CORRECTION: Agribank board rakes in N.dollars 750 000 in board fees

04 Jul 2018 16:00pm
CORRECTION:

CORRECTING PARA 6: REMOVES 'board' TO READ: Uuyuni attended eight of the possible nine meetings. Her deputy, Iyambo attended 16 meetings.

CORRECTING PARA 6: ADDS (which includes four board meetings and four for the finance, risk, audit and compliance committee)

CORRECTING PARA 6: ADDS '(which represents four board meetings, nine on the credit and investment committee and three for the human resource (HR) committee)'

CORRECTING PARA 7: REMOVES 'board' TO READ: Mahina, like Iyambo, attended 16 meetings.

CORRECTING PARA 7: ADDS '(which include four board meetings, nine on the credit and investment committee and three on the HR committee)'

WINDHOEK, 22 JUN (NAMPA) - Four of the five board members of the Agricultural Bank of Namibia (Agribank) pocketed N.dollars 749 247 in board fees between April 2016 and March 2017, its latest annual report revealed.
Of this amount, the board received N.dollars 459 000 in retainer fees and N.dollars 290 000 in sitting allowances.
In the previous year, Agribank paid out N.dollars 658 000 in board fees.
The 2017 Agribank annual report was tabled by Finance Minister, Calle Schlettwein in Parliament on Tuesday.
Board members include Chairperson Terttu Uuyuni, Vice Chairperson Michael Iyambo, Oiva Mahina, Dagmar Honsbein and Michael Humavindu, who as a civil servant, does not qualify for board fees.
During the period under review, Uuyuni attended eight of the possible nine meetings (which includes four board meetings and four for the finance, risk, audit and compliance committee) raking in N.dollars 163 982. Her deputy, Iyambo attended 16 meetings (which represents four board meetings, nine on the credit and investment committee and three for the human resource (HR) committee) and earned N.dollars 177 350.
Mahina, like Iyambo, attended 16 meetings (which include four board meetings, nine on the credit and investment committee and three on the HR committee) earning N.dollars 201 977, while Honsbein earned the highest amount of N.dollars 205 946 from 11 sittings. Honsbein attended four board meetings, five finance, risk, audit and compliance committee meetings and two HR committee meetings.
The revelations come at a time when Public Enterprises Minister, Leon Jooste has been on record to say board members will only be paid for four meetings annually, starting in 2018.
He told Nampa earlier this year that under normal circumstances, a board does not have to sit more than four times a year. He noted they were welcome to sit more, provided they do so on a pro bono basis.
Jooste was responding to questions by Nampa on how the ministry intended to curb the abuse of funds by the boards of public enterprises in the form of sitting fees.
Media reports also had it last year, that the board of the Namibia Students Financial Assistance Fund met more than 16 times last year, pocketing at least N.dollars 600 000 in the process.
The reports further purported that the board’s chairperson claimed N.dollars 10 580 for chairing a meeting, while other board directors claimed N.dollars 5 983.
Board members at bigger public enterprises, such as the Namibia Power Corporation (NamPower) reportedly earn up to N.dollars 20 000 just for attending a board meeting.
(NAMPA)
MEM/EK/PS