The Namibia institute of Corporate Governance (NICG) and the Namibian Stock Exchange (NSX) announced their partnership to update the national governance code at the recent NICG conference, marking a significant institutional commitment to strengthening corporate governance.
For the delegates in that room, there was undoubtedly a palpable sense of relief.
Finally, an acknowledgement that the framework they depend on each day no longer reflects the world they govern.
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Finally, a recognition that the questions investors pose about climate risk, stakeholder accountability, artificial intelligence (AI) ethics, and supply chain responsibility deserve answers rooted in national standards, not improvised from foreign codes pieced together at the last minute before board meetings.
Finally, a firm commitment that governance reform will not remain in committee reports but will be driven by strategic partnerships: the authority that establishes standards, working together with the market that enforces them.
The announcement, delivered by NICG chairperson Desmond Nikanor was more than a regulatory procedure. It was institutional courage made visible.
It was Namibia declaring that relevance and credibility in governance are inseparable, and both would be rebuilt on foundations fit for the scrutiny of investors, the oversight of regulators, and the expectations of customers, employees, and communities alike.
For too long, boards have operated in an uncomfortable twilight, bound by a code written for past realities yet judged against present and future expectations.
Boards have been required to demonstrate environmental, social and governance integration without clear national guidance, to balance stakeholder interests without principled frameworks, and to oversee the deployment of AI and data governance without adequate AI literacy and robust data protection laws.
This reform matters profoundly because corporate governance establishes the moral architecture upon which enterprises build legitimacy.
It is what transforms an organisation's vision and mission statements from aspirational words into verifiable commitments, but only when the governance code itself remains credible and current.
It is no longer business as usual.
The NICG-NSX partnership and broad-based stakeholder engagement should ensure that what is expected becomes what is required, and what is required becomes what is practised.
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Let us revisit the drawing board and begin by asking some fundamental questions:
-What elements of our current framework have proven resilient and relevant, and which provisions no longer reflect the complexity of modern enterprise governance?
-How do we establish clear expectations for boards to integrate climate risk, stakeholder interests, and social impact into strategy and oversight - not as peripheral considerations, but as core governance responsibilities?
-What mechanisms must boards implement to govern AI and emerging technologies responsibly, particularly when regulatory frameworks remain fragmented and evolving?
-How do we design a code that commands investor confidence and stakeholder trust while preserving the flexibility necessary to foster innovation and entrepreneurial growth?
As the old proverb says, "Well done is better than well said."
*Chisom Obiudo is an admitted legal practitioner of the High Court of Namibia and a chief legal officer at the Namibian Law Reform and Development Commission.
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