This evaluation of Corporate Governance practices at the Namibian Government Institutions Pension Fund (GIPF) is a qualitative single case study. The study utilized both primary and secondary data to answer the question whether GIPF was in compliance with the criteria relating to audit the committee, governance of risk as well internal audit functions as guided by the Namibia Code for Corporate Governance (NamCode).
The study concluded that overall, the Government Institutions Pension Fund is indeed complying with the majority of the aspects assessed regarding requirements for audit The committee, governance of risks as well as internal audit functions. It appears that in some cases, the company complies with certain criteria how it is being documented may not be exactly how it is guided by the governance framework as stipulated in the NamCode.
In most cases, where the study finds the company to be partially in compliance as opposed to full compliance, it is a question of the style used by the company in documenting how they are applying their corporate governance framework. Considering that only three out of nine principles of corporate were assessed; it is important to document that the survey only provide a snapshot of GIPF compliance to the governance framework and conclusions of this study cannot be taken as a complete view in any way.
The study recommends that the company conform to the style of documenting their application of corporate governance principles to that of the governance framework provided for in NamCode. The adjustment is very important as it will help in ensuring consistency and standards especially when studies of this nature are to be conducted again. Finally, the study recommends that assessment of all nine principles of corporate governance be conducted preferably on an annual basis if GIPF is to keep in touch with the reality in as far as how they are doing regarding compliance.
Inhaltsverzeichnis (Table of Contents)
- CHAPTER 1: INTRODUCTION TO THE RESEARCH
- Background of the Study
- Problem statement
- Purpose Statement
- Research Question
- Delimitations of the Study
- Significance of study
- Preface to the research report
- CHAPTER 2: LITERATURE REVIEW
- History and description of Government Institutions Pension Fund
- Legal Framework
- Governance and Management Structure
- GIPF modus operandi
- Risk management process at the Government Institutions Pension Fund
- An introduction to corporate governance
- Describing corporate governance
- Principles of corporate governance
- The framework Theories of Corporate Governance
- Agency theory
- Stewardship theory
- The corporate governance code for Namibia (NamCode)
- The Corporate Law
- King III Report
- State-owned Enterprises Governance Act, 2006
- Conclusion
- CHAPTER 3: RESEARCH METHODOLOGY
- Research Design
- Population
- Sample Design
- Research Instruments
- Procedure
- Data analysis
- Validity and Reliability
- Research Ethics
- Research Strategy
- CHAPTER 4: PRESENTATION AND DISCUSSIONS OF FINDINGS
- Presentation of the findings
- Audit Committee
- Composition of the audit committee
- Suitable skills and experience of independent non-executive directors
- Components of the Integrated Reporting
- The provision of summarized information to all stakeholders
- The process of risk identification, management, and reporting
- Audit committee report to the board and shareholders
- Provision of required audit information in the integrated report
- Governance of Risk
- Characteristics of governance frameworks and processes to anticipating unpredictable risks
- Board risk responses
- Internal Audit function
- Positioning of the internal auditing function in the company
- Internal audit planning
- CHAPTER 5: CONCLUSIONS AND RECOMMENDATIONS
- Specific conclusions about the research questions
Zielsetzung und Themenschwerpunkte (Objectives and Key Themes)
This research evaluates the Corporate Governance practices at the Government Institutions Pension Fund (GIPF) in Namibia, assessing its compliance with the Namibia Code for Corporate Governance (NamCode), specifically focusing on the audit committee, risk governance, and internal audit functions. The study aims to provide a snapshot of GIPF's compliance and identify areas for improvement.
- Compliance of GIPF with the NamCode.
- Effectiveness of the GIPF's audit committee.
- Risk governance processes and practices at GIPF.
- The role and function of internal audit at GIPF.
- Recommendations for improving corporate governance at GIPF.
Zusammenfassung der Kapitel (Chapter Summaries)
CHAPTER 1: INTRODUCTION TO THE RESEARCH: This chapter introduces the research study, outlining its background within the context of the Government Institutions Pension Fund (GIPF) in Namibia. It clearly defines the problem statement, focusing on the evaluation of GIPF's corporate governance practices against the NamCode. The purpose statement establishes the intent to assess compliance, while the research question guides the investigation into specific areas like the audit committee, risk governance, and internal audit. Delimitations are established, acknowledging the scope of the study, and the significance of the research is highlighted in its contribution to understanding corporate governance in the Namibian context. Finally, a preface contextualizes the research report itself.
CHAPTER 2: LITERATURE REVIEW: This chapter provides a comprehensive overview of the relevant literature, beginning with a detailed history and description of the GIPF, including its legal framework, governance structure, and operational procedures. It then delves into the risk management processes employed by the GIPF and offers a thorough introduction to the concept of corporate governance, defining it and outlining its core principles. The chapter explores several influential theories of corporate governance, such as agency theory and stewardship theory, and examines the Namibian corporate governance code (NamCode) in detail, along with relevant legislation such as the State-owned Enterprises Governance Act, 2006. This section acts as a foundational framework for understanding and analyzing the GIPF's corporate governance practices within the broader legal and theoretical context.
CHAPTER 3: RESEARCH METHODOLOGY: This chapter details the research methodology employed in the study. It describes the research design, outlining the choice of a qualitative single-case study approach, and explains the rationale for this choice. It defines the population under study, the sampling method used, and the research instruments employed for data collection. The chapter also meticulously documents the data analysis techniques used, including procedures for ensuring the validity and reliability of the findings. Ethical considerations related to the research are addressed to ensure transparency and integrity, followed by a description of the overall research strategy. The methodological rigor described here underpins the credibility of the research findings presented in subsequent chapters.
CHAPTER 4: PRESENTATION AND DISCUSSIONS OF FINDINGS: This chapter presents and analyzes the findings of the research. It systematically examines the GIPF's compliance with the NamCode across three key areas: the audit committee, risk governance, and the internal audit function. The findings related to each area are presented clearly and supported by data analysis. For example, it discusses the composition and function of the audit committee, the organization's risk management processes, and the role and effectiveness of the internal audit function. The discussions connect the empirical findings with the theoretical framework established in Chapter 2. The chapter provides a detailed interpretation of the results, comparing GIPF's practices with the standards outlined in the NamCode and identifying areas where the organization fully complies, partially complies, or fails to comply. This comparative analysis is crucial to the study’s conclusions.
Schlüsselwörter (Keywords)
Corporate Governance, Government Institutions Pension Fund (GIPF), Namibia Code for Corporate Governance (NamCode), Audit Committee, Risk Governance, Internal Audit, Compliance, Qualitative Case Study, Namibian Corporate Law, Agency Theory, Stewardship Theory.
Frequently Asked Questions: Corporate Governance Practices at the Government Institutions Pension Fund (GIPF) in Namibia
What is the main focus of this research?
This research evaluates the corporate governance practices at the Government Institutions Pension Fund (GIPF) in Namibia, assessing its compliance with the Namibia Code for Corporate Governance (NamCode). The study specifically focuses on the audit committee, risk governance, and internal audit functions, aiming to identify areas for improvement.
What are the key objectives of the research?
The key objectives include assessing GIPF's compliance with the NamCode, evaluating the effectiveness of the GIPF's audit committee, analyzing risk governance processes and practices, examining the role and function of the internal audit, and providing recommendations for improving corporate governance at GIPF.
What is the structure of the research report?
The report is structured into five chapters: Chapter 1 provides an introduction; Chapter 2 presents a literature review; Chapter 3 details the research methodology; Chapter 4 presents and discusses the findings; and Chapter 5 concludes with recommendations. The table of contents provides a detailed breakdown of each chapter's sub-sections.
What key themes are explored in the research?
The key themes are compliance of GIPF with the NamCode, effectiveness of the GIPF’s audit committee, risk governance processes and practices at GIPF, the role and function of internal audit at GIPF, and recommendations for improving corporate governance at GIPF.
What is covered in the literature review (Chapter 2)?
Chapter 2 offers a comprehensive overview of the GIPF's history, legal framework, governance structure, and operational procedures. It explores risk management processes, introduces corporate governance principles and theories (agency and stewardship), examines the NamCode and relevant legislation (State-owned Enterprises Governance Act, 2006), providing a theoretical framework for the analysis.
What methodology was used in the research (Chapter 3)?
Chapter 3 details the research methodology, including the research design (qualitative single-case study), population, sample design, research instruments, data analysis techniques, validity and reliability measures, ethical considerations, and the overall research strategy.
What are the key findings presented in Chapter 4?
Chapter 4 presents and analyzes the findings regarding GIPF's compliance with the NamCode, focusing on the audit committee, risk governance, and internal audit function. It compares GIPF's practices to the NamCode standards, identifying areas of full compliance, partial compliance, and non-compliance.
What are the key conclusions and recommendations (Chapter 5)?
Chapter 5 summarizes the specific conclusions drawn from the research questions and provides recommendations for improving corporate governance practices at the GIPF based on the findings.
What keywords best describe this research?
Corporate Governance, Government Institutions Pension Fund (GIPF), Namibia Code for Corporate Governance (NamCode), Audit Committee, Risk Governance, Internal Audit, Compliance, Qualitative Case Study, Namibian Corporate Law, Agency Theory, Stewardship Theory.
What is the significance of this research?
This research contributes to understanding corporate governance in the Namibian context and provides valuable insights for improving the governance practices of the GIPF. Its findings can inform policy and practice for other state-owned enterprises and contribute to the broader discussion on corporate governance in developing countries.
- Quote paper
- Joseph Ilonga (Author), 2016, Evaluation of Corporate Governance practices at the Namibian Government Institutions Pension Fund (GIPF), Munich, GRIN Verlag, https://www.grin.com/document/342289
