Composition of the Board
The Board of Directors consists of nine members. All the directors are non-executive, except the Managing Director. Since NMC is a Category A Public enterprise, all directors are appointed by the Minister of Agriculture and Co-operatives in consultation with the Cabinet Standing Committee on Public Enterprises (PEU). The directors’ remuneration is regulated by the Public Enterprises Unit (PEU) of the Ministry of Finance.
Board Meetings
The full Board meets quarterly, however, because of the implementation of the recommendations of the forensic Audit Report of 2007, the Board found itself having to meet at least twice a month during this year.
Board Committees
There are three subcommittees of the Board of Directors of NMC. There
is the Executive Committee, the Finance and Audit Committee and the
Human Resource and Remuneration Committee. The subcommittees
meet whenever there is a need to do so and then report to the full Board
for the ratification of decisions made at subcommittee level. The Chief
Executive Officer serves as Secretary for all the sub committees.
PEU Reports
As a category A Public Enterprise, NMC is required to submit quarterly
reports to the Public Enterprises Unit (PEU) in the Ministry of Finance.
During the year under review the Corporation complied with this
requirement and all reports were submitted but some belatedly due to
problems alluded to earlier on.
Code of Ethics
The Company has since adopted a code of ethics compelling the
maintenance of a high level of transparency and professionalism that is
binding to all members of NMC.
Chairmans’s Statement
Whilst concerted efforts are being made to offer an attractive price to
the local maize farmer, the consumer is also assured of the availability
of the staple food at reasonable cost at all times. The global economic meltdown affected the world, Africa, Swaziland
and even individual small businesses such as that of National Maize
Corporation. Despite the economic plunge/bust, NMC was able to
successfully execute its mandate such that the citizenry did not discern
any difference from any year in terms of maize availability and prices
offered.
It was very unfortunate that some entities undermined NMC’s role of
balancing promotion of increased production of maize in the country
with the provision of maize at all times at reasonable cost by
injudiciously assigning companies of their choice, who are profit
maximizing, to import white maize into the country on their behalf. Such
action and the indeterminate inflow of food aid into the country on their
behalf. Such action and the indeterminate inflow of food aid into the
country effectively disrupted all the efforts to bring stability to the maize
industry of Swaziland. As long as the left hand is in the dark pertaining
what the right hand is trying to do, the country will continue taking one
step forward followed by two backward steps. The dependency
syndrome is here to stay if efforts to improve local capacity to produce
food are undermined by a culture of begging and allowing indefinite
amounts of food aid to flow into the country at anytime.
Justice would not have been done if the efforts of the Minister of
Agriculture would not be appreciated in trying to curb the uncontrolled
importation of maize into the country and haphazard awarding of
tenders to unofficial importers to bring maize into the country for
unknown beneficiaries.
Notwithstanding all the above, the Board of Directors and management
of NMC are committed to improve the financial position of the
Corporation from insolvency to a self-reliant self supporting entity which
will continue serving farmers and providing steady supplies of the staple
food crop maize to the maize to the nation at affordable prices.
The company has since fully implemented the recommendations of the
Forensic Audit Report of 2007 and is now in process of aligning the
organizational structure with the 3 year (2009-2012) Strategic Plan. We
hope for an improved performance once this exercise is completed. I would like to end by extending our profound appreciation to all
stakeholders, suppliers, millers, farmers and consumers of our
products for the support they are continuing to accord us at the National
Maize Corporation.
Finally, I would like to thank my colleagues on the Board of NMC for
their cooperation and commitment to the work of the Corporation.
NATHI GUMEDE
CHAIRMAN
OF THE BOARD OF DIRECTORS
