The chairperson and directors of public enterprise boards have been urged to shift their mindsets and effectively implement long-term strategies that prioritize the overall well-being of the institutions they serve.

Speaking at the Public Enterprises Board Chairpersons' Forum masterclass, Professor Mervyn King stressed the importance of Namibia setting standards for sustainability. 

Professor King also raised concerns about whether the Public Enterprise Governance Act is sufficient to address future challenges.

Board members of public enterprises Professor King emphasized that it is crucial for them to look beyond economic factors, integrate environmental and social considerations into their business practices, and understand their interconnections. 

This shift in mindset requires boards to consider not only shareholder interests but also the broader impact on business, the environment, and society.

He encouraged directors to reflect on how their company generates revenue and whether it does so at the expense of society and the environment, suggesting that if it does, no real value is being added. 

Professor King also advised that while financial reporting is important, it is not enough for directors to fulfill their accountability responsibilities to the company and its stakeholders.

Another concern raised was the need for the Public Enterprises Governance Act. 

Professor King suggested that it may not be needed and that it introduces unnecessary discretion.

During the masterclass, attendees discussed case studies related to public enterprises under the PEGA and Namcode frameworks, transitioning to a public company listed on the NSX, and adopting King IV principles with majority government ownership. 

Directors were advised to cultivate a unified mindset, be attentive listeners, ensure effective company operations, and align their inputs and outputs with the interests of the company, environment, and society.