The group’s corporate governance follows a dual approach. The first aspect is mandated by statutory regulations, enforced by law. The second facet is developed by the board and executed and upheld by the company’s management. Trustco operates in a highly regulated environment. The board plays a pivotal role in the group’s corporate governance structure.

The board considers the environmental, social and governance (ESG) impact for all stakeholders in its decision-making process. The board’s deliberations and approach to corporate governance is that of intellectual honesty and transparency. The board’s mandate is to act in the best interest of the company, considering the interest of all stakeholders. The central role of the board revolves around demonstrating strong leadership and utilising independent judgment to guide the organisation towards ethical standards that surpass mere legal compliance. The board is dedicated to upholding the utmost level of corporate governance and transparency, recognising these as essential elements in realising the group’s vision and growth strategy. This commitment is also driven by the aim of ensuring long-term sustainability and safeguarding investor value.

The board actively encourages all portfolio entities within the group to uphold and adhere to robust governance principles. The group continually assesses and enhances its internal structure to ensure that all unlisted investment entities and affiliated companies align with the principles outlined in either the King IV report or the NamCode (Corporate Governance Code of Namibia). Portfolio entities are also obligated to adhere to the specific applicable legislation, regulations and stipulations set forth by the Namibia Financial Institutions Supervisory Authority (Namfisa) and the Bank of Namibia (BON).

Comprehensive corporate governance is an integral component of Trustco’s investment evaluation criteria and risk management practices. This aspect is continuously monitored by both non-executive and executive board members who serve as representatives on the boards of investee companies. Each investment entity is operated and managed independently with autonomous boards and portfolio executive committees. Trustco, together with some of its subsidiaries render investment and support services to its portfolios and recovers its costs through benchmarked service fees.


Setting an ethical tone from the top demands that the board and senior management find ways to connect with stakeholders inside and outside the group. The board and senior management openly communicate their values on an ongoing and transparent basis, using different platforms and distribution systems. While the board establishes core values and principles, management leads by example and actions are guided by either positive or negative reinforcement.

The board holds the belief that ethical conduct originates from the intrinsic values of Trustco’s employees, fostered and endorsed by visible ethical leadership and a corporate culture driven by values. Leadership grounded in ethics leads to a corporate culture characterised by ethical and moral behaviour. The board, management, and employees collaborate with a mutual interest and a unified set of values to attain a shared objective.

The board is satisfied with Trustco’s adherence to the King IV principles throughout the reporting period. A fundamental aim of corporate governance continues to be the maximisation and safeguarding of shareholder and investor wealth. The objective of this report is to provide Trustco’s investors with comprehensive insight into its governance frameworks and procedures, allowing them to assess Trustco’s capacity to generate and maintain investor value.