Agribank

Agribank is arguably one of the most compliant public enterprise with an extremely well governed structure. This is the view of the Minister of Public Enterprises, Leon Jooste, who indicated that the quality of governance directly translates into credible performance of Agribank over the past few years. Jooste however cautioned the Bank not to compromise its viability, as it has a strong developmental mandate. The minister was speaking at the Bank's first ever virtual Annual General Meeting (AGM) in Windhoek today. Speaking at the same occasion, Finance Minister Ipumbu Shiimi, commended the Agribank Board and Management for making the Bank vibrant, stronger and dynamic over the past few years. The finance minister intimated that the Bank has done "extremely well" despite a difficult operating environment to show positive trends in interest income, collections and expense management".Shiimi also commended the Bank for being one of the few public enterprises that produces annual reports and annual financial statements within the stipulated timeframes and obtaining an unqualfied audit opinion in two consecutive financial years. Meanwhile, the finance minister has urged the Bank to take quick, decisive and deliberate action against farmers who neglect their financial obligations as it threatens the liquidity and financial sustainability of the Bank. The AGM was attended by the Ministers of Finance and Public Enterprises, Agribank Board and management as well as senior officials of the two ministries.