IDC’s Board of Directors provides overall guidance and direction in the management of the company’s assets and investments.
The Board is comprised of three (3) Cabinet Ministers—Finance, Commerce Trade and Industry, and Agriculture; two (2) civil servants—the Secretary to the Treasury and Permanent Secretary for Commerce Trade and Industry; seven (7) private sector members and the Group Chief Executive Officer as an ex-officio member. His Excellency the President of the Republic of Zambia is the Chairperson of the Board.
IDC Board and Committees
IDC’s Board provides overall guidance and policy directions to its management. The Board meets as required to decide on the following matters:
- Overall long-term strategic objectives;
- Major investment and divestment proposals; and
- Major funding proposals.
To assist the Board in its responsibilities, specific authority is delegated to various Board committees chaired by a non-executive Director who is independent of management.
Investments Committee: Responsible for all investment decisions, including investment policies, investment strategy, and procedures as well as matters pertaining to the effective management and oversight of the IDC’s portfolio and subsidiary companies;
Finance and Administration Committee: Responsible for the IDC’s Annual Budgets and Work Plans, financial management, Staffing and Human Capital Development and ensuring a high-performance work environment is established in the IDC.
Audit and Risk Committee: Responsible for all audit and enterprise risk related matters i.e. internal audit matters as well as statutory audits and risk management pertaining to the IDC as a group including the approval of financial reports.
Management Executive Committee: Responsible for the day-to-day management of the corporation and operational issues pertaining to the IDC as a Group.
At the Management level, and in line with the Public Procurement Act, Management has also established a Procurement Committee which is chaired by the Group Chief Executive Officer.