The Board of Directors is appointed by the Minister of Industry and Commerce. The IDCZ Act determines the constitution, rights, powers and obligations of the board. Of the nine directors led by a non-executive chairman, seven are from the private sector, one from parent ministry and are non-executive with the General Manager being the only executive director.
The Board meets at least quarterly. The five existing Board Committees meet ahead of the normal board meetings. All board committees are chaired by non-executive directors. The board has reserved certain items for its review including approval of performance results; Greenfield and expansion projects development (i.e. structuring joint ventures and appropriate financing thereof) and related material agreements; disposals of investments; budgets and long-range plans, and senior executive appointments and remuneration. The Board thus retains full control by approving strategic plan key result areas and monitoring performance through key performance indicators at least quarterly.
The Board’s assessment of the IDC’s position is presented in its Annual Report which addresses matters of concern and interest to stakeholders, including non-financial matters, reports on both positive and negative aspects of IDC’s activities.
The Annual Report and the external auditors opinion is adopted at the AGM before being tabled in Parliament by the Minister of Industry and Commerce and is available to the public.
The Board subscribes to the need to conduct business in line with generally accepted corporate governance practices prescribed by the Code of Best Practice (Cadbury Report), National Code on Corporate Governance and the Corporate Governance Framework for State Enterprises and Parastatals, all relevant legislation, regulations, relevant International Financial Reporting Standards, and in accordance with its Corporate Values.