New governance structure for NIPDB
At the Namibia Investment Promotion and Development Board’s NIPDB Annual General Meeting in November last year, Minister Christine //Hoebes announced that the organisation has outgrown its initial governance model.The NIPDB was established in March 2020 by late President Dr Hage Geingob to promote investment and economic growth in Namibia. Since its inception, NIPDB has focused on addressing challenges such as negative economic growth, declining investments, and high unemployment.
The NIPDB is led by a CEO and chairperson who report directly to the President and is governed by an advisory board of eight independent, non-executive members. This advisory board’s term ends on 31 October 2024, and the NIPDB is now transitioning to a new governance structure following the successful completion of its initial operational strategy.
Based on a review and recommendations, the NIPDB will adopt a new structure in line with the Public Enterprises Governance Act. The amended Articles of Association will see a board composed of at least seven independent, non-executive members, with one appointed by the President as Chairperson. The CEO, also appointed by the President, will attend board meetings in an Ex-Officio capacity, along with a representative from the Ministry of Industrialisation and Trade.
The CEO will now report to both the board and a Technical Investment Committee chaired by the President, tasked with improving Namibia’s business environment and competitiveness. The transition will be formalised with the registration of the amended Articles of Association and the appointment of a new Board of Directors.
This process will align with the forthcoming Namibia Investment Promotion and Facilitation Bill, currently in drafting.