7 February 2019

Namibia: New Members for Namcor Board

Mines minister Tom Alweendo announced the addition of two new members to the board of National Petroleum Corporation of Namibia on Wednesday afternoon.

Engelhardt Kongoro was appointed as the new chairperson of the Namcor board, and Onni-Ndangi Iithete becomes a new member of the board.

The announcement follows the resignation of Patrick Kauta last year, who served as chairperson of the Namcor board since 2016.

The two became new board members effective from 1 February 2019 to September 2019.

Alweendo said Kongoro has a long career in the oil industry spanning over more than two decades at an executive level while Iithete is an experienced lawyer who served the in the private and public sectors.

"I have no doubt that given your experience and expertise you will be able to provide the necessary oversight role as board members of Namcor," the minister said.

According to Alweendo, the key role of the board is to ensure the company's prosperity by directing its affairs in the best interest of shareholders and other stakeholders.

He added that it was the responsibility of the board to set future plans, strategies and also to ensure that issues related to corporate governance, corporate ethics and social responsibility are addressed effectively.

The minister emphasised that no company can thrive, let alone sustain itself when the board fails to play its important role effectively.

"The board needs to rely on the management of the company, because it is the management that is responsible for the execution of the strategies and plans set by the board," he added.

He said there should be an open flow of information between the management and the board in order to avoid suspicions, chaos, mistrust and infighting in the company.

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