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Performance of Namibian SoE’s. A Corporate Governance Perspective Daniel Motinga FNB Group Economics. Aligning broad stakeholder interest Ensure that firms are run to the benefit of all stakeholders

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Performance of namibian soe s l.jpg

Performance of Namibian SoE’s

A Corporate Governance Perspective

Daniel Motinga

FNB Group Economics

Corporate governance defined l.jpg

  • Aligning broad stakeholder interest

  • Ensure that firms are run to the benefit of all stakeholders

  • Relationship btw internal governance and society’s conception of corporate social accountability

  • Ultimately to overcome problems of agency in terms of the separation of ownership and control

Corporate Governance Defined

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  • Integrated annual report

    • Focus on economic, environment and social spheres

  • Audit committees

  • Internal Audit

  • Formal risk management processes

New King III Requirements

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Timely disclosure a challenge for SoE’s – no consequences

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  • Disclosure of annual financial information

    • Operational efficiency

    • Openness and transparency

    • Timely disclosure on all material matters

  • Board selection and value add

    • Contribution to strategic direction

  • Dependence on tax payer support

    • Operational sustainability

    • Going concern status

  • Ready for Risk based management

    • Do we have the right skills?

Key unresolved issues

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  • Disclosure should become non-negotiable

    • Accountability and transparency

    • Timely, regular and reliable

    • Financial, environmental and social (triple bottom-line)

  • Independence of board of directors

    • Management and political control

  • Balanced private & public enterprise

    • Identify winners and losers

    • Net contribution to total economy

Food for thought

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  • Size of board and intensity positively impacts performance

    • Range of expertise/ merit appointments

    • Less dominance by CEO

  • Board meeting frequency does not necessarily enhance performance

    • Higher frequency implies crisis

  • Audit committee characteristics are supportive of performance

    • Presence of AC serves as an assurance mechanism to promote fairness and transparency

    • Independence of an audit comm’t not significant in performance enhancement

    • Frequency of audit comm’t meetings has a positive and significant impact on performance

Cross Country Research Support (SA, Ghana, Nigeria, Kenya) – Jour St Ec & Econometrics, 2008.