The Namibia Investment Promotion and Development Board (NIPDB) has changed its governance structure to fully align with the Public Enterprises Governance Act 1 of 2016.
NIPDB spokesperson Catherine Shipushu says under the new structure, NIPDB’s board of directors will be composed of seven independent non-executive members, one of whom will be appointed by the president to serve as the chairperson.
The chief executive of the entity will report to the board of directors and the president, said Shipushu in a statement issued on Monday.
Additionally, a technical investment committee will be established to drive government service delivery and improve Namibia’s ease of doing business and competitiveness.
“The committee will be composed of representatives from various government agencies and will focus on infrastructure development, policy reform, and investment facilitation,” said Shipushu.
According to her, since its inception, NIPDB has been governed by an advisory board composed of eight independent, non-executive members who were appointed to oversee the organisation and to provide direction, support and guidance to the chief executive and president.
The advisory board, whose term is set to end on 31 October, reports to both the Office of the President and the Ministry of Finance and Public Enterprises.
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