By Staff Reporter
Five of the six-member board of the Development Bank of Namibia (DBN) pocketed N$ 1 082 207 in board and sub-committee sitting fees between April 2017 and March 2018, its latest annual report revealed.
On average, each board member pocketed at least N$216 441.40 from the sittings.
This information is contained in DBN’s annual report which was recently submitted to the National Assembly by Finance Minister Calle Schlettwein.
Board member Tabitha Mbome leads the pack as the highest recipient of DBN’s fees with N$ 242 841 from 28 sittings.
She is followed by Albie Basson and Meutulamba Shingenge-Haipinge who received N$ 227 715 and N$ 224 353 respectively.
Board chairperson Tania Hangula collected N$ 200 760.
The report shows that Hangula attended three general board meetings, three extraordinary board meetings, two annual general meetings, a single board strategy meeting, and four human capital and remuneration board committee meetings during the period under review.
Further, Emma Haiyambo collected the least, with N$ 186 538 to her name, the reports further shows.
DBN’s chief executive officer Martin Inkumbi does not qualify for board fees, as he an employee of the bank.
As board chair, Hangula is entitled to a quarterly fee of N$ 21 530.72 and N$ 11 214.80 for each board meeting.
Ordinary directors are entitled to an N$ 16 592.40 quarterly fee while per board meeting, they pocket N$ 8 403.68.
Meanwhile, DBN’s board members are paid N$ 1 680.63 per hour in sub-committee sitting fees.
“Please note that the PAYE (Pay-As-You-Earn) deducted from the Director’s emoluments as required by the Namibia Income Tax amendment Act,” reads a section the report.
The report further shows that Shingenge-Haipinge, Haiyambo, and Basson have since vacated their seats on the board.
The new board was appointed on 1 April 2018.
The new board members were Diana Husselmann, James Cumming and Kai Geschke, while Hangula and Mbome retained their positions.
The board’s primary mandate is to ensure the sustainability and successful continuation of DBN’s business activities by providing strategic direction to executive management.
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 from 2018.
At the time, Jooste was responding to questions by the local media on how his ministry intends to curb the abuse of funds by the boards of public enterprises in the form of sitting fees.
During the period under review, DBN recorded a profit of N$ 291.5 million.