22
Jan
It is long overdue that boards of directors be held accountable when they do not meet expectations. But penalties cannot be extracted without a regulatory framework and definitions. The Ministry of Public Enterprise must demand that potential board members agree to listed performance requirements. Those requirements must be given in advance and in writing. They should state upfront that board fees are payable only with approved performance ratings each quarter. Until this is done in Namibia, no one can arrive after the fact and declare that (undefined) ‘poor performance’ means that board fees must be returned. This is not a…