Board of Directors
The Board’s primary mandate is to ensure the sustainability and successful continuation of the Bank’s business activities by providing strategic direction to the executive management. Independent non-executive directors are appointed by the share-holder in terms of section 10 of the Development Bank of Namibia Act, 2002 for a period not exceeding five years, and can be reappointed. Current Board members were appointed on a three year term starting 1 April 2018.
The Bank’s Memorandum of Incorporation provides that there should be a majority of independent non-executive directors, including the Chairperson, and one executive director, the Chief Executive Officer. As at 31 March 2019, the Board comprised of six directors, of whom the majority was non-executive.
The independent non-executive directors have diverse skills, experience and backgrounds, and all the directors have a comprehensive understanding of the industry as
well as the business of the Bank.
The Board holds ultimate responsibility for the Bank’s business strategy and financial soundness, key personnel decisions, internal organisation and governance structure and practices, risk management and compliance obligations.
Tania Hangula (Chairperson)
Qualifications: Post Graduate Diploma Business Management (UCT), National Diploma Commerce (NUST) Paralegal Certificate (UCT)
Experience: Businesswoman & Executive Assistant (World Bank, Washington DC), Civil servant (Government of Namibia)
Qualifications: B.Juris (UNAM), B.Law (UNAM), Notary Public (Namibia), Accredited Mediator (High Court of Namibia)
Experience: Legal Advisor (Namibia Statistics Agency), Senior Legal Practitioner (Neves Legal Practitioners), Legal Clerk - Legal Aid (Ministry of Justice)
Qualifications: B.BusSc (UCT), Postgraduate Diploma in Accounting (UCT), Chartered Financial Analyst and Chartered Accountant (Namibia)
Experience: Businessman, Head of Research (Simonis Storm Securities), Financial Officer (Clareville Capital London) (UK), Audit Manager (Deloitte) (Ireland), Trainee Accountant (Deloitte and Touche) (Namibia)
Qualifications: Bachelor in Human Resources Management (NUST), Certificate in Dispute Resolution (UNAM), Certificate in Industrial Psychology and Organisational Behaviour (UNISA), Diploma in Human Resources Management (NUST)
Experience: Manager: Remuneration (Swakopmund Uranium), Superintendent: Remuneration (Swakopmund Uranium), Specialist: Remuneration and Benefits (Rio Tinto) (Rossing Uranium Limited), Head: Remuneration and Administration (Nampower), HR Business Partner (Namdeb Diamond Corporation)
Kai Victor Geschke
Qualifications: Bachelor of Accountancy (UOS), Honours Bachelor of Accounting Science (UNISA), Postgraduate Diploma in Auditing (UNISA), Chartered Accountant (Namibia) (South Africa), Public Accountant and Auditor (Namibia)
Experience: Businessman, Managing Director (NEO Paints Factory), Group Financial Manager (Old Mutual Holdings Namibia), Assistant Audit Manager (PricewaterhouseCoopers Namibia)
Martin Inkumbi (CEO)
Qualifications: M.Sc Financial Economics (University of London), Postgraduate Diploma in Banking and Finance (University of Natal), B.Com (UCT)
Experience: Chief Executive Officer (DBN), Head Lending (DBN), Portfolio Manager (DBN), Manager: Corporate Business Services (First National Bank of Namibia), Financial Market Analyst (Bank of Namibia), Research Officer (Bank of Namibia)
The Board has delegated some of its functions, though not its responsibilities, to Board Committees to increase efficiency and allow deeper focus in specific areas. The Committees are created and mandated by the full Board. The Committees are:
- the Board Credit and Investment Committee,
- the Board Audit, Risk and Compliance Committee, and
- the Board Human Capital and Remuneration Committee.
The Bank acknowledges that independence is more often than not a matter of perception rather than fact, and in evaluating independence will consider inter alia, whether a Director:
- is a significant or ongoing service provider or professional advisor, or was an officer, employee or a representative of such provider of financial capital or funding.
- has been employed by the Bank at an executive level within the past 3 financial years, or is a related party to such executive.
- has been the external auditor responsible for performing the statutory audit within the previous 3 financial years,
- is a significant customer of, or supplier to, the DBN, and / or
- is eligible for remuneration dependent on the performance of the DBN.
The role of the Chairperson is separate from that of the CEO. The Chairperson provides overall leadership to the Board and ensures that Directors perform effectively.
The CEO is responsible for formulating and recommending long -term business strategies and policies to the Board for approval. In discharging his duties, the CEO is assisted by the Executive Committee.
Conflicts of interest
In terms of Part 6, sections 242 to 248 of the Company’s Act 28 of 2004 as amended, all Directors are required to disclose interests in contracts. The Company Secretary maintains a register of interests in contracts as per section 248 of the Companies Act.
Directors are required to declare all interests at the meetings they attend and these are recorded in writing, as required by legislation.
Directors who have a conflict of interest on any matter to be discussed at meetings are required to inform the Company Secretary prior to meetings and are recused when matters that may be subject to conflicts of interest are discussed.