Namib Poultry

The IDC – long considered a partner in local and regional development – funded this project, the first commercial integrated poultry business in Namibia.

Corporate governance


BIC members attended the following meetings during the reporting period:
Name of director 17 April 2012 15 May 2012 11 June 2012 13 June 2012 27 July 2012 14 August 2012 16 October 2012 26 October 2012 13 November 2012 27 November 2012 05 December 2012 12 February 2013 20 March 2013
LI Bethlehem*
NE Zalk s s s s s s
LR Pitot n n
SK Mapetla
PM Mthethwa
BA Mabuza
SM Magwentshu-Rensburg
* Chairman   Present   Apologies   n Via telecon   s Mr Zalk has been on sabbatical leave since the October 2012 meeting  

Human Capital and Nominations Committee (HCNC)

The main objective of the HCNC is to assist the Board in the development of compensation policies, plans and performance goals, as well as specific compensation levels for the IDC. The HCNC manages the Board’s annual evaluation of the performance of the Chief Executive Officer and assists the Board in fulfilling its oversight responsibilities relating to succession planning as well as overall compensation and human resource policies for all IDC employees.

HCNC members attended the following meetings during the reporting period:
Name of director 19 June 2012 28 September 2012 26 November 2012 16 January 2013 13 February 2013
SK Mapetla*
MW Hlahla
BA Dames
LL Dhlamini
RM Godsell
ZJ Vavi
* Chairman   Present   Apologies   n Via telecon  

Board Audit Committee (Audit)

In terms of the Companies Act it is mandatory for state-owned companies to appoint an audit committee. The Audit Committee is therefore a statutory committee and its members were appointed by the shareholder at the Corporation’s last annual general meeting.

The committee monitors the adequacy of financial controls and reporting; reviews audit plans and adherence to these by external and internal auditors; ascertains the reliability of the audit; ensures that financial reporting complies with IFRS and the Companies Act; ensures the integrity of integrated reporting; ensures that there are effective measures in place on Information Technology risks as they relate to financial reporting; reviews and makes recommendations on all financial matters; and recommends the appointment and removal of auditors to the Board.

The Board Audit Committee has complied with the King III principles, including integrated reporting, as is evidenced by this, the IDC’s second issue of its integrated report.

The Board Audit Committee has made an assessment of the effectiveness of the control environment through application of the “Combined Assurance” concept. This included engagements with different assurance providers (e.g. Internal Audit, External Auditors, Corporate Secretariat, etc.) in order to formulate a holistic opinion in this regard.

Where weaknesses were identified in internal controls, corrective action was taken to eliminate or reduce the risks. The Board Audit Committee is of the opinion, based on the information and explanations given by management and the Internal Audit Department and discussions with the independent external auditors on the results of their audits, that the internal controls of the Corporation have operated effectively throughout the year under review and, where internal controls did not operate effectively, that compensating controls have ensured that the Corporation’s assets have been safeguarded, proper accounting records maintained and resources utilised efficiently.

Audit Committee members attended the following meetings during the reporting period:
Name of director 19 June 2012 22 August 2012 21 November 2012 20 February 2013
LR Pitot*
JA Copelyn
LL Dhlamini
SM Magwentshu-Rensburg
RM Godsell
* Chairman   Present   Apologies  

Board Risk and Sustainability Committee (BR&SC)

The primary duty of the BR&SC is the governance of risk. It also assists the Board to determine the maximum mandate levels for the various Credit and Assets and Liabilities Committee decisions and reviews the effectiveness of the risk management process. The committee assists management with the responsible stewardship of sustainability, including stakeholder impact, management of material issues, sustainability governance and reporting.

BR&SC members have attended the following meetings during the reporting period:
Name of director 14 May 2012 21 August 2012 14 November 2012 19 February 2013
BA Mabuza*
LI Bethlehem
LR Pitot
BA Dames
JA Copelyn
ZJ Vavi
MG Qhena
* Chairman Present Apologies

Coega Dairy Holdings

The IDC has identified increased competition in the dairy value chain and import substitution in the cheese industry as key sector development goals. We also singled out the need for increased farmer (and specifically B-BBEE) participation in dairy value-adding initiatives.

Windtown Lagoon Resort 

The newly built Windtown Lagoon Resort and Spa reflects the IDC’s focus to funding community-based projects that have potential to create employment opportunities in far-flung regions.

R13.1 billion
R16.0 billion
18 922
3 950
© The IDC 2013. All rights not expressly allowed are reserved. P.O. Box 784055, Sandton, 2146, South Africa