DBN directors get 7 per cent increase

DIRECTORS’ fees and the salary of the Chief Executive Officer of the Development Bank of Namibia (DBN) increased by seven per cent last year, significantly lower than the official inflation rates of 8,3 per cent in 2007 and 12,2 per cent in 2008.

Following their tradition of transparency, the DBN once again published the full details of the board’s remuneration in its 2008 Annual Report. CEO David Nuyoma’s annual package increased from just over N$1,24 million in 2007 to slightly more than N$1,33 million last year.Of this, N$829 494 was his pensionable salary, amounting to a monthly gross earnings of about N$69 124. He also earned a bonus of N$307 207, while the DBN paid N$194 530 towards Nuyoma’s pension and medical aid schemes.The CEO earned nothing for serving on the board and its sub-committees.The six directors, however, were paid a quarterly fee, a sitting fee and a sub-committee fee. On top of that, they also received N$10 000 for a one-off strategic meeting.Directors earned N$5 671 each per quarter, as well as N$2 268 each for every sitting they attended and another N$2 268 each for every sub-committee sitting they attended.Chairperson Sven Thieme’s quarterly fee was N$8 507 and his sitting fee N$3 119.In total, the DNB’s directors were paid N$416 037 last year.The highest earning director was Jennifer Comalie, who received N$95 425 for her services. Besides serving on the board, Comalie is also Chairperson of the Credit and Investment Committee (CI) and she sits on the Audit, Risk and Compliance Committee (AU), as well as the Special Development Fund Committee (SDF). She attended all meetings, 20 in total.Following her in earnings was Asnake Getachew, who serves on the board, the AU and CI, and is the Chairperson of the SDF. Getachew also attended all 20 meetings.Director Elize Angula earned N$68 352 for sitting on the board, the AU and the Human Capital and Remuneration Committee (HC). She missed two board meetings, but attended all the committee sittings.Estelle Tjipuka received N$65 984 for attending five of the seven board meetings, six of the seven CI meetings and all four of the AU meetings, of which she is Chairperson.DBN Board Chairperson Sven Thieme took home N$65 051 for attending six of the seven board meetings and two of the three HC meetings.The Director with the smallest pay cheque in 2008 was Sara Elago. She missed one board meeting and could only make it to one of the three HC meetings which she was supposed to chair. Her takings – N$43 599.The DBN doesn’t pay directors if they miss meetings.jo-mare@namibian.com.na