namibian Institute of Corporate Governance (NICG) has partnered with the Namibian Securities Exchange (NSX) to update the National Governance Code, in a move aimed at strengthening corporate accountability and ethical leadership across sectors.
Announcing the partnership at the NICG Governance Conference on Wednesday, NICG Chairperson Desmond Nikanor said the collaboration will modernise Namibia’s governance framework to align with international best practices and current business realities.
He said the updated code will provide clearer guidance for both listed and unlisted companies, ensuring that governance principles remain relevant regardless of an organisation’s size or age.
“This is an important development, not only for listed companies that are obliged to comply, but also for organisations in general, whether ten years old or newly established. The principles of governance remain the same,” Nikanor said.
He added that the revision requires collective input from across the business community.
“Yesterday, the NICG, together with our partners in the sector, emphasised the need for a shared conversation to finalise the updated version of what was once called our ‘old code’,” he said.
The initiative forms part of the NICG’s Strategic Plan, launched in March 2025, which focuses on building stronger governance systems through collaboration, capacity building, and leadership development.
Nikanor said the update comes at a time when Namibia is undergoing significant economic transformation, particularly in the oil and gas sector, where rising costs have broader implications across society.
“The ripple effects of these changes are systemic, touching every aspect of society and underscoring the importance of strong governance,” he said.
He noted that the expansion of the oil and gas industry has far-reaching consequences for households, institutions, and businesses, reinforcing the need for leadership that is ethical, transparent, and accountable.
“Governance remains at the heart of these economic shifts, serving as a guiding principle for accountability and responsible decision-making,” Nikanor said.
He also highlighted the growing role of governance in national debate, saying it had become a central topic in public and media discussions.
“As a society, this is very close to home, to the family, if I may put it that way. I could touch on many aspects, but the one I believe is most relevant to us in this room is the number of governance successes, and perhaps failures, that have become central to public discourse,” he said.
Nikanor said the increased attention to governance issues reflects a growing awareness of shared responsibility in upholding ethical standards, adding that the NICG remains committed to driving the national conversation towards stronger, more accountable leadership across sectors.
