The Industrial Development Corporation Ltd (“IDC”or “Corporation”) is a State-Owned Enterprise (SOE) owned by the Minister of Finance pursuant to the Minister of Finance (Incorporation) Act Cap 349 of the Laws of Zambia. Currently the IDC has interest in 36 companies comprising subsidiaries and investees across 12 sectors including Agriculture, Mining, Manufacturing, Telecommunications, Energy, Financial, Transport and Logistics, Tourism and Hospitality, Health, Infrastructure, Media and Real Estate.
IDC has dual mandate, namely, (i) Provision of oversight by serving as an active investment holding company for subsidiaries/investees to achieve efficiency, sustainability and profitability to create and grow shareholder value; and (ii) an investment arm of Government and plays a catalytic role in supporting Zambia’s industrialisation agenda and economic development to support employment creation across the priority sectors namely: Manufacturing, Infrastructure, Agriculture, Energy, Transport & Logistics and Tourism.
Invitation for Applications:
IDC is inviting suitably qualified and experienced Zambian Citizens to be considered for a data base from which the Corporation will draw names for possible appointment as Non-Executive Directors to its subsidiaries/investees.
IDC’s Expectations of the Representative Directors:
- The IDC-appointed representative Directors will be expected
- Exercise their business and ethical judgement to act in the best interest of the Subsidiary/Investee company and the IDC’s interest to specifically ensure shareholder’s investment value is protected and enhanced.
- Act within the powers as set out in the company’s Corporate governance documents and shareholder directives.
- Exercise independent judgement as they discharge their duties with reasonable care, skill and diligence.
- In discharging this duty and obligation, exercise honesty and with high levels of integrity, not accepting benefits or gratifications from third parties that would compromise the discharge of their duties to the subsidiary/investee company.
- Attend all Board and Committee meetings and to devote the necessary time required to discharge their oversight roles effectively.
- Avoid conflicts of interest at all times and fully disclose areas of conflict of interest.
- Timeously submit reports of the meetings and events attended with respect to the Subsidiary/Investee company, highlighting critical issues discussed or to be discussed, outcomes, resolutions and any further recommendations as would be deemed necessary.
- Provide oversight to the Subsidiaries and transform them to efficient, sustainable and profitable entities able to deliver shareholder returns on a regular basis.
- Provide proper financial oversight: scrutinising and approving budgets and ensuring effective internal controls are in place.
- Contribute to development of the subsidiaries’ Strategic Plans in line with IDC’s Mandate.
- Recruitment, Supervision, and evaluation of the Chief Executive Officer in line with the governance documents.
- Ensure the organization has adequate resources by carefully allocating resources in the best interest of the organisation and stakeholders and sustainable growth of the enterprise.
- Ensure the subsidiaries have robust Strategic Plans which will stipulate the goals and objectives consistent with the Company’s mandate and monitoring the implementation of the Strategic Plan by management.
- Ensure ethical behaviour, compliant with all legal and regulatory requirements of the Subsidiary.
- Contribute to strict adherence to highest standards of Corporate Governance tenets.
- Ensure the annual Performance Management Contracts are signed between Board and Management and annual set targets are met.
- Knowledge, Skills, Qualifications and Experience:
- It is recognised that IDC’s portfolio ranges across several business stages, sectors and industries and thus a diverse set of skills and experience is required on the various Boards.
Below are the minimum qualifications, relevant experience and desirable skills required for consideration:
- Bachelor’s degree from a recognised university including but not limited to Engineering, Agriculture, Architecture, Food and Nutrition, Environmental Management, Media, Academia, Information and Communication Technology, Aviation, Economics, Accountancy, , Finance and Investment management, Marketing and Business Development, Law, Human Capital Development, Banking, Mining, Hospitality, and Logistics and Supply Chain Management or equivalent qualification from a reputable body in any discipline applicable.
- These educational criteria will not exclude exceptional candidates who do not meet them but have other demonstrated capabilities such as setting up and running successful companies of their own or other visible accomplishments which will add great value to the IDC.
- Ten (10) years extensive business management experience at a senior executive level.
- Past or current Board Membership experience will be an added advantage.
- Demonstrated ability to read, evaluate and interpret financial statements.
- Demonstrated competences in Strategic Planning and business leadership.
- Demonstrable leadership skills and the ability to drive change.
- Be a Subject-matter-expert in the relevant sectors in which the subsidiaries are operating is critical.
- Have no material relationship and or conflict of interest with the Company or any of its Subsidiaries/Investees.
- Sufficient applicable experience to understand fully the legal and other responsibilities of a non-executive Director of a company based in Zambia, in accordance with the Company’s Act of2017.
- Membership to a relevant professional body and Institute of Directors will be an added advantage.
- Computer literate and knowledgeable on the use of online-ICT platforms.
- IDC is an equal opportunity provider and, therefore, Women are particularly encouraged to apply.
Method of Application
Submit your CV and application on company website: