Agribank board takes cool N$750 000 in fees
Four of the five board members of the Agricultural Bank of Namibia (Agribank) pocketed N$749 247 in board fees between April 2016 and March 2017, its latest annual report revealed.
Of this amount, the board received N$459 000 in retainer fees and N$290 000 in sitting allowances.
In the previous year, Agribank paid out N$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 21 meetings, raking in N$163 982. Her deputy, Iyambo attended 16 board meetings and earned N$177 350.
Mahina, like Iyambo, attended 16 board meetings earning N$201 977, while Honsbein earned the highest amount of N$205 946 from 11 sittings. 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 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$600 000 in the process.
The reports further purported that the board's chairperson claimed N$10 580 for chairing a meeting, while other board directors claimed N$5 983.
Board members at bigger public enterprises, such as the Namibia Power Corporation (NamPower) reportedly earn up to N$20 000 just for attending a board meeting.
NAMPA
Of this amount, the board received N$459 000 in retainer fees and N$290 000 in sitting allowances.
In the previous year, Agribank paid out N$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 21 meetings, raking in N$163 982. Her deputy, Iyambo attended 16 board meetings and earned N$177 350.
Mahina, like Iyambo, attended 16 board meetings earning N$201 977, while Honsbein earned the highest amount of N$205 946 from 11 sittings. 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 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$600 000 in the process.
The reports further purported that the board's chairperson claimed N$10 580 for chairing a meeting, while other board directors claimed N$5 983.
Board members at bigger public enterprises, such as the Namibia Power Corporation (NamPower) reportedly earn up to N$20 000 just for attending a board meeting.
NAMPA
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