First National Bank Financial Statements, A great Namibian financial services group, creating a better world! Be the best employer to the best people, who are passionate about stakeholder relationships and innovative, client-centric value propositions, delivered through efficient channels and processes in a sorted out and sustainable manner.
DIRECTORS’ RESPONSIBILITY STATEMENT
To the shareholders of First National Bank of Namibia Limited The directors of First National Bank of Namibia Limited (‘group’) are responsible for the preparation of the consolidated and separate annual financial statements. In discharging this responsibility, the directors rely on management to prepare the consolidated and separate annual financial statements in accordance with International Financial Reporting Standards (IFRS) and the Companies Act of Namibia. Management is also responsible for keeping adequate accounting records in accordance with the group’s system of internal control. As such the annual financial statements include amounts based on judgments and estimates of management.
In preparing the annual financial statements, suitable accounting policies have been applied and reasonable estimates have been made by management. The directors approve the changes to accounting policies. There were, however, no changes to accounting policies during the financial year. The annual financial statements incorporate full and responsible disclosure in line with the group philosophy on corporate governance and as required by the Namibian Stock Exchange and Johannesburg Stock Exchange.
The group has complied in all material respects with the requirements set out in BID2 with regards to asset classification, suspension of interest and provisioning. The group’s policies with this regard are stated in the notes on accounting policies, disclosed on pages 56 to 84. The directors are responsible for the group’s system of internal control. To enable the directors to meet these responsibilities, the directors set the standards for internal control to reduce the risk of error or loss in a cost effective manner. The standards include the appropriate delegation of responsibilities within a clearly defined framework, effective accounting procedures and adequate segregation of duties to ensure an acceptable level of risk. The focus of risk management in the group is on identifying, assessing, managing and monitoring all known forms of risk across the group. The board members and employees are required to maintain the highest ethical standards and group’s business practices are required to be conducted in a manner that is above reproach. The board has adopted and is committed to the principles in the NamCode report on Corporate Governance.